PROBLEM: Hidden costs lower net income
High Performance Billing – How Landmark Improves your ‘Bottom Line’.
CAUSE: Office Space Occupied by Billing Department Hurts Profits
- An in-house billing department needs at least 400 square feet. This increases the billing expenses by $6,000.00 per year. (Determined at $15.00 per Sq. Ft.)
REMEDY: With Landmark, this ‘wasted’ space can be used for patient care
CAUSE: Paying Wages on an Hourly Basis Diminishes Output
- Efficiency is adversely affected when one gets paid by the time spent and not by the quality of the work. Human nature and scientific studies support this. The dollars billed-to-collected ratio of in-house billing averages under 76%.
REMEDY: Landmark’s clients collect over 90% of billed charges
- Landmark receives money only when the insurance claim is paid or when the patient’s account is settled. This performance-style fee increases the client’s income because Landmark receives nothing until the client does . . . Landmark has to do a better job!
CAUSE: Many In-House Billing Departments Do Not Bill Secondary or Tertiary Insurance Carriers and Most Departments Bill Insurance Only Once or Twice per Month.
- Billing only primary insurance companies causes incomplete insurance payments and frustrates patients because they receive a statement incorrectly indicating that a balance is owed. Many patients express their anger at their care providers and sometimes tend to discontinue using this care provider.
- Insurance companies start the payment process when they receive the claim so untimely billing greatly slows the cash flow to the client.
REMEDY: Landmark bills the primary, secondary, and tertiary insurance companies at the same time as they enter the charges
- Each and every claim is billed electronically to each and every insurance carrier everyday. Patients receive correct statements and care providers receive their money quickly.
|Costs of Typical In-House Billing
||Cost/Billed Dollar Received
|Postage, Tel., Supplies, etc.
|Lost Interest Due to Slower Payment