Lomar Associates ~ Medical Management Services
352 Park Street, 101 West, North Reading, MA 01864
Tel: 978-658-5577 Fax: 978-658-5587
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Medical Billing Services | Consulting | Certified Coding Service | A/R Management |
CPC Exam Preparation
Comprehensive Medical Billing Services
Lomar Associates Inc., provides medical billing services which include complete management of your accounts receivable.
We are an extension of your office and work as a team at all times, offering solutions to everyday concerns to help maximize cash flow.
Depending on your practice, information can be transferred via computer, fax, regular mail and telephone.
Every dollar is tracked to include gross billings, claims adjustments, insurance disputes, pending insurance and more.
Understanding a practice management system involves complete understanding of coding, insurance regulations, mathematics and communication skills. |
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The Lomar Difference
Medical billing has drastically changed over the past decade, suggesting that practices become proactive and learn what is necessary to realize a profit.
The biggest mistake providers focus on is the percentage a billing agency charges. Low price options will certainly undercut the competition, but you can be assured that these services are neglecting labor intensive actions required to chase down every penny earned.
There are many factors involved in a medical practice analysis. Computing the precise cost of each employee, including the billing and collection department is the first step.
Valuable Time and Expenses to Consider if Billing is Done In-House:
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Salaries of all employees as well as the amount of time spent at their job. Include years of experience and understanding of job functions.
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Benefits paid out for medical, dental, vacation, sick days, holidays, and 401K.
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Computer Hardware/Software expenses which include, maintenance, supplies, and depreciation.
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Other Business Machines such as shredders, postage, scanners, copiers, and printers.
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Stationary and Forms used exclusively for billing and collections.
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Telephone Costs for the sole purpose of verifying insurance eligibility, problem resolution and patient invoicing support.
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Floor Space and Office Furniture for your billing and collection department alone will require additional floor space.
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Management's Time overseeing the handling and resolving of billing and collection problems with insurance carriers and patients, in addition to deciphering coding rules, credentialing forms, and mastering the tie-in to electronic medical records.
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Management's Role in Quality Control is the most vital factor in maintaining consistent cash flow in a practice and is a time consuming process.
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Management's Analysis of Operations:
Who in the office is experienced enough to analyze insurance denial trends, follow-up on denied claims and use proper appeals processes required by each insurance carrier?
How many certified coders are there on staff?
Does your front desk understand insurance rules and collect co-payments?
Is eligibility performed on each patient prior to a visit?
Are employees cross trained to assist one another?
Do your medical providers capture every service performed on a charge slip?
Are you getting claims in quickly since most carriers have time limitations?
Are you aware that many carriers will not go back and add a referral once a service has been performed?
Does a provider's documentation back up the charges being billed?
Is there a tendency of up coding or down coding which can trigger an audit?
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Fee Schedules should be updated annually as well as CPT and ICD-9CM coding to ensure maximum reimbursement. Is this being done?
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Are Secondary and Tertiary Claims, and Patients being billed once the primary insurance has paid?
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Clearinghouse Fees and Electronic Self Pay Statements are an added expense to the entire billing process.
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Outsourcing Work to a Competent Medical Practice Management Company Will Save You Time and Money...
That is Lomar's Guarantee.
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Lomar Associates ~ Medical Management Services
352 Park Street, 101 West, North Reading, MA 01864
Tel: 978-658-5577 Fax: 978-658-5587
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