Ambulatory Practices Report Above Industry Standards in RCM Results
Physician practices report strong reimbursement so far in 2018, lowering A/R, strengthening cash flow
ATLANTA, GA – June 7, 2018 – Azalea Health, a leading provider of fully-integrated cloud-based healthcare solutions and services, released today results from its providers leveraging the company’s revenue cycle management (RCM) services during early months of 2018. The data was pulled across 265 community-based practices using the Azalea Health RCM and billing services and showed significantly lower rejection rates and quicker reimbursement turnaround than industry averages.
“There is a prevalent myth among community physician practices that a robust billing and RCM solution has to be expensive or require a large billing staff,” explains Doug Swords, VP of RCM and co-founder of Azalea Health. “All providers should have access to the latest in RCM technology, regardless of size or specialty. Our clients’ results are a testament to how significantly the right billing solution can boost cash flow, reduce A/R and free up staff to focus on other areas of the business.”
A recent Black Book study reported that 83 percent of small physician practices found slow payments of high-deductible plans to be their top challenge. Paired with staff shortages, market consolidation and a shift to value-based reimbursement, community-based providers are particularly challenged to ensure steady cash flow to remain independent and financially stable.
The Azalea Health study showed that its billing services has proven to increase reimbursement across its ambulatory providers, across 150,000 claims and $47 million exchanged:
- Providers in the study reported an average of 35 days in accounts receivable (A/R), compared to 45 to 50 days industry average as reported by MGMA;
- Providers reported low claim rejection rates at 1.9 percent, cutting the standard in half (statistic released by TriZetto); and
- Providers reported an average of 4 percent of insurance A/R greater than 120 Days compared to an industry average of approximately 12 to 25 percent depending on specialty, according to MGMA.
“We’ve used Azalea RCM for nine months and have seen significant increases in revenue and reductions in administrative time,” shares AJ Norris, United Behavioral Health Services. “We continue to find new features to optimize our work and have given our clinicians more than 25 hours back during each 90-day billing period.”
Azalea Health’s billing solution addresses every step of the revenue cycle workflow, from electronic claims submission and denials management, to performance analytics and patient invoicing. With dedicated personnel with expertise in nearly 30 specialties, Azalea keeps providers up-to-date on regulatory compliance, coding and reimbursement changes. The Azalea Health study results from practices included first quarter 2018.
To learn more about Azalea Health’s complete billing solution, visit www.azaleahealth.com.
This announcement comes as the industry celebrates Revenue Integrity Week, June 3-9, 2019.
About Azalea Health
Azalea Health is changing the way health IT platforms connect community-based healthcare providers and patients across the lifecycle of care. Offering a 100% cloud-based integrated solution, Azalea delivers electronic health records, revenue cycle management, and telehealth services designed for rural and community practices and hospitals. Quick to deploy and intuitive to use, Azalea solutions ensure better care coordination and communication – enabling better outcomes and a meaningful competitive advantage. The Azalea platform also provides tools and resources to help customers meet their Meaningful Use requirements, as well as strategies to navigate accountable care and alternative payment models www.azaleahealth.com