Navicure, a leading Internet-based medical claims clearinghouse that helps physician practices improve claims reimbursement and staff productivity, today announced that Vein Solutions of Stoneham, MA; New Beginnings Pediatrics of Norwalk, OH; Illinois Retina Associates, S.C. of Harvey, IL; and Pocono Healthcare Management of East Stroudsburg, PA were selected as winners of its second annual Biggest Gainer Award.
• 1-5 providers: Vein Solutions, a vascular surgery practice specializing in varicose veins with three providers, an accredited vascular lab and one-half billing full-time equivalent (FTE), saw an 89 percent reduction in days in accounts receivables (A/R) and an 83 percent decline in its billing staff-to-provider ratio.
• 6-10 providers: New Beginnings Pediatrics, an eight and one-half provider and three billing FTEs practice, was able to reduce its billing staff-to-provider ratio by 56 percent while also reducing A/R greater than 90 days by 63 percent.
• 11-20 providers: Illinois Retina Associates, S.C. an ophthalmology practice with 14 providers and six billing FTEs, achieved a 44 percent reduction in A/R greater than 90 days and a 23 percent reduction in overall A/R days.
• 21+ providers: Pocono Healthcare Management, a multi-specialty practice with 82 providers and 46 billing FTEs, has seen a 57 percent reduction in overall A/R days and a corresponding 56 percent decline in A/R greater than 90 days.
“As with any billing office, we want to make sure that we are as efficient as possible and don’t have to constantly revisit unpaid claims,” said Mary Frederick, manager of the central billing office of Illinois Retina Associates. “Navicure’s technology has enabled us to pinpoint problems with claims and correct the issue before days start to accumulate. This has been a huge help in ensuring that our revenue stream is stable and reliable.”
“Navicure has provided us with a user-friendly way to manage our claims and easy access to information that has made our entire billing office workflow a lot smoother,” said Vanessa Radcliffe, CPC, CPEDC, billing supervisor at New Beginnings Pediatrics. “Prior to Navicure, we had difficulty providing proof of timely filings for insurance companies. Now, we can quickly pull one claim file, print it off and send it with an appeal – it is a huge improvement.”
“We are excited to be recognized for the improvements we have seen in our day-to-day operations which have resulted in a strengthened bottom line,” said Jane Ragone, manager at Pocono Healthcare Management. “The data that Navicure’s services provide has allowed us to reduce our FTEs for payment posting, decrease our days in A/R and fully understand our payer mix.”
“Navicure’s services have been invaluable to creating a clean, concise and timely billing workflow,” said Vicky Fitzgerald, manager of patient accounts for Vein Solutions. “Since implementation, we have been able to identify seasonal fluctuations in our business, which has helped us to better plan and understand our revenue stream. We have also been able to use reporting of error ratios to quantify to our front desk staff the importance of demographic information and dollar values.”
“Once again, we are thrilled with the financial and operational success that each of this year’s applicants achieved, especially during these trying economic times,” says Jim Denny, founder, president and CEO of Navicure. “We would especially like to congratulate the winners of this year’s Biggest Gainer Award who exemplify the results that we hope all of our clients experience.”
Navicure’s second annual Biggest Gainer Awards program was open to any practice which had been using its claims management solutions since January 1, 2010, and had not previously won the Biggest Gainer Award. All applications were judged on days in accounts receivables, accounts receivables greater than 90 days, net collection percentage, billing staff/provider ratio, percentage of claims for which practice receives Electronic Remittance Advice (ERA), percentage of secondary claims filed electronically and how eligibility is processed. Winning practices received six free months of Navicure service.
Navicure (navicure.com) is a leading Internet-based medical claims clearinghouse that helps physician practices improve claims reimbursement and staff productivity. Serving over 20,000 physicians in practices nationwide, Navicure’s solutions automate account receivables processes, including primary and secondary claims reimbursement; patient eligibility verification; rejected and denied claims management; electronic remittance and posting; claims and remittance reporting and analysis; and patient statement processing. Navicure’s solution is supported by its unique 3-Ring™ Client Service. Navicure is a member of the MGMA AdminiServe® Partner Network, a group of vendors that have been vetted by MGMA and peer reviewed by its members. Navicure has ranked among the fastest growing companies nationally in the 2007, 2008, 2009 and 2010 Deloitte Fast 500 rankings, and 2008, 2009 and 2010 Inc. 5000.