medical billing
- The Medical Practice must innovate, streamline, and monitor their business or fold. CProfit Medical Innovative Business Solution
- Veridian Partners has formed strategic alliances to
leverage decades of expertise with Fortune 500 companies in Business, Information Technology, and Analytics Consulting to make physicians pragmatic business operators by providing a comprehensive and powerful practice management service.
- State of the Art software
- Web-Based scheduling, patient registration, and reporting Automatic updates to maintain compliance with HIPAA, Insurance Provider, and Coding Standards
- Collection of Best of Breed Practice Management Tools
- Fully compatible with 70 leading EMR applications
- Real Business Experience
- Fortune 500 seasoned expertise in Business Management, Information Technology, and Analytics
- Dynamic and accomplished billing, coding, and general medical office management
- Other practices working for you
- Turn Key Solution:
- Current Healthcare Landscape
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– High Unemployment Rates result in less subscribership to company sponsored health plans. This means less premium revenue for Private Payers– Stock market decline in 2008 resulted in insurance company making less on investments– To preserve profit margins, Insurance companies are “cost-shifting” to physicians by placing downward pressure on reimbursements
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- Healthcare Reform Impacts:
- Lowering the overall cost of healthcare will result in a decrease in physician compensation
- A recent PricewaterhouseCoopers (PWC) report estimates that $1.2 trillion of the total $2.2 trillion spent on healthcare in this country is wasted:
- Ineffective IT use
- Claims processing
- Defensive medicine
- Medical errors and poorly managed diabetes.
- President’s recommendation to adjust payments so that providers are encouraged to increased productivity in how they deliver health care. A focus on efficiency - Challenges in Medical Practice Management
- - Expensive
Cost of deployment and maintenance.
- Requires technical staff to install and update software at each office location on a regular basis
- Complex and Rigid
- Practice processes and work flow are non-intuitive and require highly specialized training for staff. Over time, this results in a practice not agile enough to meet ever changing needs
- Labor Intensive (High staff costs)
- Daily tasks like claim management, follow ups, authorizations require intense office staff focus, usurping valuable resources
- Poor Revenue Management
- Traditional practices are not capable of identifying or acting on areas of business and process management
- Compliance HIPAA, Insurance Providers, and Coding Standards have regularly updated regulations that must be addressed - Customer Benefits
- Increased Collections
- Outsourced billing has proven to increase collections by 5-10 percent
- Faster payments
- Cash Flow Sustainability
- Reduced Claim Denials
- Reduced staff overhead
- A More Profitable Practice
- A real-time view into the financial health of the business allows doctors to become more agile business people, as opposed reactive healthcare workers.
- Focus on what matters
- Improved practice management allows doctors to focus on their craft and patients.
- Work-Life Balance
- We are giving doctors their life back. They no longer have to worry themselves about revenue issues stemming from internal staff error after a full day of caring for patients.- Who can Benefit
- Start-Up or Existing Medical Practices
- Internal Medicine
- Cardiologists
- Pediatricians
- Optometrists
- Chiropractors
- Urgent Care Facilities
- Medical Clinics
- Physical Therapists
- Many more specialists…
- Pilot Phase Virginia, Georgia, Texas, Ohio, Minnesota, Alabama
- True Business Process
- Proven, efficient business processes coupled with stream-lined and nimble work flow lead to optimized patient and revenue management
- Simplicity
- Industry proven practice and business management capability up and running in a matter of weeks.
- Easy to gather and understand Practice Metrics
- Real-time visibility
- Financial Key Performance Indicators
- Provider Utilization
- Practice performance benchmarking against similar practices and specialties - CProfit’s leverages all of these capabilities to provide a comprehensive Practice Management Solution
The average charge for office visits for new patients, established patients, and consults decreased by almost 8 percent. Physicians primarily cut their prices for new-patient and consult visits
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