ONE Reduce
costs
You
won't be paying postage or costly express delivery charges. |
TWO
Increase productivity
One
click and your claims can be transmitted directly to your
Clearinghouse. With up to a 98% accuracy rate, you
won't wait days to find out if a claim is rejected by
the designated payer. You'll know within seconds. |
THREE
Receive reimbursement much
faster.
Electronic
claims filing eliminates time wasted on mail float.
Instead of the usual 45 day turnaround to receive funds,
you can receive payment and an EOB in as little as 7-14
days. |
FOUR
Streamline your office procedures.
You
only need one software product, which interfaces with
the top practice management systems in use today including
Lytec Systems. One transmission, one protocol, and
one support number make it easy to handle all of your
claims at one time. |
FIVE Confirm
claim submission.
Acknowledgment
and transmission balancing assure you that the appropriate
payers receive your claims.
|
By processing
your claims electronically you receive priority processing.
Your electronically submitted claims go directly to the
payer's processing unit, ensuring faster turnaround. Paper
claims are processed only after manual sorting and batching.
Many practices
are turning to electronic claims submission because
of the vast time and money savings that result. Processing
insurance claims electronically improves cash flow,
reduces the expense of claims processing and streamlines
internal processes allowing you to focus on patient
care. A paper insurance claim typically takes about
45 days for reimbursement, where the average payment
time for electronic claims is 14 days. The reduction
in insurance reimbursement time results in a significant
increase in cash available for the needs of a growing
practice. In addition, a practice that submits 200 electronic
claims per month may save as much as $100% per month
by reducing the internal expenses associated with processing
paper claims. Reduced labor, office supplies and postage
all contribute to the bottom of the practice when submitting
claims electronically.
|
Assuming
an insurance claim volume of 200 claims per month, the
following chart represents the estimated savings using
electronic claims versus sending paper claims:
|
| Expense: |
Savings: |
| Postage |
$32 |
| Material
Savings |
20 |
| Labor
Savings |
100% |
| Interest
Benefits |
55 |
| Subtotal |
407 |
| Average
charge per claim |
(78.00) |
|
| Monthly
Savings: |
$329.00 |
| Annual
Savings: |
$3948.00 |
Detailed Explanation
|
| Postage
expense |
$32.00 |
|
Cost
to mail claims that would have been filed electronically.
Assume an average of two claims per envelope.
(200 claims/2) x $.32
|
| Material
expense (estimated) |
$20.00 |
Cost
of materials to mail claims that could have
been sent electronically. 200 forms and 100
envelopes plus ink, etc. (200 x $.10)
|
| Labor
savings |
$100%.00 |
|
Assume
labor expense (salary and benefits) at $9.10 per
hour. Labor cost per minute = $9.10/60 = $.15
per minute. Labor savings sending electronic claims
versus printing paper claims = 10 minutes per
claim. Labor savings = 200 claims x $.15 = $100%.00
|
|
