WHAT IS THE NETWORK EFFECT?
Genesis offers a state of the art, web based billing technology and an optional integrated chiropractic billing service. Whether you want to keep billing in house or outsource it to us you leverage the billing network effect that is only available with Genesis. Understand the network effect bellow.
Payers underpay chiropractic offices more often than any other specialty, reducing payments by 17% over the past five years. Payers also audit chiropractic offices more often than other offices because of substandard medical notes and frequent billing compliance breaches.
Whether you see 100 or 1,000 patients a week, bill insurance or cash only, or sell retail health products, chances are that members of the growing Genesis network have already automated the solution.
WHAT DIFFERENTIATES GENESIS FROM THE THOUSANDS OF OTHER BILLING SERVICES OF SOFTWARE OFFERINGS AVAILABLE ON THE MARKET?
Second, we have a proven system (Genesis – Artificial Intelligence) that gets better everyday. Start by looking at the picture below:
- In–house personnel that perform all billing functions manually using paper forms and manual follow–up
- In–house personnel with an expensive chiropractor software solution most likely integrated with payers but still having to follow–up manually
- In–house personnel that perform all chiropractor billing functions manually using paper forms and manual follow–up
A billing service provider that handles coding, claims management and payment processing paid on a percentage of claims collected
If you were to collect all the data required to graph this chiropractic practice’s billing performance, chances are it would resemble the picture below.
Slow payments and high Accounts Receivable are the staples of this type of billing. Why? The billing processes above cannot scale to meet the demands necessary to deal with the complexity of dozens or even hundreds of payers. Worse, Billing Services typically consist of a few people handling 10 to 30 clients in total and typically focus on claims that are “low–hanging fruit” leaving much of your money with the payers. What kind of transparency do you have into their performance? What kind of reports do you get to measure them by?
Vericle®, the technology behind Genesis’s service, has over 2 Million Rules (and growing) that are used to validate claims prior to submission. Rules within Vericle®, are constantly being added or modified based on changes from the myriad of payers in addition to all members of the Vericle® network that are contributing ideas and suggestions to enhance the ‘system’. Genesis Chiropractic Software also has dozens of personnel within its Service Center that track all claims and follow–up with over 1000 different providers, thus removing the burden from the provider.
If you were to graph the performance of the providers who are part of the Vericle– Network, the performance would look similar to the graph below:
- What is the amount or percentage of your Accounts Receivable beyond 30, 60 and 120 days?
- What kind of reports do you use to review your billing performance and how often do you review them?
- What is the average time for payment of your claims?
- How do you know if all visits for a given time period are billed, submitted for payment and paid?
- How do you track underpayments?
- Is your billing process completely transparent to you?
- If you can answer these questions within a few minutes, chances are your practice’s billing process is healthy and you don’t need Genesis Chiropractic Software.
- On the other hand, if you’re having difficulty, you could be losing revenue. We can help.
Contact us for an interview with a chiropractic Billing Specialist and comprehensive office automation demo.