Outsourcing the very complex medical billing process significantly increases a physician's confidence that billing is handled accurately and efficiently. ProMD eliminates the time, frustration, and expense associated with building and maintaining the skilled workforce needed to achieve optimal reimbursement in the ever-changing and challenging insurance industry.
Staffing, documentation, record keeping, and space for in-office billing can be a tremendous cost of monthly revenue and still not provide the level of expertise required to ensure submission of compliant claims that produce timely accounts receivable recovery.
ProMD enables physicians to focus on the most essential element of a practice: patient care. In addition, our clients know their business interests are in the hands of highly experienced professionals.
We are experts in our field and have a proven track record of increasing client reimbursements. We do it by ensuring the ICD-10 and CPT codes are up to date, assisting in the capture of proper patient demographics for accurate data entry.
We are detail-oriented, which is essential for proper billing practices. We follow up. We call insurance companies on a continual basis to see where your money is. We constantly strive to meet the high-performance goals we have set for ourselves. Plus, we have certified professional coders on staff. In most cases, ProMD has been successful at increasing the physician's overall collection rate by more than 20%.
At ProMD we are experts at managing medical practices, therefore our billing and collections are done from an operations perspective. The combination of expertise in practice operations along with certified coding medical billers results in outstanding collection performance on behalf of our clients. ProMD uses Medical Group Management Association (MGMA) industry key performance indicators to monitor internal performance to assure desired outcomes are achieved. Ensuring the proper use of compatible CPT/ICD-10 while using the indicated modifiers in conjunction with the review and accuracy of patient demographics results in a high "first pass" claims submission success rate and overall increase of client's revenue over 20%.
Fees are based on a percentage of your receipts. ProMD does not get paid unless you get paid. The percentage charged is based on many factors – specialty type, volume, and whether a practice is new or established.
Please contact ProMD for more information. The resulting increase in revenue far exceeds ProMD’s fees.
ProMD will provide monthly practice performance reports that will assist you in monitoring the month-to-month financial performance of your practice. It helps you identify long-term trends and any natural variance in the performance of your practice over time.
The report includes critical practice data over the last 12 months while comparing such data with industry standard benchmarks. The report will include patients and basic volume, total charges billed, insurance A/R by aging category, patient A/R by aging category, total receipts collected, etc.
A computer backup of all accounts receivable records is performed daily and stored at Terremark in Miami, an off-site location, where your data is secure from fire, theft, and natural disaster.
To get started, let’s set up a meeting to discuss your practice management system, your information, and all of the insurance companies you participate with. Set up process can be completed in as little as 2 weeks