Medical billing has evolved quite a bit over the years from the clunkier implementations offices had to use. Newer medical offices can take advantage of these right away in most cases, but this evolution can be a real pain point for offices that have been around a long time and have probably stuck with one system for many years.
Case in point, a pediatric office in Illinois that has been in business for three decades recently had to make a switch when the founding physician retired. The founder had been using the same billing system his entire career. The familiarity with the system, paired with not ever being exposed to newer features, kept it from being clear how much the office was really missing out on.
The younger doctor that took over the practice had quite a headache adjusting to this antiquated system that felt rather “black box”. Contrary to modern tracking she was accustomed to in other areas of the practice, this billing system had no transparency, no reporting, and no insights provided.
Each time she called customer service she was met with promises like, “Don’t worry! We’re on top of it!” But it was hard to track if they really were, and making phone calls seemed to be the only way to verify anything.
She couldn’t even be sure if their monthly bill was correct.
Not too long after that point the practice hired a new CFO. With some fresh expertise at hand, they were able to deep dive into their billings and saw just how much of a disaster it was.
Hundreds of thousands of dollars in unpaid claims, and little follow up having been done on rejected claims. Serious money was at stake for the practice, and had been that way for a long time.
The Solution To Their Medical Billing Woes
The new CFO, having seen how bad the billing situation was, then turned to Fast Layne Solutions, Inc. — a full solution with future-proofing in mind.
In just a few weeks of working with Fast Layne Solutions, in partnership with InsureSTAT, the medical practice had a Profit Recovery Project in place that had tracked down every single payable claim still within the Timely Submission period.
All those claims were corrected and resubmitted, which ultimately resulted in six-figures in recovered revenue.
And for all other medical billing? Complete transparency and control that the lead physician and CFO can check in on at any time with an extensive self-service platform, but also have peace of mind that it’s being properly handled without them the rest of the week.
Aside from the recovered revenue from before, the increased efficiency of this system also meant a 35.6% boost in ongoing revenue moving forward for the practice.
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