Avoid a big pay cut!
The Validator helps to drastically reduce the types of errors on
claims submitted from hospitals as reported by the Healthcare
Financial Management Association. According to a 2002 analysis
done by 3M
Health Information Systems Consulting Services that highlighted
error rates on submitted claims, of 1 million pre-scrubbed claims
from 80 hospitals, the claims submitted had error rates ranging
from 8 percent to 30 percent!
These are significant numbers that the Validator helps reduce
by pre-validating your claims for missing information, invalid
values,
improper dates of service, improperly formatted information,
and even checks your coding with a built in CPT/ICD9 cross-code
checker!
Get Paid Sooner, not Later!
The average amount of time it takes
to get paid on paper claims is 90 days. With electronic claims,
the time is 7 (for Commercial and Blue Cross Blue Shield Carriers)
to 21 days (Medicare Claims). If there is a problem with your claims,
you will usually know within 48 hours, not 4 to 8 months!
Get Claims Receipt Confirmation!
Do you send all of your claims through
the mail certified return receipt? If you submitted your claims
electronically, you would have the same functionality, at nearly
no cost. This is because almost EVERY carrier offers acknowledgement
reports that certify that they have received the claims you sent
them. In addition, most carriers offer error summary reports within
48 hours which let you know if there was a patient with the wrong
insurance ID, incorrect group number, invalid procedure code, etc.
Save your Valuable Time!
The Validator can process your average
100 claims, check them all for errors, separate them out based
on the payer, transmit those claims and receive confirmation (where
available) within 10 minutes or less. Compare that with the workload
and time of a person printing out 100 claims, checking them all
for errors, separating them by payer, stuffing the envelopes, licking
the stamps, running the claims to the mailbox, then waiting weeks
to know whether the claims were even received!
Save your precious Money!
Speaking of Stamps, Envelopes, HCFA
forms, ink and time; those things cost money! The same 100 claims
mentioned above cost money in:
· Ink $0.80
· HCFA Paper 2 Part Continuous $4.29
· Claim form Envelopes (#10 window) $5.84
· Postage $37.00
· Labor (assume just one hour) $12.00
· Total Estimated Cost $59.93
That's ALMOST $60 for
every 100 claims you submit. Compare that with the cost of a two-minute
phone call of maybe $0.20! How many hundreds of claims do you submit
in an average month? Are we talking about your car payment, or
your house payment in lost money?
