Medical practices today face a serious and widening gap between their ability to meet the demands of regulations, physician reimbursement pressures, increasing paperwork and coding requirements, while still providing quality care for their patients. Recognizing the need for solutions designed to address these challenges, AdvancedMD Software, Inc., founded in 1999 and headquartered in Salt Lake City, Utah, developed a product that has grown to be the leader in Web-based, software as a service (SaaS) for the medical billing and practice management software segment. Because it is SaaS based, system software is continuously upgraded at no cost by AdvancedMD, and the application is fully managed and monitored 24x7. Because your billings are managed online, sending claims electronically and receiving insurance payments that auto-post, it also means the speed of collections can significantly reduce AR time; in some cases by 65%. This is accomplished in part because management of the provider, clearing house, payor relationship is managed for our customer by the system. Not only does this speed the process, it also eliminates one of the most time consuming and problematic aspects of running a medical practice or billing company.
AdvancedMD’s award-winning medical practice management software is a flexible system providing world-class security, and fully HIPAA compliant accessibility for physician offices, management services organizations and medical billing services. AdvancedMD is used nationwide and across all major specialties mirroring the general distribution of physicians. As of August 2008, AdvancedMD provides services for more than 8,500 providers, has over 10 million patient records under management, and processes more than $3 billion in claims annually.
What makes AdvancedMD unique is its focus on helping physicians and organizations become more successful by automating many of the processes and tasks that are such a drain on time and resources. The medical office and billing package includes patient demographics, scheduling, referral tracking, charge capture, electronic and paper claims processing, statements, and management reporting and tying these business processes together in order to be more effective and profitable.
To illustrate how AdvancedMD helps practices become more successful, consider claims management. Industry experts have found that the average number of rejected claims for a medical practice varies between 20% and 35%. Additionally, the Academy Coding Edge states that regardless of submitting claims in paper or electronic form, “25%-40% [of rejected claims] are never resubmitted for payment.” Consider the average amount of each claim and determine how much it costs your office if you never resubmit these claims for payment.
Using these numbers, it is safe to assume that a single physician practice can expect an average of 69 rejected claims monthly. Industry experts state that “the cost to simply resend a rejected claim to a payer exceeds $4.40. When calculating the additional costs of phone inquiries, duplications, and extra administrative expenses, resubmissions can cost as much as $57.46 per claim. AdvancedMD’s Claim Center® includes unlimited claims submission and Claim Inspector® that checks 3.5 million coding combinations and guarantees that your rejected claims will not exceed 5%. Using this example the average practice could expect to add $3,260 monthly, or $47,400 annually, to its bottom line just by installing AdvancedMD; a nearly 10x payback each month on the cost of the service. Because of volume, for a central billing service the results can be even more dramatic.
By providing valuable solutions to every day challenges such as claim management, AdvancedMD has grown by over 600% during the past five years. AdvancedMD has been listed twice in the INC5000 report on the fastest growing companies in America and most recently ranked among the top 45 software companies and #647 overall. In addition AdvancedMD was recognized as the 2007 market leader in customer satisfaction for Practice Management software by KLAS, the leading independent evaluator of software and IT solutions in the medical industry. AdvancedMD also received the 2007 CODIE Award for "Best Healthcare Management Solution (Vertical)" software solution.
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