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On average, 30 percent of patients walk out of a chiropractic office without paying their bill. That is a disturbing statistic, and means your practice is forced to spend time and therefore money chasing down delinquent accounts. For many practices, it means resorting to inefficient methods such as phone calls and mailings. There’s a better way, with CTProClear.
Revenue Cycle Facts
- 5 to 10 percent of revenue claims are denied
- Once denied, only about 66 percent of claims are recovered.
- Debt collection agencies will only recover $15.77 to your practice for every $100 owed.
- On average, reworking a claim costs $25.00
- The overwhelming majority – up to 65 percent – of denied claims are never reworked.
- A patient receiving an estimated bill is 60 percent more likely to pay than one who does not receive estimation.
- The high rate of non-reworked claims is due to the limited time staff has to pursue these payments.
- Of that 30 percent of claims not initially paid, the bulk are denied, lost – or ignored.
Cold, Hard Facts
If you send out 200 claims monthly, and 30 percent are not paid, that’s 60 claims a month. At $25 per re-worked claim, it’s costing your practice $1,500 per month attempting to receive the monies owed. No wonder some practices don’t even bother to pursue certain claims … but that’s not a solution.
The Clearinghouse Solution
What if you could:
- See all your accounts at one time?
- Not have to outsource to collections after 45 days?
- Not require staff dedicated to following up re-worked claims?
CTProClear clients average around a 2 percent rejection rate, so you could save $1,000 a month. That’s not counting little or no need for staff follow-up. CTProClear offers a significant ROI. Providers are paid quickly and don’t have to deal with claims or denial management. More money and less stress for you – that’s the clearinghouse solution.
ChiroTouch Can Help
Contact us today and find out ChiroTouch’s CTProClear can solve your billing management issues.