Mobile Charge Capture Service Helps One Orthopaedic Practice Reclaim $82,364
DURHAM, N.C., (October 12, 2000) -- MDeverywhere?, the mobile computing platform providing healthcare solutions at the point-of-care, today released results from an eighteen-month independent Return on Investment (ROI) study performed for Hart Associates Inc., a large healthcare billing company based in Boston. The study focused on an eight-physician orthopaedic practice, which realized a 577 percent total annualized return (or $5.77 for each dollar invested by the practice) after implementing MDeverywhere's lead charge capture application, EveryChargeSM.
The study was conducted by Beacon Partners Inc., a Massachusetts-based independent healthcare management consulting firm. Data on lost charges due to missing encounter forms, filing limit write-offs, time-to-reimbursement and denied miscoded claims were examined, and impressive post-implementation results were realized across the board.
- Lost charges resulting from missing encounter forms were eliminated from 824 to zero.
- Filing limit write-offs resulting from missing third-party filing time limits were reduced from 205 to 72.
- Time-to-reimbursement was decreased from an average of 33 days to five days (an 85 percent decrease).
- Denied claims due to miscoding were reduced from 33 to one, which in turn significantly reduced administrative costs.
"We expected an impressive ROI, and the results were even better than anticipated," says Alan Rubin, president and CEO of MDeverywhere. "A focus on prevention rather than reaction can significantly increase net revenues and streamline the entire process."
MDeverywhere provides the tools for the EveryCharge service at no cost, and clients pay only a small fee per transaction. The service includes daily schedule updates and imports, billing file extraction and batching, maintenance of software and coding rules, online documentation and help desk support. In addition to improving billing accuracy, the MDeverywhere service helps practices avoid potential fines from breaching Healthcare Information Portability Accountability Act (HIPAA) confidentiality standards by allowing the physician to have greater control over patient information.
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MDeverywhere's lead application, EveryCharge, is a Personal Digital Assistant - based electronic charge capture tool with a proprietary rules engine that can be applied at the point-of-care. With EveryCharge, the physician synchs the device at the beginning of the day to download his or her schedule and patient information from previous visits. During and after each patient visit, the doctor enters diagnoses, treatments and other billing information directly into the handheld device.
At the end of the day, the doctor synchs the device once again to deliver the captured information back to the practice management system, which is then sent on to the appropriate payors. The doctor can even visit the MDeverywhere Web site for an instant report on the status of claims and to further customize his or her own service.
The flexible MDeverywhere platform is currently being expanded to include order writing, dictation, prescription writing, sample tracking as well as other value-added services.
Headquartered in Durham, N.C., MDeverywhere is the leader in automated physician encounter capture services for medical group practices. The company is committed to providing practical real-world solutions for physicians, enabling them to provide the highest level of patient care. Three leading venture capital firms in healthcare and technology back MDeverywhere, which was awarded the Industry Solution Award for Healthcare in the Ambulatory Care - Administrative/Financial Systems category at the October Microsoft Healthcare Users Group conference in Las Vegas.
MDeverywhere also recently signed a partnership agreement with Shared Medical Systems Corporation (SMS), one of the largest international healthcare information system companies.
Beacon Partners is a national healthcare management consulting firm with offices in Boston and Chicago serving more than 100 healthcare facilities in the United States. Since 1989, the consultants of Beacon Partners have provided healthcare organizations with a wide range of client-focused consulting services, including strategic planning, business operations management, clinical solutions, information systems and technical solutions. Clients include integrated delivery networks (IDNs), hospitals, managed care organizations and physician group practices, including academic practice plans that have implemented information systems such as IDX Systems Corporation, SMS Corporation, Epic Systems, Meditech, etc. To learn more about Beacon Partners' healthcare consulting services, call 1-800-4BEACON or visit www.beaconpartners.com
Headquartered in Norwood, Mass., Hart Associates Inc. is one of the largest privately held medical billing and accounts receivable management companies in New England and currently generates more than $100 million in claims on behalf of its physician customers. Hart's high degree of specialization, expertise and broad customer base allows it to provide cost effective administrative solutions to its clients.
A complete copy of the study is available upon request.
For Additional Information:
Jennifer Gilmore
Richard French & Associates
Phone (919)832-6300
Email: jgilmore@rfrench.com
Lori Poston
MDeverywhere, Inc
Phone (919)361-8240
Email: poston@mdeverywhere.com
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