IN THE PRESS
What's New
2008
Elizabeth Finch, PT
Co-Owner G&E Therapies
BELLMORE, NY (PRWEB) OCTOBER 29, 2008
"Rising costs of doing business is making it difficult to maintain a productive, efficient business. As a practice owner, I spend a large part of my day fighting insurance companies and underpayments. With the higher cost of doing business and spending more time fighting to get paid, I have less time to treat patients and manage my practice." says Elizabeth Finch, Physical Therapist and Co-Owner of G&E Therapies, who is tired of experiencing underpaid or delayed claims and losing valuable time and efficiency in the clinic. "Continuous corporate consolidation has given the payers the resources and the opportunities to "stack the cards" against the providers. A practice management system like Billing Dynamix provides an essential partnership to both help manage my practice and collect insurance claims. Billing Dynamix gives me the power and resources to level the playing field and get paid."
​
Billing Dynamix will demonstrate a fully integrated Practice Management System (Scheduling, Documentation) and Outsourced Billing service that improves profitability, productivity while enhancing practice compliance. The PPS Annual Conference will be held November 5th through 8th at the Loews Royal Pacific in Orlando (booth 619). The live demonstration will cover all aspects of the patient encounter, from scheduling to quick and easy documentation of the treatment to full claim resolution.
​
"Billing Dynamix unites hundreds of providers nationwide on a single service network," says Dave Macolino, President of Billing Dynamix. "By consolidating billing operations, Billing Dynamix levels the playing field with the payers. Its growing, centralized billing knowledge base, consistent and scalable processes, and shared comprehensive internet-based technology platform become a powerful virtual extension of the physical therapy practice. It gives the practice owners unprecedented control over practice workflow, office productivity, and claims processing in a completely transparent fashion 24 hours a day, 7 days a week."
Amy Griffin, MSPT
BELLMORE, NY (PRWEB) JULY 11, 2008
Billing Dynamix, a physical therapy billing service network and Spectrasoft, maker of AppointmentsPRO™ and Appointments Anywhere™ products, are teaming up to provide a completely integrated best-of-breed Practice Management Solution specialized for Physical Therapy and Rehab Practice. The integration of Spectrasoft's industry leading scheduling software and Billing Dynamix's web-based reimbursement management platform and outsourced billing service provide an end-to-end solution that covers the entire patient encounter life-cycle from appointment scheduling to documentation to claim reimbursement.
​
"Physical therapy clinic owners who use electronic practice management products for scheduling, documentation and billing often struggle with the limited availability of full-scope but mediocre products on one hand and excellent but single-function stand-alone systems on the other hand," says Amy Griffin, MSPT, President of EQUILIBRIUM Balance Performance Center specializing in Vestibular Rehab based in Ventura, California. "I now use an integrated best-of-breed product combining SpectraSoft and Billing Dynamix to help me increase revenue, reduce costs and free my staff to spend more time on patient care."
​
The combined service is easy to implement for any size practice. Patient demographics are entered first in SpectraSoft's AppointmentsPRO™ or Appointments Everywhere™ scheduling systems and transmitted automatically to Billing Dynamix at regular intervals via a secure connection. A closed loop between billing and scheduling ensures that every scheduled appointment is reviewed and billed correctly - nothing falls through the cracks - while centralized monitoring discovers delays and underpayments and tracks every follow up action and its results, continuously leveraging cumulative billing experience across hundreds of clinics nationwide.
​
"Clients regularly see their monthly collections increase while reducing their audit exposure using disciplined documentation," says Dr. Yuval Lirov, author of "Practicing Profitability - Billing Network Effect," inventor of multiple patents in artificial intelligence and computer security, and partner of Billing Dynamix. "Additionally, the practice owner using an integrated Billing Dynamix and SpectraSoft solution entirely avoids risks of implementation failure."
​
"Clinic owners need innovative solutions to overcome shrinking reimbursements and rising costs," continues Steve Petrie, CEO of SpectraSoft, "This integrated process between Spectrasoft and Billing Dynamix closes the workflow loop of patient intake, scheduling, treatment and billing, so that nothing falls through the cracks and practice owners can enhance their revenue significantly." "Along with their client-first friendly customer service, I have been able to focus on managing my practice and more importantly - on the patients at EQUILIBRIUM," concludes Griffin.
2007
DUMONT, NEW JERSEY (PRWEB) OCTOBER 8, 2007
Axis Billing and Collections, LLC ("Axis"), the leading provider of billing services to New Jersey chiropractors announced today that it will no longer be providing billing services to any of its clients as of October 15, 2007. Axis recommends all of its valued clients to engage Billing Precision, LLC ("Billing Precision"), as an alternate trusted provider of billing services. Billing Precision is the leading provider of chiropractic practice management solutions and billing.
​
"Billing Precision brings to the Axis clients a networked practice management solution, including paperless office automation, expert billing staff, and, most importantly, access to the rapidly growing billing knowledge base, shared by hundreds of doctors nationwide," says David Foster, DC, President of Axis. "Billing Precision's built-in technology platform has online patient scheduling, key-tag driven patient registration, touch-screen-managed SOAP notes, sophisticated care plans, and audit monitoring."
​
Billing Precision's high-quality, cutting-edge service offerings unite individual clinic owners into a powerful community of profitable and compliant managers focused on patient care and practice growth. Billing Precision tracks payer performance from a single point of control, shares billing compliance rules globally, and creates massive economies of scale for its clients.
​
"Whether you see 100 or 1,000 patients a week, bill insurance or cash only, or sell retail health products--chances are that members of the growing Billing Precision network have already automated the solution," says Brian Capra, DC, partner at Billing Precision. "We look forward to building on it."
DUMONT, NEW JERSEY (PRWEB) AUGUST 15, 2007
Dr. Michael Lagana, Director of BackSmart Wellness Center in New Jersey, has first-hand experience of no-show damage caused to a busy chiropractic office. "Missed appointments are the first signs of eroding patient loyalty and potential patient relationship management problems. Billing Precision's integrated automated solution protects billing revenue in a disciplined fashion and at significantly lower cost," says Dr. Lagana.
To help chiropractors improve patient relationship management and reduce risk of loss of revenue due to no-shows, Billing Precision has integrated Phunkey's PatientCall technology with its chiropractic office software management system (Vericle). "When patients miss appointments, they interrupt the flow of care, impede clinic productivity, and reduce billing and revenue. Appointment reminders or confirmation calls for upcoming appointments and follow-up calls (recalls) on recent no-shows reduce numbers of no-shows more effectively than any other strategy," says Dr. Lagana.
"If left unmanaged, the rate of no-shows may exceed 30 percent of appointment volume," says Steve Williams, CEO of Phunkey and inventor of PatientCall. "But busy practice owners often neglect confirmations and recalls because of other office management priorities. Chiropractors using integrated PatientCall services expect dramatic no-show reduction rates, often reaching as much as 50 percent. They also mention the comparable improvement of long-term patient loyalty."
"To get results, reminder call and follow-up strategy must be implemented systematically," adds Dr. Brian Capra, DC, and a partner at Billing Precision. "An integrated automated solution protects billing revenue in a disciplined fashion and at significantly lower cost."
EAST WINDSOR, NJ (INSIDEARM) MARCH 26, 2007
Billing Depot has recovered over $32,000 on a single but repeated Aetna’s underpayment error, going back as far as 2003,” says Elliot Smith, Practice Administrator of Heart Specialists of Central Jersey, LLP.
“Our practice has seen revenue increases on multiple occasions, each time because of superb Billing Depot technology and disciplined follow-up and appeal processes,” says Elliot Smith, Practice Administrator of Heart Specialists of Central Jersey, LLP.
"Medical billing has evolved into a complex game, requiring doctors to navigate the payers’ playing field, subject to shrinking rates and increased scrutiny,” wrote Charles M. Moss, MD and President of the Medical Society of New Jersey, in his recent letter to the members of MSNJ. "Billing Depot, a Gold Partner of MSNJ, has demonstrated an unparalleled ability to increase an average physician’s cash flow.”
​
Billing Depot uses the Vericle billing engine to analyze reimbursements, compare payments to charges and expectations, and track follow-up and denial appeal process.
“Aetna’s underpayment for 78480 because of a bundling error was discovered by Vericle using its standard payment analysis procedure,” says Erez Lirov, Chief Operating Officer at Billing Depot. “By consolidating operations for hundreds of separate billing services, Vericle tracks payer performance from a single point of control. Every time we solve a billing problem for one of our clients, we encode the newly gained knowledge in Vericle. Sharing billing and compliance expertise in a central billing knowledge base benefits every one of our clients.”
2006
DUMONT, NEW JERSEY (PRWEB) AUGUST 28, 2006
Dr. Ben Lerner, founder of Teach The World About Chiropractic and author of "One Minute Wellness," discovered a convenient way to educate thousands of chiropractors about coding compliance and audit risk reduction. "Compliance maintenance requires special skills and military discipline," says Dr. Lerner, "Webinars are especially useful for audit risk management instruction because they deliver urgently needed education but require minimal investment in terms of time and cost."
​
The increasing frequency of post-payment insurance audits and mounting severity of penalties, ranging from license suspension to heavy monetary fines, emphasize the need for effective and affordable education about compliant office management and audit risks. Prepared by the authors of "The Business of Healthcare Provider Audits," this specialized Webinar on Billing Audit Risk reflects years of cumulative experience of hundreds of doctors and post-payment audits. The webinar offers three-fold benefits to its participants:
-- Lower audit risk because of more effective coding and SOAP note compliance,
-- Higher revenue because of more effective billing, and
-- Improved efficiency of patient flow management.
​
"No insurance company offers protection against potentially enormous penalties in case of a post-payment audit," says Jeff Randolph, Esq., Legal Counsel to the Association of New Jersey Chiropractors and a webinar co-author. "Webinars leverage the Internet to bring together remote participants while viewing the same visuals or computer application. It is a truly unique service designed to both protect the practice and ensure its maximal profitability."
BEDMINSTER, NJ (PRWEB) JUNE 9, 2006 –-
Boris Petrikovsky, MD, PhD, complains about the limited choice between “full-scope but mediocre products on the one hand and excellent but single-function stand-alone systems on the other hand. An integrated best-of-breed product helps patient care and clinical error reduction, financial performance, and regulatory compliance," says Dr. Petrikovsky, Chairman of the Obstetrics/Gynecology Department at Nassau University Medical Center, Professor of Obstetrics, Gynecology, and Reproductive Sciences at Stony Brook University School of Medicine, and a recipient of numerous international awards and honors for his research work.
​
MediEMR and Affinity Billing have announced a strategic alliance that features integrated Applications Service Provider (ASP) Internet-based architecture for total billing and Electronic Medical Record charting. Scalable from single-doctor practices to large multi-location clinics, the combined product is an intuitive and affordable medical office solution for reduced medical errors, increased coding levels, better patient communications, streamlined workflow, and interoperability with partner providers. Medical practices served range from Obstetrics and Gynecology to Pediatrics to Cardiology to Chiropractic.
​
Dr. Yuval Lirov, CEO of Affinity Billing, author of Mission Critical Systems Management (Prentice Hall, 1997), inventor of multiple patents in artificial intelligence and computer security, and moderator of Billing Wiki, says clients regularly see their monthly collections increase by 10% to 30%. “With Affinity Billing and MediEMR, the practice owner entirely avoids risks of implementation failure.”
Matthew D’Alessandro, CEO of MediEMR, says, “Real-time access to patient’s medical and financial records enhances both patient care and practice profitability. A totally integrated ASP architecture for practice management sets a new standard for practice workflow, profitability, and compliance management.”
DUMONT, NJ (PRWEB) MARCH 29, 2006
Jeffrey B. Randolph, Esq., has saved many practices from bankruptcy upon post-payment audit of their claims and billing procedures. “While standard insurance policies protect the doctor from most business risks, nobody offers protection against potentially enormous penalties in case of billing audit,” says Mr. Randolph, a partner at Labady and Randolph and legal counsel to the Association of New Jersey Chiropractors. “Monitoring billing compliance is a doctor’s responsibility, and ignoring it often results in practice ruin.”
Billing compliance monitoring is difficult because it requires testing of every claim against multiple rules. Additionally, major insurance firms use proprietary rules for the selection of audit candidates. Over the years, Mr. Randolph has identified numerous rules that might trigger billing audits. Some tests are as simple as ensuring adequate claim documentation using SOAP notes, while others call for heavy-duty calculations, such as statistical pattern recognition, designed to identify an overused chiropractic manipulative treatment.
“Billing Precision utilizes specialized software to encode and leverage Mr. Randolph’s unique expertise,” says Dr. Yuval Lirov, inventor of several patents in artificial intelligence and computer security and author of “Mission Critical Systems Management” book. “Ensuring billing compliance in a high-volume practice would be impossible without high-performance systems.”
MARLBORO, NJ (PRWEB) MARCH 14, 2006
Dr. Michael Lewko, Chief Medical Officer, Care Management at St. Joseph Hospital in New Jersey, has seen his practice revenue grow by 14%. “The introduction of UBS lockbox is just one example of Billing Depot’s professionalism and continuous attention to billing process improvement,” says Dr. Lewko. “The lockbox reduces dependency on a specific billing office, cuts management overhead, and allows us spend more time with our patients.”
“We are delighted to partner with a first-tier investment bank,” says Pat Freeze, President of Billing Depot. “Billing service accuracy and consistent followup are critical for full and timely collections. An automated investment of patient payments in an interest earning Money Market account adds extra cash to physicians and results in a powerful service when combined with record payment performance.”
“The doctor’s money must never be idle,” explains Robert Szigeti, the UBS Vice President in charge of Personal Wealth Management. “First, the doctor receives improved accountability and reliability with bi-directional verification of check deposit between the bank and Billing Depot. No lost checks. Next, physicians see higher processing speed and added interest revenue with check deposit upon arrival in a Money Market account earning interest. Finally, the doctor receives an added degree of Transparency, which allows personal verification of deposit via secure Internet connection.”
WOBURN, MA, (PRWEB) JANUARY 9, 2006
​
MDTAXES announced the launch of its partnership with Billing Depot, a national medical billing provider with an outstanding record for practice profitability improvement.
“Within four months of engagement, our collections increased by 14%, improving payments on some claims by 29%,” says Dr. Vivian Kominos, owner of Heart Specialists of Central Jersey, LLP, in Manalapan. “Billing Depot’s expectation for instant adjudication, combined with a scientific approach for practice measurement, sets new standards in healthcare billing.”
​
“Our partnership reduces the financial risk of medical practice, improves its cash flow, and allows the physician to focus on caring for patients,” explains Andrew Schwartz, CPA, founder and editor of the MDTAXES network. “By leveraging the scale of the entire MDTAXES Network, we can offer our CPA members and their clients access to superior services, such as those provided by Billing Depot.”
​
Billing Depot manages the entire revenue cycle from a single point of control, providing continuous online reporting. It empowers the CPA to log on to a client’s account and view relevant tax information in real-time. “For MDTAXES CPAs, this means improved tax planning,” concludes Schwartz.
2005
EAST WINDSOR, NJ (PRWEB) MAY 26, 2005
Physicians using Billing Depot service continue to experience less than 4% of Accounts Receivable (A/R) beyond 120 days. This figure represents a four-fold improvement over the national median of 17.7% of A/R over 120 days, as reported by the Medical Group Management Association (MGMA). To help the practitioners improve substandard billing performance, Billing Depot offers an online self-diagnostic tool that guides the provider in a quick performance assessment and potential improvement identification.
​
“You cannot manage what you cannot measure,” explains Pat Freeze, President of Billing Depot. “Billing performance can be measured in multiple ways, including days in Accounts Receivable, payment predictability, and payment concentration. These bottom-line measures assess overall billing performance, but they do not help understand the reasons for substandard performance. A performance-driven billing service requires a comprehensive methodology addressing the full spectrum of billing topics and providing effective yet simple metrics to diagnose every potential problem. Billing Depot's approach is based on a systems management methodology, which was first published in 1997 in a Prentice Hall book “Mission-Critical Systems Management.”
​
“Medical practice billing requires continued management of three risks, namely, process, people, and technology,” explains Dr. Yuval Lirov, inventor of several patents in artificial intelligence and computer security and author of “Mission Critical Systems Management” book. “The online survey combines over a dozen multi-choice questions designed to quickly identify major exposures in any one of these difficult-to-manage areas. Upon completing the survey, the practitioner knows precisely why billing performance has been substandard and how to improve it. An accountable and transparent claims coding, submission, and follow-up process, combined with rigorous billing personnel management and advanced technology, result not only in reduced days in A/R but also in significant revenue gains, often reaching as high as 27%.”
Dr. Zelik Frischer, Clinical Professor at the Department of Urology at Stony Brook University and three times named in the New York Magazine survey of best doctors in the Metropolitan Area agrees, “Billing is one of the most complex and, unfortunately, arcane processes in our industry. An online process evaluation tool gives the physician a quick way to self-assess billing performance and, therefore, to better manage the practice.” Dr. Frischer concludes, “Billing Depot methodology uniquely addresses all billing aspects and helps the physician spend more time with patients, reduce management overhead, and grow profitability.”