SALT LAKE CITY, UT--(Marketwire - December 21, 2010) - AdvancedMD® Software, Inc., the leader in all-in-one, web-based practice management software, Electronic Health Record (EHR), and medical billing software applications for medical practices and medical billing services, today announced that Momentum Billing LLC, based in San Diego, Ca., has selected the AdvancedMD medical management software as the foundation for their heavily metrics-based medical practice operations consulting and revenue cycle management (RCM) business.
Momentum Billing LLC founders Monty Miller and Michelle Hatten noted a number of common business and technology problems that medical practices struggle with as they work to prosper in today's challenging, changing healthcare environment. "Most of the providers I work with are overwhelmed by the business of healthcare -- they don't know where to start," said Miller, president and co-founder of Momentum Billing. "We believe our approach is unique in that we help the provider understand how to unlock greater profits from the operational aspects of their practice."
The approach delivered by Momentum Billing translates directly into significant operational and financial benefits for their clients, which are primarily in Orthopedics, Pain Management and Physical Therapy. For example, an early Momentum Billing client came to the company with days in A/R (Accounts Receivable) at 65, declining collections and sub-par average reimbursement per visit. Within the first few months with Momentum, all of these measures improved dramatically. Today this client enjoys days in A/R at 42, a 62 percent increase in monthly collections and a 16 percent increase in average reimbursements per visit.
Miller and Hatten, together, represent 25 years of business experience. Miller brings over 16 years of business operations and IT systems experience, including various financial operations roles supporting top executives within several Hewlett-Packard (HP) divisions, and later as CFO of a healthcare practice management software company. Hatten has nine years experience in various aspects of medical billing, including three years with a practice and six years with several billing companies involved in implementation, staffing and client account management.
Transparency and Control for the Practice
According to Miller, one of the more common misperceptions among physicians and providers is that billing is a necessary evil and that using a third party billing service is a sure way to lose control of your revenue and profitability. This stigma is due, in part, to the fact that many billing services are technology-disabled and process challenged, observed Miller. "Many billers do not have good technology or processes in place, nor do they provide good client communications and support," said Miller. "Worse, many don't bring strong business analytics to their clients." As a result, many practices have no visibility or feedback into the status and progression of their claims and collections.
With AdvancedMD, for example, Momentum is able to provide detailed information and reporting on all patient reimbursement transactions. Momentum enables its clients to access the same system as is used by the Momentum billing team. "There is no 'your system' and 'my system.' There is only 'our system,'" said Miller. "When the practice can see what we see, it is complete transparency in its purest form. It really helps clients feel they are in control. AdvancedMD enables me to move information in real time between the practice and our billing staff," said Miller. "The application also functions as a workflow tool. All in all, AdvancedMD is the gold standard in the industry."
Clean Claims
The high performance capability of the AdvancedMD claims scrubber has had a major impact on the firm's ability to consistently hit stringent first-pass claims acceptance targets for its clients. "The impact is huge in getting as many clean claims out the door as possible," said Hatten. "We averaged a mere 2.5 percent first-pass denial rate across all clients in 2010. That's phenomenal."
The Last Five Percent
Detailed denial tracking and customizable collections work lists provided by the AdvancedMD system has enabled Momentum Billing to effectively pursue the last 5 to 10 percent of unpaid claims, the claims that are especially difficult to resolve. "We chase the last 5 percent of claims and never write off a balance unless approved by the clinic," said Miller. "In the AdvancedMD collection module, we have all the detail, all the notes about what is going on. Our clients know exactly how much money they are leaving on table each month and why."
Revenue cycle focus and expertise distinguishes this new generation of RCM partner services from traditional billing services providers. "There is a clear delineation in today's 'billing' world between a traditional medical billing service and a revenue cycle partner," said Miller. "Services delivered by a revenue cycle partner encompass activities throughout the entire revenue cycle value chain."
About Momentum Billing LLC
Momentum Billing provides an industry-leading revenue cycle management solution and associated billing services to outpatient practices in the specialties of Orthopedics, Pain Management and Physical Therapy. Our services include contracting and credentialing assistance, claim capture and submission, accounts receivable and denial management, and advanced practice analytics delivered on a web-based medical software and EHR platform. A heavy focus on structured workflows and processes, state-of-the-art technology and technical billing expertise allows Momentum to manage client reimbursements and accounts receivable to levels well beyond industry averages. Momentum's solution drives efficiency and profitability in practices facing the current industry challenges of shrinking reimbursements and rising overhead costs. Momentum is staffed and directed by experienced and dedicated professionals whose primary focus is to deliver a best-in-class outsourced experience for our clients. For more information, please visit: www.momentumbilling.com.
About AdvancedMD Software
AdvancedMD provides a market leading Software-as-a-Service (SaaS) medical billing software, electronic medical records software (EMR Software) and practice management software platform delivered to over 10,000 providers and 300 medical billing service providers nationwide. As a complete Medical Practice Optimization solution, the product combines the clinical with the financial to improve workflow and revenue capture. The AdvancedMD solution includes a certified EMR/EHR Software, patient portal, medical scheduling, electronic eligibility verification, electronic prescribing, and mobile access capabilities for the practice, and sophisticated, efficient claims processing, denial tracking and revenue management for the billing professional. Processing more than 1M claims per month through its clearinghouse, the company is able to identify payer rule changes quickly and continuously adjust the software to reflect those changes, yielding first-pass claim acceptance rates of 95 percent or better, compared to the national average of 70 percent. For more information, please visit www.advancedmd.com.
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