eClinicalWorks Launches Revenue Cycle Management
Electronic Health Records Market Leader Offers Service at 2.9%; Includes eClinicalWorks Comprehensive Electronic Health Records Solution
SAN ANTONIO, MGMA CONFERENCE, BOOTH #1132—October 22, 2012—eClinicalWorks®, a market leader in ambulatory clinical systems, today announces eClinicalWorks Revenue Cycle Management (RCM) to aid medical practices in optimizing billing. As a company, eClinicalWorks is sending more than one million claims daily and is now making this service generally available for customers for 2.9% of monthly collected revenue. This rate also includes the complete electronic health records (EHR) suite by eClinicalWorks, on-site training as well as support.
“We chose to have eClinicalWorks handle our billing for the benefits of having everything tightly integrated and the price point was very attractive,” said Dr. E. Wynn Kallay, Southeast Georgia Pediatrics, LLC. “It has worked great for us. eClinicalWorks is easy to use, we can generate financial along with clinical reports and it has saved us a lot of time. It is great to have one system for both the clinical and financial aspects of our practice.”
Automated claims scrubbing tools within eClinicalWorks produce a 98% first-pass acceptance rate, resulting in more claims being accepted at the clearinghouse and immediately forwarded on to the insurance payer. The Medical Group Management Associationestimates that physician practices incur rework costs of approximately $15 per claim that is rejected. By improving first-pass acceptance rates, physician practices can dramatically improve financial performance.
“Currently, the market serving ambulatory practices with billing and revenue cycle management services is highly fragmented,” said Judy Hanover, research director with IDC Health Insights. “With first-pass acceptance rates between 70-90%, depending on payer, the industry is looking for more complete offerings that will streamline functions and allow practices to select a few suppliers they trust instead of a new company for each function. By adding risk based-revenue cycle management services, eClinicalWorks is expanding its offering to ambulatory practices.”
Benefits of eClinicalWorks RCM include:
• eClinicalWorks Comprehensive EHR Solution—EMR, practice management, Patient Portal, interoperability, on-site training, support and maintenance;
• Visibility—dynamic dashboards and comprehensive reporting tools;
• Control of finances—2.9% charged on collected revenue and checks go directly to the practice;
• Fast Account Receivable—98% first-pass acceptance rate due to real-time claim adjudication, built-in claim automation, and six levels of clearinghouse integration; and
• Access to eClinicalWorks Billing Experts—these personnel look for payer and state incentives, conduct predictive financial analytics and evaluate reimbursements.
“eClinicalWorks has an extensive clinical platform and working with customers on their billing for several years has given us tremendous knowledge and insight into this function,” said Girish Kumar Navani, CEO and co-founder of eClinicalWorks. “We understand how critical proper revenue management is to all business. Using eClinicalWorks RCM, our providers are able to submit claims correctly the first time and realize revenues faster.”
eClinicalWorks® is a privately held leader in the ambulatory clinical systems market. The company’s comprehensive electronic health records and practice management solution is proven for every market segment: large practice groups, including Massachusetts eHealth Collaborative (MAeHC) and the New York City Department of Health and Mental Hygiene, as well as medium, small and solo practices regardless of specialty. The company enjoys high profitability with a five-year compounded growth rate of more than 100 percent year-to-year. With an established customer base of more than 180,000 providers and 370,000 healthcare professionals across all 50 states, eClinicalWorks has been awarded multiple top industry honors including being named to the Inc. 5000 for the past six consecutive years. Based in Westborough, Mass., eClinicalWorks has additional offices in New York City, Chicago, California and Georgia. More information on eClinicalWorks can be found at www.eclinicalworks.com or by calling 866-888-6929.