Medical billing and collection services exist to manage healthcare practices. These services alleviate healthcare providers of time-consuming, tedious work, but they seldom offer a way to increase the practice’s bottom line significantly. iCollect Medical Billing Services, however, will take over this time-consuming work and alleviate an overworked, overburdened and under-performing medical staff, along with increasing the practice’s return from insurance carriers, outstanding and delinquent accounts.
According to national statistics, approximately 70 percent of insurance claims are paid by insurance companies. iCollect Medical Billing Services can increase the percentage of claims paid to around 95 percent and as high as 98 percent, with the help of innovative electronic claims filing, appeals filing, and systematized re-call and follow-up procedures.
Statistics show that turnaround for payment of paper insurance claims is 60 to 120 days, which can cause significant outstanding receivables for the healthcare practice. iCollect Medical Billing Services with the help of innovative electronic claims filing, can generally have reimbursement in the physician’s hand within seven to 14 days. This will significantly diminish outstanding receivables and improve the practice’s cash flow.
Thanks to extensive editing and cross-checking conducted on electronic claims prior to their transmission to carriers, as well as innovative electronic “traps” to capture incomplete and/or incorrect information, iColllect submits insurance claims with an accuracy rate as high as 98 percent. For more information call 954-530-6232.