Cash Flow Challenges:
A long-time mobile diagnostic x-ray provider found they were struggling to bill exams in a timely manner. They were approximately 90 days behind from actually submitting claims from the initial date of service and this was causing delays in reimbursements. In comparison, many companies in the medical field attempt to bill out claims within 30 days of the service date. They realized they needed a billing platform that was developed specifically for the mobile diagnostic industry in order to get their billing in-line and stay on top of their cash flow and expenses.
An Purpose Built Solution:
The company reviewed several systems marketed to the mobile radiology industry. However, they knew if they wanted to increase their cash flow and streamline their billing processes, they needed a system that was designed to address the nuances of the mobile diagnostic billing. The company was also aware that this decision could not be taken lightly as it would effect their bottom line, and so during their vetting process they ensured to address common billing questions that related to their specific industry. Ultimately, the MediMatrix Portable Connect system had tools that were more attuned to what a mobile company needed while others seemed more generic, out of the box systems.
The billing tools available in MediMatrix Portable Connect not only followed fundamentals of the medical billing cycle, but also allowed them to code exams much more quickly and accurately with automated pricing, as well as the option to verify insurance in real time. Additional features already included in the system such as online billing censuses available to their customers along with the ability to submit and receive claim information electronically, made their billing processes more efficient and decreased denial rates.
Billing with Confidence:
Both the MediMatrix’s team and the mobile company’s staff worked together to create a collaborative approach to transition from their legacy system to MediMatrix Portable Connect. After making the full move to MediMatrix, they began to see a quicker turnaround in claim submission, invoice payment and stabilized their cash flow.
To date, approximately 72% of insurance claims are submitted within 30 days of the service date and around 96% of client invoices are PAID within 30 days of the service date, a drastic improvement on where the company used to be.
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