Medical Practice Management. Course expiry date:01/12/2011. CME- course description. www.itrustmedical.com. COURSE DESCRIPTION:.
Course expiry date:01/12/2011
CME- course description
This course is intended to provide physicians and other health professionals with primary information on the current status and newest solutions for improvement of Practice Billing and Collection Systems in the Medical Sector in the United States.
Nothing undermines the ROI in privately run medical practices in USA more than the commonly practiced collection processes that in most cases are malfunctioning , time-consuming, unsecure and most importantly cost the practice owners large chunk of their well earned income.
The nature of collection procedures in the medical sector over the past decade have become more and more complicated, and attempts to simplify them have so far been without success. The average small medical practice is a subject to monthly loss of 10%-15% of net income due to not received payments.
In many cases, collection agencies charge more than the due amount and the administrative time spent on following up of each case consumes large sums of overtime charges. This as well as the security of the billing procedures seriously jeopardize the functionality and success of medical practices.
Medical Practice payment collection presents unique legal, administrative and financial challenges for physicians. In an average small medical practice, collection process requires employment of at least 1 full time admin staff -solely to stay on top of the due amounts for each patient.
HOW DO YOU HANDLE
PATIENT DUE AMOUNTS?
The collection process includes many stages as well as communication with institutions such as -Blue Cross/Blue Shield, Medicare and various insurance companies. An average collection process can take up to 30 days and the actual due amount is often not received. No wonder then, that most medical practice owners commonly feel that dealing with collections and billing is the most difficult and unwelcome part of their job.
Lets not forget that billing procedures include dealing with patient’s sensitive information such as for example credit card details. As data breaches are becoming more common they are costing practices millions of dollars every year. As per recently enforced regulations, practice owners who fail to adhere to now required PCI compliance standards are risking up to $500,000 in fines.
As of 2010 the responsibility for any sensitive data breach due to not complying with PCI requirements falls on the practice owner.
HOW DO YOU HANDLE DATA SECURITY?
The goal of this course is not only to provide more understanding and information to improve the billing process, but also to provide participants with the practice management solutions that will allow them to securely save patient’s credit card information in a PCI complaint manner while allowing them to obtain patients consent to charge their cards at a later date and make it possible to retrieve any balance due immediately such as patient co-pays or recurring billing.
Presented solution-iTrust StrongBox- will provide any practice with near-perfect collections on patient-due amounts faster and cheaper.
By storing patients’ credit card information in a secure, PCI-compliant data vault, iTrust StrongBox and StrongHold will allow practices to maximize collections on patient-due amounts by charging these amounts to the patients’ credit cards as soon as the EOB advising on these amounts is received.
No more sending out bills.
No more chasing after patient payments.
No more sending patients to collections.
Simply put, more money with less effort and
more satisfaction in the medical practice, knowing that
the practice getting fully paid for medical services.
“StrongBox is extremely efficient, feature rich, and easy to use. It can operate with just about any payment card processors and can interface with most medical practice management software systems, increasing efficiency of the staff and saving time and money.
If a given practice sends more than $40 per month to a collections agency, the return on investment with iTrust will be almost immediate.
Dr. Bradford Ress graduated cum laude from Cornell University and earned an M.D. with Distinction from the University of Miami. He is board certified and fellowship-trained in Otology, Neurotology, & Skull Base Surgery. A former faculty member of the University of California – San Diego and an Adjunct Professor at Nova Southeastern University, Dr. Ress has owned and managed his own medical practice since 1999.In 2008, Dr. Ress and his colleagues formed The Otolaryngology Group, a single specialty group consisting of otolaryngologists in Broward and Palm Beach Counties. As Chairman of this corporation, Dr. Ress successfully negotiated a merger of this company with a $40M+ “mega-group” that primarily served Miami-Dade County. Dr. Ress is a Partner, Member, or Consultant of several domestic and international companies and has served as a Member of Cornell University’s Dean’s Advisory Committee and Major Gifts Committee.
It is the policy of the Florida Medical Association that CME providers disclose pertinent
relationships to supporting commercial entities or commercial entities that manufacture
products/devices that may be mentioned during CME articles or presentations.
Physicians that run their own Medical Practice and Medical Practice Office Management.
The FMA designates this educational activity for a maximum of three (3) AMA PRA
Category 1 CreditsTM. Physicians should only claim credit commensurate with the extent
of their participation in the activity.
Date of original release: January 2010
Course expiration date: January 12, 2010