Welcome to Physicians Management Inc.
(PMN Inc.)

Overview

Medical coding & billing could be a frustrating process for most healthcare providers opting for an in-house department. Due to health care reform, many physicians have had to take a look at how they conduct business. Factors that are changing the blueprint of their businesses are the digitization of medical records and the increased volume of insurance claims. In order for physicians to keep up with all of the growing changes to the industry, it is necessary for them to evaluate how efficient their businesses are being run and determine if they are optimizing their revenue.

Some statistics you should be aware of

· Family medicine practices average overhead costs of around 60% of the total revenues¹

· Support staff salaries for Family medicine practices average 26.28% of operating expenses²

· The average annual salary of a billing clerk is $32,350³

· The Health Care Reform Bill has increased the number of insured Americans by more than 30 million –making it very important to have a proper medical billing system in place⁴

· It is estimated that doctors in the U.S. leave approximately $125 billion on the table each year due to poor billing practices⁵

· It is estimated that up to 80% of medical bills contain errors⁶

· The majority of experts in the industry agree that the cost of performing in-house coding and billing can be about 4.5% of the net collection. This figure could be even higher if the competency of your staff is below the desired level⁷

· Industry experts also estimate that about 30% of the first submitted medical claims are rejected and a significant portion of those claims are never resubmitted or collected.⁸

· The average turnover for front office staff is 12-16%⁹

Do you have any of these concerns?

· Is your practice management system obsolete?

· Is your accounts receivable too high?

· Are you frustrated about your billing process?

· Are you spending more time than you would like on the business aspect of medicine?

· Do you need to make a large investment in new hardware or software?

· Are you experiencing an increase in denied claims?

· Are you planning to expand your practice?

· Are you noticing a decline in your overall collections?

· Are you relying too heavily on your office manager?

If you answered "yes" to any of the above questions, you may seriously consider outsourcing your billing process. By making a decision to outsource your medical billing, you will be able to optimize your business practice to increase your revenue. With the business end of your practice being taken care of, you will be able to focus once again on what is most important—patient care.

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¹ ² ⁴Family Practice Magazine, Mar/Apr 2010

³Bureau of Labor Statistics

⁵ ⁶www.healthexecnews.com

⁷ ⁸ ⁹Medical Group Management Association (MGMA) The Physician Billing Process: 12 Potholes to Avoid in the Road to Getting Paid 1st edition

• Full-Service Medical Billing
• Electronic & Paper Claim Submission
• Insurance Collection
• Daily Claim Entry
• Claim Correction & follow-up
• Payment Posting / Adjustments
• Patient e-Billing & Collection
• Aggressive Denial Management
• Online Data Access, Anytime, Anywhere
• Physician Billing Consultation
• Practice & Physician Set-up
• Physicians Credentialing
• Physician & Facility Contract Negotiation  
• Accounts Receivable Management & Reporting
• Standard & Customized Reports
• Patient Statements
• Patient Portal

How Long is the set-up process and the associated fees?

There is no specific associated set-up fees for our standard services. The set-up process begins as soon as our service contract is signed. Although some components of our services become readily available, the complete set-up process may take a few days depending on the complexity of your payer-mix and your practice in general.

How do I submit my medical billing documents to you?

Although there are number of methods available, the most efficient and convenient method is by uploading your documents via our secure practice management platform.

How difficult is the transition should we hire your services?

The transition from your current billing service to ours is typically much smoother than most providers anticipate. Our professional staff walk you through simple steps to make sure there is minimal or no cash-flow interruptions during this transition. 

How are my payments received and posted?

All payments are sent to you directly with the majority in the form of EFT (Electronic Fund Transfer) directly into your bank account. Paper checks are also mailed to you directly. In some cases such as out-of-network coverage, patients might receive the checks and must hand them to you. We have processes in place to help you monitor all payments and protect your practice.

How can I Monitor my financial performance?

Our state-of-the-art practice management platform offers a variety of features such as ERA monitoring as well as many useful standard/custom reports to meet your needs