Solution

Technologies With Positive Growth Potential

"While the EMR market itself is pretty saturated, and usage has really improved since the HITECH Act, the challenge for hospitals and health systems is, now that you have all this data, what do you do with it?" says Matt Schuchardt, director of market intelligence solutions sales at HIMSS Analytics.

There's no shortage of technologies out there to help hospitals improve operations. But it may surprise you to realize how relatively untapped they often still are.

Bed Management

Remaining first-time buyers: 49.7 percent

Business Intelligence

Remaining first-time buyers: 40.3 percent

Data Warehouse

Remaining first-time buyers: 39.7 percent

Dictation with Speech Recognition

Remaining first-time buyers: 44.4 percent

Enterprise Master Person Index

Remaining first-time buyers: 39.6 percent

Summary

" ClaimPay* is dedicated to the management of the revenue cycle of any medical specialty, office, or clinic looking to outsource billing to a third party company."

Company Summary

ClaimPay* brings a doctors most needed resources to the table. We set out to increase profitability, with 10% to 35% more claims paid. Bringing accounts receivable up while decreasing accounts payable, allowing growth within the company and community. By effectively managing the revenue cycle we get the Doc paid.

These procedures include: Working directly with the insurance company. healthcare providers, and patients to get a claim processed and paid with in the minimum time expected.

As well as, handling all aged and collection accounts to insure balance is paid in full, with little write off's and with analytical report, showing the differences ClaimPay* has on your bank account. This allows the Physician more time to preform the quality care needed and is less of a hassle for the HR department.

Based on your answers, an S Corp may be best.

Based on your answers, 

an S Corp may be best.

This result does not substitute for the advice of an attorney and/or accountant familiar with your unique circumstances.

Advantages of an S Corporation

• Owners (shareholders) are typically not personally responsible for business debts and liabilities.
• S corporations allow for pass-through taxation.
• S corporations may have self-employment tax savings over LLCs.
• Capital can be more easily raised through sale of stock (as long as IRS guidelines are met).

Incorporate Now as a S CorpLearn More About S Corp

More research to consider

• Benefits of Incorporation
• Understanding Incorporation Requirements
• LLC vs. S Corp: Which Makes Sense for Me?
• S Corporation vs. C Corporation: A Comparison

New Bedford Corp. finds way to automate data entry and save money

January, 08 2015

 

 

With the Open Enrollment Period for the National Healthcare Marketplace underway, healthcare services providers are preparing for the next wave of medical data stemming from millions more newly-covered Americans.

Medical billing companies and others bridge the gap between provider and payer, and are likely to see a steady rise in work volume as more people seek and receive paid care in 2015. Richmond, Virginia-based medical services provider, New Bedford Corporation, is one who employs the automation technology Foxtrot to cut the time and cost of handling patient billing information and save about $70,000 per year in overhead.Today the company uses Foxtrot software from Orlando, Florida-based EnableSoft to automatically perform this process. “The Affordable Care Act has created more claims and data to maintain for almost every healthcare services provider.” Explained EnableSoft CEO, Richard Milam. “Small and mid-sized organizations really feel the pinch because they likely cannot hire or outsource people to help. Automation technology is a digital employee – an extra pair of hands to help in these situations.”

Like many similar organizations, New Bedford employees review patient records, record, and manually enter data like patient name, location, and treatment into their proprietary billing software. Here, codes are assigned and the records are exported as a Microsoft Excel™ spreadsheet. New Bedford’s previous process called for the exported data to be entered manually into their practice management platform, Intergy. At up to 30 seconds for each of up to 1,000 records daily, employees sometimes needed as many as 8 hours each day to load patient and billing data by hand.

“It was a manual process, but for us, it’s not simply about entering information.” explained Jonathan Ferrell, president of New Bedford. “Sometimes the patient’s demographic information does not exist in our database and we need to request it from the provider. Sometimes we receive duplicate charges, or tracking charges that shouldn’t be billed to insurance at all. There are decisions to be made along the way.” 

Foxtrot now automatically copies patient data from New Bedford’s proprietary billing system and enters it into Intergy at a rate of up to 6 records per minute – a 62 percent time savings versus manual entry – just as if a human were performing the actions themselves. Moreover, Foxtrot works overnight, so employees are free during working hours to build value in other ways. “We can commit more time to other activities like following up with insurance companies for payment. This results in even greater revenue collected on the back end.” says Ferrell.

New Bedford estimates that by automating what would otherwise require two full-time employees to accomplish, they save up to $70,000 per year in employment costs. “If a patient doesn’t exist in our system, we can automatically write an error log. If there is a tracking charge that shouldn’t be billed to insurance, for example, Foxtrot marks that charge accordingly in the system.” continued Ferrell. “Our software reacts when a problem is caught. We call that intelligent data entry.”

About New Bedford Corporation
New Bedford provides Practice Management, Billing, Coding, EMR Auditing, Provider Enrollment, and other services to healthcare providers throughout the Southeast and Mid-Atlantic regions. Their mission is to develop long-lasting business relationships with healthcare providers by developing high-quality back office services in ways that adhere to their core company values.

About EnableSoft
EnableSoft develops and markets Foxtrot; software that automates processes inside of Excel, websites, accounting software, and most other business applications. Over 500 organizations use Foxtrot to perform work that until today, would only be performed manually by human employees. These companies are able to better-allocate their human employees to customer service, sales, or product development while their Foxtrot “digital” employees handle the repetitive and routine business tasks of the organization. EnableSoft customers in financial services, healthcare, insurance, law, accounting, and elsewhere use Foxtrot to get more work done without adding headcount, outsourcing, or complex custom programs. Foxtrot handles processes as complex as legal research, and as routine as updating customer information, with speed and accuracy. EnableSoft was founded in 1995 and is based in Orlando, Florida.

Are you satisfied with your EHR?

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business -6

6. Solution production and support

If your product is hardware, you need manufacturing, quality control and inventory. In all cases, you need customer support, formal processes and training in place. As an entrepreneur, make sure you understand your direct and indirect costs, staffing requirements, margins and metrics to make sure these elements are in place.

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business - 5

                                                                                           5. Sustainable competitive advantage

Every solution has competitors and alternatives, or it has no market. Thus, it needs an advantage to rise above the crowd, such as a patent and trademarks, unique market positioning or support from industry partners. Too many competitors or a product with minimal differentiation makes a startup risky.                                 

Link to download mdcr era for Medical Billing

https://www.cms.gov/Research-Statistics-Data-and-Systems/CMS-Information-Technology/AccesstoDataApplication/MedicareRemitEasyPrint.html

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business - 4

4. A near-term customer value proposition

Customers buy solutions with value that's quantifiable to them today, meaning value which, compared to existing offerings, is half the cost or offers twice the productivity. Long-term value propositions to society, or paradigm shifts in technology, generate interest but don’t close sales in the time frame your startup needs to survive and prosper.

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business -3

3. A focus on a specific market segment

As a startup founder, you won’t have the marketing resources or brand recognition to appeal to all consumers. Instead, find and quantify the specific demographics of the subset that your solution best fits, and target all your features and messaging to those customers. Targeting multiple segments almost always weakens your business.

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business 2

2. A large and growing market opportunity

Investors look for startups which can address large markets, meaning those larger than a billion dollars and growing at double-digit rates. Small markets tend to change more rapidly with the economy,and may be more easily influenced by fads and competitors with recognized brand names.

Related: 6 Things I Wish Somebody Had Told Me When I Started My Small Business

1. An experienced and skilled team on board

Even the best solution won’t rise above the crowd unless it is driven by an equally outstanding team. In fact, most investors will assert that the team is more important than the solution in startup success. They look for a balanced mix of people with complementary skills, experience and determination.