Mid-Vermont Medical Billing
Within a few months of opening its doors, Mid-Vermont Medical Billing was serving 11 clients. Pare and her team were using an automated system for their billing, but the software was not measuring up to an increasing client load. For example, they could only generate 10-15 reports on practice financials, but clients were requesting 50-75 reports. As a result, Pare and her team spent more than 20 hours/month calculating reports manually. Because of their system’s lack of automation, the staff spent more than 40 hours/month searching for, updating and printing patient statements from clients’ offices. These tasks tooktime from following up on claims past due, and other revenue generating activities.
- $300/week ($14,400/year) in employee time trackingclaim numbers and processing statements
- $245/month ($2,940/year) for postage and supplies required to mail statements
- $150/month/client ($19,800/year) subscription cost from the software vendor
Finally, because Mid-Vermont’s system couldn’t sync with their clients’ software, there was no good way to match up charges to patient visits, meaning clients weren’t getting fully reimbursed from payers. Something had to be done, so Pare began a search for a new software solution.
- Reduce operational costs
- Decrease time spent compiling reports
- Enable her clients to increase their reimbursements
Mid-Vermont Streamlines Operations with the NueMD Practice Management Solution
In April 2006, Pare initiated a search for a new billing system. She considered three different options, including a client server model, but finally decided on NueMD, an Internet-based practice management and medical billing system.
Immediately, the Mid-Vermont team began to see results.
“When it came to preparing and sending patient statements, we could not believe the time savings with the NueMD system,” said Pare. “What used to take 40 hours each month with the old software now takes no more than 10 minutes.”
What’s more, Pare and her colleagues now had access to more than 200 different reports on insurance payment trends, missing insurance information, e-claims transmissions, aging collections, appointment statistics, and other data. She was able to provide her clients with the critical information they needed to better monitor their patient visits and become more profitable.
Finally, because NueMD is Internet-based, Mid-Vermont’s clients could now have access to the same system, and take advantage of the NueMD appointment scheduling module. In this way, Pare and her team were able to monitor patient visits and, through a ticket discrepancy report, compare charges to services rendered.
“Now that our software systems communicate with one another, we have access to balances that we never knew existed before,” Pare said. “We are now certain that we are getting every single charge out to the insurance companies so that our clients can get fully reimbursed for every patient that they see.”
By switching to NueMD, Mid-Vermont realized the following quantifiable results:
- Monthly subscription costs reduced from $150/month/client to $50/month/client – an annual savings of $13,200
- Elimination of processes that had been handled manually with the old system (tracking claims, printing and mailing statements, etc.) – an annual savings of $6,540
- A/R decreased by $2,000/month – an annual savings of $24,000
- Time savings of more than 40 hours/month preparing patient statements
- Time savings of 20 hours/month generating reports for clients
“NueMD has amounted to a huge savings in time and money for us,” Pare said. “It has made us much more efficient and professional. I feel like a huge weight has been lifted from my shoulders.”