Experience: Founded in 1985, our longevity speaks to our ability to operate our business and deliver consistent results that create value in physician practices through optimized revenue cycles. Challenges abound in the complex healthcare environment and having a firm that has experienced the evolution of billing and coding combined with current knowledge of payer tactics is a strategic advantage for our clients.
A. The payor industry is not in the business to pay physician claims. Their model is a complex layer of edits to ensure that a significant portion of claims get rejected or inappropriately denied. According to industry statistics, 65% of denied claims are never reworked. Cost is one reason. The cost to follow up on one claim is $31. Visibility is the other. Practices simply can’t identify inappropriately denied and/or overdue claims and route them to AR specialist prior to timely filing denials. revMD.com has developed proprietary software (IP) that a) tracks and reports the success rate of initial claim submission; b) bar codes each claim (inventory) with an estimated date of payment based on historical processing by that payer in that region; c) flags the claim when payment is overdue and routes the claim to an AR specialist and d) examines and scores the work/success rate (paid claim) by each AR specialist which allows revMD.com to perform ongoing training (or counseling out) of our AR resources.
B. Simply stated, no other RCM firm has this technology. Once complete visibility to claim inventory is established, a work flow process must be executed. revMD.com has collaborated with E5 Workflow Solutions http://e5workflow.com/ to organize and match the task at hand with the appropriate resource. Based in Australia, E5 Workflow is a global leader in transaction and process management and together with revMD.com’s investment in superior technology, we provide our clients with competitive advantages that improve collection ratio’s, reduce bad debt and create tangible value in the practices of our clients.
A. License. Medical billing and collection companies in many states are governed by the State Banking Commissions and other government agencies charged with licensing, including performance bonds and compliance audits. Few medical billing companies comply with state law and the scrutiny and guidelines of State law. To learn more about licensing requirements, visit the Arizona Department of Financial Institutions at: http://www.azdfi.gov/Licensing/Intro.htm or the appropriate goverment agency in your state.
B. SOC (SAS70) Audit. revMD.com knows of no other medical billing and collections company that voluntarily subjected itself to an audit of internal controls performed by an independent auditing firm. This provides our clients with additional comfort that revMD’s internal controls protect patient information, billing records and most of all collections. To learn more about SOC1 Audits go to: http://www.ssae-16.com/
C. Disaster Recovery. revMD’s IT infrastructure is Cloud based. Therefore, we possess a robust Disaster Recovery Plan to protect against the various risks and disasters that could adversely impact billing and collecting on a timely basis. From computer viruses; hacking; fire; or electronic breakdown, your data is secure and protected due to revMD achieving “Best Practice” with its state of the art cloud based data center. To learn more about the importance of disaster recovery planning go to: http://www.disaster-recovery-guide.com/