DAYTONA BEACH, Fla., Dec. 13, 2010 /PRNewswire/ -- The average single physician practice has accounts receivable in excess of $200,000 and aging balances that are approaching 12 months old. According to the Physician Coalition for Health Information Technology (PCHIT) the average physician office collects 84% of what they bill after contractual adjustments are calculated. These numbers indicate a huge gap in medical practice revenue.
"Doctors are working harder than ever in a time of shrinking reimbursements. For private practice physicians to survive they must increase their collection rates. They would rather be looking at NFL playoff scenarios than worrying about their A/R. and medical billing," comments Jason Frederick, VP Business Development for WorkSmart MD.
In June of 2010 sweeping legislation was pending that would have decreased reimbursements by as much as 20% for physicians. At the last minute Congress delayed this decrease and physicians received a temporary reprieve. The future of medical reimbursements remains unclear but what is known for certain is that the Medicare and Medicaid programs are over budget. With new baby boomers entering the Medicare program every year the program cannot sustain itself.
"If reimbursements continue to shrink and doctors can't increase their collection rates they won't be able to stay in business. For most physicians collecting the first 75% of what they bill insurance companies is easy, it's the remaining 25% that gets caught in a web of denials and insurance rejections. Our A/R Recovery services are designed to help doctors collect their oldest receivables. Once we have stabilized the practice we can help them implement medical billing procedures to ensure high collection rates," reports Jayson Meyer, CEO of WorkSmart MD.
WorkSmart MD, Inc. is a leading provider of medical billing services and EMR software for physicians. Since 2001 WorkSmart MD, Inc. has helped hundreds of physicians in over 20 specialties improve the financial performance of their practice. WorkSmart MD, Inc. was founded by entrepreneur M. Jayson Meyer who has been featured on the Oprah Winfrey show, CBS 48 hours, and in the Wall Street Journal. WorkSmart MD's A/R recovery services are currently available for medical practices with 1-10 physicians, call 877.672.6221 for more details.
SOURCE WorkSmart MD, Inc.