BILLING • CONSULTING • SUPPORT
At Inspire Medical Billing your practice is receiving 50+ years of combined billing experience. We work endlessly towards maximizing revenue while helping each practice achieve the highest level of success. The focus on patient care is priority, which is why month over month we make sure your income is where it’s supposed to be. We inspire for a successful practice.
Inspire Delivers Results ............................................ 4
Inspire Medical vs. Full-Time Biller .......................... 9
Why Inspire Medical Billing? .................................... 5
Testimonials ............................................................10
Billing Services ........................................................ 6
FAQ ........................................................................ 12
Billing Process ......................................................... 7
Accomplishments ...................................................13
Collections Snapshot .............................................. 8
Locations ................................................................14
Inspire Delivers Results Inspire Medical Billing delivers high performance, quality customer service, and a state-of-the-art software platform that helps our clients succeed like never before.
Inspire’s implementation process is quick and efficient. Inspire will keep your staff up to date with the latest technology requirements. Inspire provides live data reports every month.
98%
Accuracy Upon First Submission
42%
Decreased Days in A/R
12-15% Increase in Monthly Collections
Solutions You Can Rely On As a reliable medical billing firm, IMB’s qualified professionals provide you with customized billing solutions that fit your business requirements. In addition to experienced billing specialists, our team includes AAPC certified medical coders. Our team ensures accurate and timely billing. IMB’s team has extensive knowledge and experience with: • HIPAA
• Medicare and Medicaid rules and regulations • Diagnostic and procedural coding • Electronic claim submission
• Accounts payable management The results yield increased reimbursement and a reduction in claim rejections. 1 4
INSPIRE DELIVERS RESULTS
Why Inspire Medical Billing? More Focus on Patient Care
Through experience, we’ve learned what it takes to make a practice financially successful. By choosing Inspire Medical Billing, any time/effort spent on billing concerns will be alleviated. Ultimately, we find that our service gives a physician more time to focus on patient care.
Reduces Billing Errors
IMB’s proven method will reduce billing errors dramatically. We work towards minimizing the days in A/R from the first month of going live with us. As new specifications are introduced into the medical billing world, such as ICD-10, Inspire guarantees to stay up to date and help prepare our clients for a smooth transition.
Improved Patient Satisfaction
One of our main goals is to make sure that our partners are satisfied with the quality of patient communications. To do just that, we treat every patient interaction thoughtfully in order to help them understand their billing concerns.
Ensures Billing Compliance
Here at Inspire, we are 100% HIPPA Compliant and can guarantee that all encounters will be dealt with professionally.
Saves Money
By choosing Inspire, you’re not stuck with long-term contracts or required to use a specific EMR. Our industry beating rates as low as 4% will bring in more revenue compared to other billing companies. Achieve higher gains from our specialized and tailored service agreements.
Increases Revenue
Increasing revenue in the healthcare industry can be extremely difficult. At Inspire, we take on this challenge for you so that the focus is on patient care. With our growing team of expert billers, each partner can expect quick response times to all questions or concerns regarding reimbursements. Our partners can see monthly collections increase up to 15%.
Confident Partnership
We understand that outsourcing your billing can be a big decision. It’s necessary to feel comfortable with the company that handles such a sensitive part of your practice. We believe that meeting your team and seeing our faces in your office is very important. Being there every step of the way is crucial for building a long lasting partnership. WHY INSPIRE MEDICAL BILLING? 5
The Benefits of Outsourcing Lets face it, time is an invaluable commodity. Maintaining your billing in house can be a very difficult process to keep up with. Inspire can lift this weight off your shoulders. IMB will keep up with the latest specifications, regulations and billing requirements for you. From credentialing to coding, we offer a wide variety of services that will help your practice bill more efficiently.
Medical Billing
Our experience and attention to detail ensures accuracy in claim submission with correct procedure and diagnosis codes. We adhere to a proactive policy when following up on any claim denials. We make certain that all claims submitted to insurance carriers are paid out accordingly.
Medical Coding
Our team is able to read and write the universal medical code numbers that are created from diagnoses and procedures. These codes are formed from multiple healthcare records including notes from a physician, lab results, radiology results and various other sources. With this expertise, our team can advise the physician on the correct codes to use that yield the highest reimbursement.
Data Entry
Our data entry specialists provide various clerical and administrative support services in the healthcare field. Responsibilities include but are not limited to: keeping individual patient information intact, organization of patient history, and the accurate input of information for each provider into an electronic health record.
A/R Management
Our A/R Management team makes sure submitted claims fall within a timely amount of days. A practice cannot run without sufficient and routine receivables. With Inspire, you can expect 20-23 days in A/R which beats the industry average by nearly 42%. This will allow your practice to have a dependable cash flow each and every month.
Custom Reporting
We understand that every practice is unique. IMB can create reports customized to the needs of the practice. Live data is also available to the practice at any time. Thanks to our customizable analytics, we’re able to give our partners the visibility they deserve.
Implementation
Before a practice is eligible to “Go Live”, there is a step-by-step process that needs to be done before Inspire is able to start the billing process. The practice must have submitted all necessary provider information and make sure it is credentialed with the desired carriers. Inspire will begin the software setup and build on behalf of the practice. When all requirements have been met, the practice is ready to “Go Live”.
Collections
Any payments that have not been received from patients are eligible to go into collections. This service is provided by Inspire and ensures all payments are to be collected accordingly without needing to go back to the practice. Insurance payments are collected 96% of the time on the first submission. This is how a practice can see monthly collections increase up to 15% when using Inspire Medical Billing.
6
BILLING SERVICES
Confident Billing Solutions Inspire Medical Billing delivers the best mix of services to help your practice run smoothly. Our highly experienced and professional staff will handle all the complexities that come with medical billing. You can turn your billing over to us in full confidence that it will be done professionally, accurately, and thoroughly.
What We Deliver
Our efficient billing team is here to help you every step of the way. We will train your staff and become an extension of your office. As a partner you will have many resources available. From Customized reports to the industry’s quickest claim processing, Inspire vows to deliver optimum success to your practice.
12%
96%
42%
Increase in Collections
of Claims Paid on the First Submission
Fewer Days in A/R
How it Works We redefine the billing process to best fit each practice. Our work flow is shown below:
PATIENT DEMOGRAPHICS ENTRY
INSURANCE ELIGIBILITY VERIFICATION
MEDICAL CODING
*Diagnosis Coding *Procedure & Modifier Coding
CHANGE ENTRY
CLAIM TRANSMISSION
REFUNDS/CREDITS
PAYMENT POSTING
INSURANCE FOLLOW UP
SELF PAY
DENIAL MANAGEMENT
INCREASE IN REVENUE
BILLING PROCESS 7
Cost Savings & Revenue Growth Chart BASED ON MONTHLY COLLECTIONS OF $50K Costs* (yearly)
Medical Biller ($17/hr)
Inspire Medical Billing (5%)
Annual Salary
$35,360
$0
Average Taxes (7.65%)
$2,705.04
$0
Insurance
$3,600
$0
Workers Compensation
$417.79
$0
Vacation Pay
$952.00
$0
Holiday Pay
$816.00
$0
Sick Pay
$690.00
$0
Software/Equipment/Supplies
$5,988
$0
Monthly Costs
$4,210.71
$2,500
Annual Costs
$50,528.83
$30,000
Monthly Savings:
$0
$1,710.71
Savings in Year 1
$0
$20,528.52
Savings in Year 3
$0
$61,585.56
Savings in Year 5
$0
$102,642,60
*Individual cost savings may vary.
Inspire’s Average Revenue Increase Monthly Collection Increase
$3,000
Revenue Increase Year 1
$36,000
Revenue Increase Year 3
$108,000
Revenue Increase Year 5
$180,000
Top Graph + Bottom Graph (Increase in collections)
12-15%
Figures taken from an average revenue increase of 6-12%
1 COLLECTIONS SNAPSHOT 8
Inspire Medical vs. Full-Time Biller
INSPIRE
ADVANTAGES
Low Overhead Costs
In-house billing can have costs greater than expected. There is little to no overhead costs with Inspire Medical Billing. While government regulations lower reimbursement rates, your in-house expenses remain the same. Every dollar spent on the billing process should maximize production and efficiency.
Manpower
Inspire provides each practice with a team, which at any time, several billers can be switched over to focus on a single account.
Experience
Inspire’s billing team has 50+ years of combined experience across multiple billing platforms.
Regularity of Billing
With Inspire, claims will always be submitted in a timely manner even during the busiest of months. Heavy workloads or a sick biller won’t impact the practice as it may have in the past.
Consistency of Billing
Consistent follow-up on all unpaid and denied claims.
Time in Accounts Receiving
Inspire’s team beat the national average of days in A/R by 42%.
Revenue Growth
Inspire has made it’s partners an average of 12%-15% more profitable per month.
Future Planning
Plans of future expansion or patient growth are more accessible as the practice’s long term hiring needs are met by partnering with Inspire Medical Billing. With Inspire’s consistent collection rate, a practice can accurately assess its future financial possibilities.
FULL-TIME BILLER
DISADVANTAGES
Majority of billing rests on 1 or 2 shoulders
If your billing department is small, your profitability depends on the competency of only one or two billers. Additionally, if one of your billers calls out sick or quits, your practice will experience a major dip in revenue.
Higher Costs
Physicians are responsible to pay a salary or hourly wage, benefits such as medical insurance, sick or paid vacation time, and even setting up a billing system. The cost for 1 seasoned biller can be greater than hiring Inspire’s entire team.
No Incentive
There is no reason for an in-house biller to collect more or push themselves for the practice. Their salary is going to remain the same whether or not they collect more than their previous month. Inspire’s team works hard to maximize collections for the practice because we get paid on the amount collected. INSPIRE VS. FULL-TIME BILLER 9
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Overall, our revenue has improved from the first month at about 8%, our 2nd month at around 12% and our 3rd month, we’re anticipating between 12-15% increase.
”
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- Dr. Pandelis Banias M.D. PhD. Internal Medicine
”
Inspire Medical Billing allows me to focus more on my patients and not worry about whether or not I’ll get paid at all.
“
- Dr. Robert Cohen M.D. Pulmonology
I have been in practice for many years and have had several billing companies, Inspire Medical Billing’s customer support is second to none.
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- Dr. John Venetos M.D. Gastroenterology, Internal Medicine
My practice has never run smoother. I would like to thank the team at Inspire Medical Billing.
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- Dr. Kevin Halstuk M.D. General Surgery, Vascular Surgery
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The transition from our old billing service to Inspire Medical Billing was smooth and flawless thanks to the staff and their professionalism.
- Dr. Merle L. Diamond, M.D. Internal Medicine
1 10
TESTIMONIALS
Frequently Asked Questions What are the benefits of outsourcing my billing?
Outsourcing your billing is a great way to increase efficiency and improve returns. By letting Inspire take complicated billing issues off your plate, you can focus more on patients. Inspire will do the leg work involved in claim submission, follow-up, denials, and all insurance communications. Inspire Medical Billing focuses on timely and maximum reimbursements. Lastly, you have dedicated team members available when needed.
What is included in the cost of having Inspire do my billing?
You’ll have a professional and dedicated Account Manager to assist you with any and all billing needs. Inspires team may help you tackle administrative tasks, enrollments, credentialing, claim submission, and patient billing in order to collect more for the practice. Plans range from 4-9% depending on specialty and the individual needs of a practice.
How does pricing work?
Our fees are based on a percentage of payments collected, so we don’t get paid unless you do. This agreed upon percentage will not fluctuate.
What is involved in the setup and how quickly can Inspire start billing for me?
After a service agreement is in place, Inspire can get to work immediately. Before Go-Live, the practice/provider must be properly credentialed and fully enrolled with the desired insurance carriers. Once these carriers process the enrollment form, typically within 5-30 days, Inspire will begin sending claims to those insurances. 12
FAQ
One of Our Accomplishments... One of our greatest accomplishments at IMB was turning a failing practice into a profitable business in only 8 months. We did this by implementing rules and regulations internally for the staff, educating the physicians on how to bill properly, and cleaning up all claims with persistent follow up. That year, the practice increased its revenue by $185,000 and saved $45,000 in expenses for a total turnaround of $230,000.
Philosophies That Make the Difference • Part of what makes your partnership with Inspire special is the transparency. • We work closely with the practice in order to maximize potential. • We proudly focus on strong customer support and take time to explain the bills to your patients. • We troubleshoot the rules and bureaucracy of insurance companies for you. • We will help physicians stay informed and ahead of the game. • We believe our agreements are like partnerships; when you succeed, we all succeed. • We inspire for a better healthcare.
ACCOMPLISHMENTS 13 1
Office Locations: 800 Austin St. Suite 369 Evanson, IL 60202 501 N Hicks Rd. Palatine, IL 60067 1460 N Halsted St. Chicago, IL 60642
Doctors Deserve to Get Paid. Call for a FREE Demonstration 312.477.2900
BILLING • CONSULTING • SUPPORT
800 Austin St. Suite 369 • Evanson, IL 60202 • 312.477.2900 www.inspiremedicalbilling.com