Facts
• The National Average of all paper claims filed with insurance carriers and being rejected is 30%.
• The National Average of all electronic claims filed with insurance carriers and being rejected is only approximately 1%.
• Paper claims require extensive follow-up vs. little or no follow up with electronically filed claims.
• Paper claims turn around from your office to carrier and back can take anywhere from 45 to 120 days vs. electronic claims turn around which only takes approximately 7 to 21 days.
| Meaning
• If you average $50,000.00 in possible revenue each month, you are losing approximately $15,000.00 in revenue monthly or $180,000.00 yearly by filing paper claims.
• Based on the above-noted monthly average, electronically filed claims could be saving you approximately $174,000.00 in lost revenues annually.
• You could be saving valuable staff time which could be better utilized in other areas.
• Electronic claims processing will help you collect the money you are owed for your services in a much more efficient and timely manner.
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