According to McKinsey & Co., physicians are only netting about 50% of outstanding patient balances, resulting in over $60 BILLION a year in bad debt.
Typical medical offices have an average of 52 days outstanding on patient balances, and more than 20% of their patient balances are 120+ days out. (Source: AHIP Center for Policy and Research)
“When calculating the additional costs of phone inquiries, duplications, and extra administrative expenses, resubmissions can cost as much as $57.46 per claim.” (Source: Mendicino R, Gupta A. “Achieving Transparency in the Claims Payment Process," Health Management Technology)
And the solution isn't staffing. Compare these costs for in-house v outsourced billing. Outsourced billing costs less than half of in-house billing and, for Fast Layne customers, yields an average 2% insurance rejection rate (versus 34% industry average) and gets you paid in as little as 7 days (versus average of 4-6+ weeks).
