Claimocity Case Study
Lost and Missing Claims
Integrating accelerated charge capture sparked revenue growth due to increased claims, while adopting Claimocity for revenue management resulted in a revenue boost attributed to streamlined claim processing.
Core Question
Does Claimocity reduce lost/missing claims for practices already using mobile charge capture?
Summary of Findings
In year one, with no other changes to the practice except the accelerated mobile charge capture aspect of the revenue cycle management portion of the software used, the number of total payable claims rose by 2.4% from found claims, correlating with a 3.76% increase in total net revenue. Switching to Claimocity for revenue cycle management (excluding PM functionalities) generated a 3.76% increase in total revenue as a function of a 2.4% increase in found claims.
Key Findings
- 99% increase in understanding of claim payment values.
- 22% increase in performance per encounter revenue.
- 89% reduction in concern about missing charges.
- 62% better understanding of the revenue cycle nuances.
- 92% average billing admin time costs per patient.
- 2% reduction in lost/missing claims (+3.6% net revenue).
RESULTS
Not only does Claimocity increase efficiency by reducing the time cost of administrative billing burdens but it generates higher performance per encounter metrics and creates significant jumps to the bottom line net revenue for the group.
We are speaking about significant improvements, and the time cost reductions alone mean Claimocity is freeing up an average of 165 minutes per week, generating a measurable opportunity value for that new time. If your billing time costs are typically above average than the savings become even more significant. And all of this efficiency happens while you are generating higher financial value per visit and feeling more comfortable and confident in the process.