Industry Overview

• An increase in revenue opportunities
• An acceleration in rate of collections
• Shorter revenue cycles
• An overall achievement in significant cost savings

Challenges faced by practices

• Incomplete, inaccurate, or "dirty" claims account for more than one in four submitted by physician offices
• Major reasons of revenue losses in billing
• Insurance Eligibility
• Denials in Electronic Data Interchange
• Inefficient or no follow up of claims filed
• Unauthorized write offs by staff
• Improper and late processing of claims denied by payers
• Inefficient patient collection system
• Over 16.3 billion dollars are wasted annually in the processing of flawed claims

Problems faced by health care service providers

• High staff turnover
• High training costs to meet compliance standards
• Legacy, ineffectual and complex business processes
• Cash flow variations due to errors, long turnaround times and quality
• Time restraints for Management functions