Claimocity Case Study
Reducing Administrative Billing Costs
This time study confirmed that Claimocity software significantly reduces administrative burdens in billing processes compared to the national average.
Summary of Findings
Switching to just the Claimocity accelerated charge capture, a native component of the full-service end-to-end mobile practice management and billing app, resulted in a 9% increase in time efficiency and 11% increase in revenue efficiency for an Internal Medicine hospitalist group in Florida. This equated to an extra half hour per day per provider and an extra 41K for the practice over 2 months.
Participant Details
Specialty: Multiple Specialties: Internal Medicine, Cardiology, Pulmonology, Infectious Disease, Physiatry, Hospital Psychiatry, Gastroenterology, and others.
Practice Size: Varies from solo providers to 16 provider practices.
Primary Case Study Category: Time Efficiency
Study Summary
To establish that the Claimocity software had a measurable impact on the time per patient per day cost of billing work as a process, and determine what the average time cost per patient is with Claimocity.
Evaluative Situation
The administrative burdens of billing on Doctors are extremely heavy, and the opportunity cost of that lost time is significant and we believe unnecessary. By optimizing the work process through a combination of UX software design, intuitive functionality, AI-driven machine learning and smart software enhancements, and the most robust medical billing support staff working behind the scenes, we believe that we can significantly reduce the time cost of billing down to well under the national average of 1.89 minutes per patient per day.
Expectations
We hypothesize that our smart software and incredible functionality will significantly increase administrative billing efficiency, driving down work process time costs to under 20 seconds per patient per day, without any associated loss of accuracy measured as an increase in lost claims or diminished net revenue.
Process
For this cross-sample based experiment we used three groups of five randomly selected existing Claimocity customers who were established hospitalist groups (5-10 years of full operation). The first five groups were selected from groups using the software for between 3-6 months. The next five were selected from a group that had been using the software for 6-12 months. And the last group had been using the software for over one full year. This was done to see if the length of use affected the billing time cost and to ensure we had multiple subsets from among our customer base for greater authenticity. Each group was tracked across a ten-week span, and the top two and bottom two weeks were eliminated from the findings to focus more on the middle of the bell curve.
RESULTS
- Claimocity reduces the administrative billing time costs to an average of 3 minutes per 20 patients per day.
- The average time cost of 9 seconds of billing per patient per day is a 92.06% decrease from the national average of 1.89 minutes per patient per day.
- The 9 second mark sets the industry best in measured benchmarks for mobile and electronic billing.