Medical Billing Services

Medical Billing Services

iClaim provides medical billing services for various specialties

iCLAIM STRIVES FOR FEWER DENIALS, LOWER DAYS  IN AR, INCREASED COLLECTIONS, INCREASED CASH ON HAND, REDUCED PATIENT AND PAYER COLLECTION COSTS, AND LOWER OVERALL ADMINISTRATIVE COSTS.

iClaim provides medical billing services for various specialties such as: Primary Care, Urgent Care, Internal Medicine, Family Practice, Pediatrician, Urology, Pediatric Urology, General Surgery, Colorectal Surgery, Anaesthesia, Gastroenterology, Neo-Natal Care, Ophthalmology, Occuloplasty Surgery, Plastic Surgery, Endocrinology, Ob/Gynaecology, Pain Management, Neurology, Vascular Surgery, Nephrology, Hospitalist, ENT Specialty, Rheumatology, Physical Rehabilitation, Chiropractor, Physical Therapy, Allergy, Bariatric Surgery, Cardiology, etc.

iCLAIM HANDLES ALL ASPECTS OF BILLING

Our services include

  • Patients demographic entry including patient insurance information.

  • Import Charges from Practices’ EMR system using HL7 or XML or EDI Standards

  • Enter CPT’s and Diagnoses including modifiers

  • Second level of claims scrubbing

  • Submitting claims electronically to insurance companies

  • Post remits that come either in paper form EOBs and/or Electronic Remittance
    Advice ERA’s

  • Denial Management

  • AR Management

  • End of Month Financial Reports


FINANCIAL ANALYSIS

iClaim helps evaluate practice performance through various financial analysis which includes transaction summaries, dates of service summaries, Revenue per encounters and Financial Analysis at a facility and provider levels. This analysis assists practices in determining the break-even points at each facility and for each provider. In our experience many practices judge the practice financials just by reviewing the bank deposits month after month. With our detailed reporting, the practice will be able to evaluate a clear financial picture and parameter that are most important to monitor to increase their revenues. We assist the clients in customizing Key Performance Indicators that will be most applicable to the practice. Certain parameters are monitored on a daily, weekly,  quarterly and on a yearly basis.

COLLECTION RATE

A collection rate is the measure of the practice’s effectiveness in collecting all legitimate reimbursements. This takes into account the payers with whom the practice has contracted with and have agreed to write off the difference between the standard fee and the payer reimbursement rate are called Contractual Adjustments.
With iClaim’s reporting, practices will be able to get the collection rate between payments and charges, but also a percentage of claims that have got paid. Our excellent aging report will provide great transparency to our clients on their aging.

DAYS IN ACCOUNTS RECEIVABLE

iClaim closely monitors Days in A/R. Days in accounts receivable (A/R) is an industry-standard for measuring how many days amounts owed to the practice by parties such as insurance payers, patients that will take to get paid. The industry benchmark for this is typically 30 days but can vary by type of specialty and payer mix. This is one of the best indicators of the performance of the revenue cycle management that iClaim regularly monitors and provides insight into the efficiency of the revenue cycle. iClaim’s (PM) application has built-in capability to run a report for the desired timeframe.

ACCOUNTS RECEIVABLE AGING

iClaim’s PM applications can generate an A/R aging report that breaks down claims based on the number of days they have been unpaid totaled by the payer. We identify potential issues from a high-level view so that we can prioritize how best to manage the A/R follow-up by dollar amount and by payer. iClaim’s aging report is very transparent, and all notes are documented at the claim level are available for review at all times.
Days in A/R and A/R aging demonstrates a practice’s ability to quickly turn over A/R and collect all money due.

KPI DASH BOARD

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