For medical practices that were with GroupOne for all of 2010, GroupOne’s overall net collection rate for 2010 exceeded 99.9%. Based on industry survey reports, the average net collection rate for all medical practices is slightly better than 96.3%. The rate for the better performing medical groups according to industry criteria is slightly more than 99.7%.
For the average medical provider, an additional 2.5 percentage points in medical claim net collection rate can equal $10,000 - $15,000 of additional annual revenue per doctor.
In November and December of 2010, Gateway EDI also awarded GroupOne and some of its clients “The 99 Percent Club”. Winners of the award achieve the Gold Standard of Revenue Cycle for medical practices by submitting at least 99% of electronic claims to Gateway EDI ERROR FREE.
According to recent studies, on average approximately 25%-30% of all medical practice income is lost due to incorrect coding, under pricing, missed or never submitted charges, and nonexistent or improper follow-up. Hundreds of millions of dollars is lost annually due to medical billing errors. How does your current medical revenue cycle process measure up? Proper billing and GroupOne can have a substantial impact on your bottom line.
If you are considering transitioning to an electronic health record in the near future, GroupOne offers a service that may be a nice fit for your situation. With our OneRate product, you receive our professional billing services and GroupOne provides your practice with the stimulus certified eClinicalWorks system at GroupOne’s cost. The billing services may provide you with an opportunity to increase your medical revenue, reduce overhead, qualify for EHR stimulus payments, and eliminate the license and ongoing support and maintenance fees associated with a transition to an EHR.
More information can be found here - GroupOne’s OneRate services.
FREE CUSTOM QUOTE
If you would like to see a custom quote for your practice, CLICK HERE to complete a quick questionnaire. It should only take a couple of minutes, but may be your first step to substantial improvement to your bottom line.