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Comparison of Filing by Paper vs. Filing Claims Electronically
Conventional Paper Filing
- Doctor is paid in an average of 70 days.
- The sheer volume of paper claims that carriers receive each day has created an ongoing backlog of claims.
- Some carriers report up to 3 weeks simply to move claims from the mailroom to the appropriate department.
- It can take an additional 30 days for the claim to be processed and the check mailed to the Doctor.
- If a claim is rejected for errors, it typically takes even longer to be returned.
- Re-submission of a paper claim starts the whole process over from the beginning.
- The error rate for paper claims averages 30%.
- Doctor's offices are overwhelmed with paperwork.
- The Doctor's cost to file a single claim averages between $6 - $12, not including rejection re-processing.
Electronic Filing - The Future of Claims Processing
- Doctor is paid in 10-14 days.
- With their powerful mainframes the carriers can receive, evaluate, and pay tens of thousands of claims daily.
- Claims are received, processed, and paid in a few days.
- Errors are identified and corrected 24 hours, prior to sending them to carriers.
- There is virtually no need for the re-submission of claims.
- The rejection rate for electronic claims is less than 1%.
- With significantly less paperwork, the office staff has more time for patient care.
Why there is ENORMOUS Opportunity at this Time!
- Approximately 520 million claims are filed outside the hospital each and every month.
- About 50% of these claims are filed by paper -- which means that they are MAILED TO THE INSURANCE CARRIERS!!
- Approximately 54% of the 520 million claims are filed to Medicare/Medicaid.
- The entire Healthcare industry is under enormous pressure to cut overhead, in order to provide more benefits.
- State and Federal government and insurance carriers are pressuring the healthcare community to file electronically.
- The insurance carriers save incredibly large sums of money if they do not have to process paper claims.
- The IRS is a good example of electronic filing:
- They need fewer people - tax returns are reviewed and evaluated by computer.
- The computer system sends out checks, etc.
- Taxpayers receive checks more quickly.
- All returns are evaluated totally objectively using the same criteria.
Those that become part of the system now will be far ahead of the game by the time
electronic filing becomes mandatory! Call Now Toll Free
1-800-809-0670
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