Electronic Medical Claims Processing
The Problem: Insurance Companies Hate To Pay What They Owe
The whole process of filing insurance claims is cumbersome, time consuming and energy-draining. The insurance companies make it difficult for a medical provider to get paid.
 First, one must spend an average of 10 to 15 minutes filling out the CMS 1500 forms. This could take hours per day depending on the number of claims. If the paperwork is not filled out correctly, the insurance company rejects the entire claim and sends it back to you—unpaid. Then someone has to figure out what the problem is with the claim, attempt to fix it, and then re-submit the claim and hope it is right the second time around.
On average 32% of all claims are rejected, and 5 to 15% are lost in the shuffle and never collected, and the average time it takes the doctors to collect their money is 60 to 90 days. It can be even longer for Medicaid claims.
It takes a tremendous amount of employee and overhead cost for one to manage the entire claims filing process. In fact, The New England Journal of Medicine states that a typical doctor's overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about 1.5 clerical workers per doctor, at an average annual cost of $51,564. This does not include hidden costs like vacation time, insurance, and other benefits.
The Solution: iClaims - Web Based Electronic Medical Claims Filing
Instead of relying on staff to laboriously file claims and then follow-up on them through the approval and collection process, a physician can now ‘Outsource’ the entire process to a medical billing professional. Medicus Reimbursement, LLC can lower the time it takes to receive payment from an industry average of 90 days, to as little as 14 days. We are trained professionals who are equipped with proprietary, state-of-the-art software called iClaims, which allows us to electronically file claims for you. The benefits to your practice are enormous.
Eliminate Software Hassles
iClaims is 100% HIPAA compliant, no special hardware required; patient databases are automatically upgraded on a daily basis and requires no complex software installations. You have access to your client's data 24/7, via the Internet.
Benefit #1: Speeds Up the Payment Process
Our outsourcing service drastically reduces the amount of time it takes to collect payments from the insurance companies from Our outsourcing service drastically reduces the amount of time it takes to collect payments from the insurance companies from 60 to 90 days to just 14 to 21 days. This is possible because electronically filed claims are handled by computers instead of human "gate keepers". These "gate keepers" determine whether or a claim should be paid. However, when claims are handled electronically there are no people to bog down the process.
 Benefit #2: Lower Claims Rejection Rates
The rejection rate for claims utilizing our service can plummet from over 30% to under 2%. Obviously, claims that are not rejected move through the system more quickly. Also claims cannot be lost when using electronic medical claims filing because they produce an acceptance report from the carrier that ensures receipt.
Benefit #3: Frees Your Time
Doctors spend as much as 1.5 hours a day supervising and working on insurance claims. At the very least, physicians have a high-paid staff person working on filing the claims. Our outsource service using iClaims can give you more time to either see more patients, or spend more time doing what you want to do. This also frees up the time of your staff members, allowing them to make more patient calls and run the office more efficiently.
Benefit #4: Immediate Cost Savings
The service is based on a monthly pay-as-you-go fee with no long-term commitments. An office can realize an immediate cost savings when outsourcing its billing to us. A recent survey in the Medical Group Management Journal showed that the average cost of internal billing departments was 11% of the practices' income. Our billing services charge much less to perform the same service, depending on the volume and complexity of the claims.
| 
