PhySource Solutions Fights Cash Squeeze for Cardiology Practices With 15% Average Profitability Improvement

Using the AdvancedMD SaaS Platform, Billing Service Reduces Average Uncollectible Medical Claims for Practice Clients From 30% to 2%


SALT LAKE CITY, UT--(Marketwire - July 28, 2010) -  AdvancedMD® Software, Inc., the leader in all-in-one, web-based practice management, electronic health record (EHR), and billing applications for medical practices and medical billing services, today announced that PhySource Solutions, Inc., an AdvancedMD AdvancedBiller® partner, has achieved two significant milestones in client service and company growth. On average, over the past 12 months the company's new clients have reduced outstanding accounts receivable balances considered uncollectible from 30% to 2%. This caliber of results has fueled more than 100% growth in the company's client list over the past year.

With the prolonged economic downturn, PhySource Solutions has seen many medical group clients struggle to keep accounts receivable within acceptable limits. Typical new clients have more than 30% of their receivables in the 90-day or greater category, which is considered mostly uncollectible. After only six months with PhySource Solutions, new medical practice clients see accounts receivable numbers come into line with MGMA industry benchmarks. PhySource clients realize on average 80% of claims in the current category (within 30 days) and only 10% at 90 days or more.

"Bringing accounts receivable in line is an exciting thing for clients, particularly when they see the impact it can have on revenues and profitability," said Zina Kacha, director of business relations for PhySource Solutions. "In a scenario like this, clients regularly see at least a 15 percent improvement in revenues and profits." PhySource founders Patricia Rosbrook and Kacha each have more than 25 years of experience in medical billing, financial analysis, consulting and executive management in a variety of healthcare related companies.

Largely as a result of the magnitude of payment improvement PhySource regularly achieves for clients, the company recently signed a new contract to provide billing services to San Diego Heart and Vascular, a seven provider Cardiology group serving the San Diego region. "The number one reason we switched [to PhySource Solutions] was that Dr. Salami's trial EOB reports came in showing line after line of 'paid' instead of the multiple zeros we saw under the previous system," said Mary Augenbaugh, practice administrator for San Diego Heart and Vascular.

As a participant in the AdvancedBiller partner network, PhySource Solutions runs its revenue management service on the AdvancedMD Software-as-a-Service platform, featuring a continuously updated payer rules engine, connectivity to more than 1,400 payers and instant software updates. In a large measure due to these AdvancedMD automation tools for claims management and the system's robust reporting capabilities, PhySource was able to double its business last year and expects to double again next year. By avoiding stacks of paper, unwieldy filing systems, and tedious work in tracking down details, the firm has built a highly effective claims management system that can be quickly scaled up to handle the significant growth PhySource is experiencing.

"AdvancedMD is quality backed by functionality that equals manageability," said Kacha. "It allows us to compile, maintain and track the mountains of data endemic to our industry in a way that I've never seen before. It's the WOW of medical billing software."

"AdvancedMD has made a corporate commitment that we will not compete with our billing service provider customers," said Bill Stone, vice president and general manager of AdvancedMD Billing Services Partner Division. "Our relationship with PhySource Solutions is a prime example of this philosophy in action. We couldn't be more pleased with their growth and success, and we remain committed to helping them grow their client base." The AdvancedBiller program not only provides medical billing services with a leading technology platform, it provides lead generation opportunities to partners and sales support to help the billing service accelerate sales.

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About PhySource Solutions, Inc.

PhySource Solutions is a dynamic company located in San Diego, California. PhySource Solutions uses extensive surgical coding and medical billing knowledge to deliver comprehensive Revenue Cycle Management Services to its providers. The company has deep specialty specific experience and proficiencies for cardiology surgeon groups, helping their providers optimize their bottom line by providing a fully integrated Revenue Cycle Management service that includes surgical coding, medical billing, front-end training and financial analysis and reports. For more information, please visit www.physourcesolutions.com.

About AdvancedMD Software

AdvancedMD provides a market leading Software-as-a-Service (SaaS) electronic health record (EHR) and practice management (PM) software platform delivered to more than 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 EHR, patient portal, scheduling, electronic eligibility verification, electronic prescribing, and mobile access capabilities for the practice. It provides 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.

*AdvancedBiller is a registered trademark of AdvancedMD

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Media Contact:
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