Introducing our New Automated Payment Manager!
VestaCare has developed a suite of patent-pending software tools that are compatible with ANY Medical Office Billing Software. Our system updates your billing to post electronic funds from Medicare, Blue Cross and other Payors automatically when funds are deposited. It eliminates all the tedious, manual posting most software requires today, while recovering on average $6,000 per month per doctor in unnecessary write-offs!
The Payment Manager Solution Suite allows you to update your existing billing program without the expense, time and headaches often associated with practice software updates and conversions. VestaCare not only makes your office more efficient and productive each day, it will increase the revenue you are currently collecting by as much as 20%. Our system cost very little to install, and is very affordable to operate. The value we can bring to your practice will be evident from the first day. You will see increased revenue within a few months after implementing this tool.
- VestaCare has been approved by Palmetto GBA and many state Medi-Cal Administrators. It assists with problems many offices are experiencing right now with receiving & processing payment.
- Electronic Payment will be supported for all the Practice’s Payors.
- The tool allows greater accuracy in your billing, thereby recovering lost revenue due to unnecessary write-offs.
- Automatically posts electronic payments, with business rules customized to your practice.
- Allows verifying Pt. benefit coverage before treatment thereby reducing bad debt.
- Automatically tracks claims payment status, flagging unpaid claims quickly and efficiently.
The most valuable benefit of the VestaCare APM is allowing billing staff to re-focus on improving billing and payment accuracy, resulting in significant improvement in revenue for the Practice. This is the difference between just surviving and thriving in a challenging healthcare marketplace!
How can you be certain you are being paid accurately?
If you are relying on people auditing payments manually, you know this can't be perfect. With no disrespect to billing people working hard everyday, it is impossible for anyone to keep up with the contracts, codes, modifiers and payment variations coming from 50-100 payors per doctor practice. Just like you need technology to practice medicine at your best, your billing staff needs technology to ensure you are being paid accurately to the penny!
Payors are beginning to stop the use of paper checks and remittances.
The first signs are there now! BCCA, BCBSSC, Medicare, BCBSMN, and many more Payors have already announced programs to stop sending paper checks and remittances. Some are doing this together, some are sending paper checks and stopping sending the remits. What is the impact on your practice. Expect to hire another 6 hours per day of staff time to cover the added cost to access Payors' web sites to get the remittances that used to come in the mail. Six hours per day will increase your costs by $1,200 to $1,800 per month! You can avoid the bulk of this costs and gain the ability to refocus your current billing team where they are most needed, working appeals and collections.
Maximizing the Value of Your Practice
Why is this important? Because whether you are considering retiring, selling to other doctors or merging with a Foundation (e.g. Scripps, Sharp, Sutter, etc.), you will be paid based on a calculation that values your practice based on Net Revenue (i.e. Net Payments Received). The following chart shows this performance.
The average practice today is writing-off or adjusting approximately 25% more revenue than they should be!
If you sell your practice and you have not applied advanced payment auditing tools beforehand, the foundation will use these tools and they will find that 25% and get to keep that additional revenue, not you!
Do you believe it is acceptable that your practice writes-off 50% of its billed charges each month? Perhaps if you knew with certainty that every claim was coded and paid as accurately as it could be, then you would accept a 50% write-off as the defacto standard. No matter how smart and capable your billing staff, it is humanly impossible to remember all of your contract terms and audit every payment for every charge. Yet, in this day and age, this is exactly what your practice requires.
Think about this . . . for the cost of ¼ of a billing person, you can provide your staff with the technologies to audit every single charge and payment and to make sure you are paid correctly 100% of the time. Identifying and correcting just 30 payments per month will result in an average improvement in your revenue of 5 percentage points, equaling approximately $6,000.00 per doctor per month. That is $72,000 per year! Using a multiplier of 2 times net revenue, this would add $144,000 to the practice's valuation.
If you think we may be on to something here, give us a call and a representative would be happy to meet with you to discuss how we can prove we can recover more revenue for your practice.
Contact VestaCare for more information: www.vestacare.com or (858) 454-7800 x219