Claimocity Medical Big Data Analytics Testimonials

“Within the first year we saw increases in every notable metric and by the end of the first twelve months, we were setting the best marks for our practice over the last ten years. Clean denials and missed or lost charges went down. Revenue per encounter, clean claims, and total revenue hit our highest benchmarks.”

-Dr. Steven Fritz, Senior Partner and Business Manager

“Our executive team approved participation in a voluntary two year time and revenue study in order to evaluate the quantitative and qualitative value compared to the numbers we were generating with the prior software in order to justify the switch. Within 24 months we had a 41.6% net revenue rate increase as well as an average of 38.8 hour savings per month per physician across our practice, which was a remarkable result.”

dr chacinF. Chacin M.D., Founder and CEO
Claimocity Medical Big Data Analytics Testimonials

“In 2017, we were generating 2.3 million in total revenue for our practice. By 2018, we were above 3 million and by 2019 we were a hair over 3.9 million. By the end of 2020 we are now projected to hit over 5 million.”

-Dr. K. Yuen, Internal Medicine, Practice Manager

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“Our A.I. based solutions boost efficiency by 5-10+ hours per week and on average reduces billing down to nine seconds per patient”, states Jim Jensen, COO of Claimocity. “Reducing revenue loss for our doctors is crucial, as is increasing time efficiency.”

Hospitalist Physician Performance Evaluations

The Impact of Claimocity on Total Revenue as Function of Performance Per Encounter

Switching to Claimocity increased the average performance per encounter revenue by 22.07% over three years, generating hundreds of thousands in additional annual net revenue.

Purpose: The purpose of this study was to determine the significant measurable impact (if any) of the Claimocity software on the total bottom-line net revenue of an established hospitalist group who felt they were already maximizing revenue and achieving high performance per encounter benchmarks specific to their practice type. Essentially we wanted to take a hospitalist group that felt like they were running a tight ship and performing at a high level, then while having them keep everything else the same, make a simple change to the Claimocity software from the option they were using and measure the impact on revenue.

Hypothesis: The hypothesis was that Claimocity would improve the performance per encounter by 5%-10% resulting in a significant increase to the total net revenue of the group despite survey data showing internal feelings that there was very little room for financial improvement.

Basis: The basis for this hypothesis is our belief that there is a significant discrepancy between the internal perception of revenue maximization within a hospitalist group that is currently using software designed for doctors (as a whole group) and the actual potential for revenue growth possible when utilizing our artificial intelligence enhanced smart software developed exclusively for Hospitalists.

Details: This study was conducted over a three-year period utilizing a volunteer hospitalist group comprised of over eight physicians and mid-level NPPs (non-physician providers) that have remained the same over the course of the experiment. This practice was established (5-10 years of practice) and in a survey, rated themselves as 9/10 in overall efficiency (considered well-run) and within 5% of assumed revenue maximization using their established/existing PM and RCM software and methodology.

Summary of Findings: The findings were internally conclusive and significant. With no other changes to the practice except the software used, the performance per encounter average value rose 22.07% from the start date to the end date, resulting in a similar increase in total net revenue. Switching to Claimocity generated an over one-fifth increase in total revenue as a function of performance per encounter over 3 years for a practice that felt they were running at optimal revenue efficiency.

The Impact of Claimocity on Total Revenue as a Function of Found Claims

Switching to Claimocity reduced the rate of lost/missing claims by 2.4% in year one for a group already using mobile charge capture, generating a 3.76% increase in net revenue.

Purpose: The purpose of this longitudinal study was to determine the significant measurable impact if any, that the accelerated mobile charge capture portion of the Claimocity RCM side software has on the total bottom-line net revenue of an established hospitalist group already using mobile charge capture and electronic billing. Essentially we wanted to take a group that was already using a mobile charge capture-based revenue cycle management software and having them keep everything else the same, including the practice management portion, make a simple change to the Claimocity RCM side software from the option they were using.

Hypothesis: The general hypothesis here was that Claimocity would significantly improve the number of found claims, including missed, wrong, or incomplete, and therefore increase the total net revenue of even a group with just that portion of the billing enhancements alone.

Basis: The basis for this hypothesis is our belief that there is a significant discrepancy between the standard mobile charge capture billing component within a hospitalist group that is currently using software designed for doctors (as a whole group) and the actual potential for revenue growth possible when utilizing our accelerated/enhanced smart mobile charge capture developed exclusively for Hospitalists.

Details: This study was conducted over a single year period utilizing a single hospitalist group comprised of over ten physicians and mid-level NPPs (non-physician providers) that have remained the same over the course of the experiment. This practice was established (5-10 years of practice), had been using mobile charge capture for more than 3 years already, and rated themselves a 9/10 in comfort and efficiency in this category.

Summary of Findings: The findings were internally conclusive and significant. 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.

Update: The study has been extended and is now nearing the end of year 2. Findings will be updated as they become available.

The Impact of Claimocity on the Total Perceived Value Index (TPVI)

Using Claimocity for 90 days increased the average TPVI scores of Hospitalists by an 87.5% including feelings of confidence, efficiency, and and comfort level with claim values, access to physician performance insights, the charge capture process, coding tools and accuracy, and commensurate reductions in charge lag, concern about missing charges, and confusion about the billing process.

Purpose: The purpose of this cross-sectional study was to quantify and then compare the intangible qualitative values achieved within a few months of using Claimocity against those achieved using any of our competitor’s software for a much longer time span.

Hypothesis: Our hypothesis was that by day 90 of daily usage, Claimocity users would report a higher overall TPVI score average than the TPVI score average achieved using any of our top three competitors software for between 1-3 years.

Basis: This study and index were originally created as a means of evaluating customer satisfaction with various components of the software for internal review to generate resource allocation parameters for developer focus. In other words, we wanted to know where our customers were the happiest and conversely where we should allocate our time and energy to generate improvements.

Details: To quantify the difference between the old software and the new, we used TPVI, an internal customer satisfaction rating scale designed to eliminate bias since the basis was not to promote but evaluate with integrity, which would allow us to mathematically compare the ratings from the prior PM/RCM software to the ratings for Claimocity. TVPI stands for Total Perceived Value Index and has proven incredibly effective and at quantitatively evaluating the qualitative values of our software. In this instance, the cross-section consisted of a sample of 15 new customers selected at random out of a group of 72 prospects. Each candidate met the criteria of having been with one of our top three competitors for between one and three years and never having used or seen Claimocity in action. The average time frame spent using the previous software was 2.7 years.

TPVI: When evaluating TPVI we use evaluative levels of self-reported confidence, efficiency, and comfort with regards to various elements of billing, practice management, user experience, and software functions. This study was conducted over a 90 day period utilizing hospitalist groups comprised of over fifteen physicians and mid-level NPPs (non-physician providers) that have remained the same over the course of the experiment. These practices are all considered established (5-10 years of practice), and the members of the practice agreed to take TPVI scores before they were informed they would be switching software. The group practice managers were excluded from the study because they were already aware they would be transitioning and we wanted to reduce the bias.

Findings: The findings were internally conclusive and significant. The TPVI scores showed a remarkable difference, averaging 87.5% higher after 90 days of using the new software than they had at the peak point of use with the old.

Here are some of the TPVI individual averages that members of the groups reported:

  • 89.5% reduction in worry about missing charges
  • 81% more confidence that claims would be paid
  • 78% more confidence in coding accuracy
  • 87% more confidence in the effectiveness of the coding tools
  • 84% more confidence in billing accuracy
  • 89% higher level of comfort with the charge capture process
  • 77.5% higher level of comfort with software usage
  • 88% increase in comfort with feature layout and design
  • 62% increase in understanding of the revenue cycle process
  • 95% increase in feelings of efficiency in daily performance
  • 82% higher access to physician performance insights
  • 71% higher awareness of monthly financials metrics
  • 92% confidence that revenue would increase

Overall, at day 90 of use, Hospitalists using Claimocity reported an 87.5% average increase in reported TPVI averaged across all categories.

The Impact of Claimocity on Per Patient Administrative Billing Time Cost

Claimocity reduced the admin burden of billing to 9 seconds per patient per day, a 92% decrease from the national average of 1.89 minutes and the industry best by nearly a full minute.

Purpose: 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.

Basis: 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.

Hypothesis: 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.

Details: 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.

Summary of Findings: The time study revealed that the Claimocity software reduced the administrative burden of the billing work process time cost to 3 minutes per 20 patients on average, which is an average of nine seconds per patient, or a 92.06% decrease. The time study revealed that there was no significant difference between the groups based on time spent using the software, just 2% on average which equates to less than one-fourth of a second.

Medical Billing Case Study 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 165.71 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.

Claimocity Physician Performance Evaluation Hospitalist Case Studies
Claimocity Medical Billing Case Studies Being Read

Summary of Findings

  • +99% increase in understanding of claim payment values.
  • +22.07% increase in performance per encounter revenue.
  • -89.5% reduction in concern about missing charges
  • +89% level of comfort with the charge capture process.
  • +62% better understanding of the revenue cycle nuances.
  • -92.06% average billing admin time costs per patient.
  • -2.4% reduction in lost/missing claims (+3.6% net revenue).
  • +87.5% average increase in reported TPVI ratings.
  • +82% increase in access to physician performance insights.
  • +22% increases to annual net revenue over 3 years.

Integrity Driven Results

Our medical billing case studies and internal evaluative tools are designed to eliminate bias because our internal resource allocations are dependent upon the results of these studies. We use physician performance evaluations and segmented revenue cycle benchmarks to determine the priority and allocation percentages of the budget as well as where to spend time, energy, and effort. Any bias skews the results and generates faulty allocations of internal resources, causing us to focus on the wrong areas, waste time and money, and poorly prioritize our plans of action.

We do everything we can to hinder the results of every study to ensure that they are not a result of aberrations, poor sample sizes, or for some reason not truly representative of the larger population. Any gray areas are attacked by opposition advocate groups within the organization whose purpose is to argue the contrary position, pick apart the science, find inaccuracies, and point out flaws in the logic.

We do all this because we have developed a product that can truly help Hospitalists save time and maximize revenue and our 99.6% customer retention rate is the most important indicator of our success thus far.

Claimocity Revenue Cycle Benchmarks Example

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