Sometimes, data speaks louder than anecdotes. This especially applies to your practice's insurance revenue. It's difficult to know where you're losing money without running the numbers on how many claims you're filing (or not filing) or how much you're spending to get those claims filed.
Do you have a good pulse on where your revenue sits at any given moment? Are you wondering how your claim reimbursements compare to other practices in the country? We've done some research for you. We also want to examine how VisionWeb's Revenue Cycle Management team compares to the national average in the following data points:
Nothing Like Cold, Hard Data
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Claim level denial rate
The national average is 2.6%, but VisionWeb's team averaged 1.6% in the last year. This means that if your denial rate is above 2.6%, you're going to want to inspect your claim filing processes to see your common denial reasons. Sometimes it's just a lack of proper technique or knowledge on specific coding practices or timely filing. If you choose to outsource to VisionWeb, you can rest assured you won't need to learn the ins and outs of common denial reasons.
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Processing time for claims, rejections, and denials
The national average is 20 days, but VisionWeb's team averaged 12 days during the last year. Again, time is money in your practice. If you're having to wait longer to get paid for your insurance claims, that money that isn't in your pocket or paying your expenses. If you're utilizing an in-house biller and your processing time is above 20 days, you might want to take a serious look at what's occurring in the filing process. Are claims being denied or rejected and sitting idle? Is there just too high a volume to get filed everyday? If you'd like to get this number down to 12 days, look into outsourcing to VisionWeb.
It's clear that outsourcing billing to VisionWeb's RCM team can directly affect your bottom line. Let's chat about your billing needs.
