We can
beat any
rate!*
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Local team
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Sliding or flat fee billing*
average days in a/r
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fewer denied claims
years of experience
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transparency
INTRODUCING OUR FOUNDER, IRINA
local Chicago Billing team
Irina
CEO and Founder
With her experience and expertise in Billing & Coding Administration, as well as a AHIMA certified -RHIT, Irina Martynova understands the business of medicine and knows which tools to utilize for improving your bottom line as well as increasing your practice’s efficiency. She regards clients as partners and makes it her goal to assist you in achieving your business objectives through healthcare revenue cycle management and optimized billing services as you pursue a cost-effective and streamlined growth for your healthcare organization.
PRECISION MEDICAL BILLING SERVICES
CERTIFIED MEDICAL BILLING SOLUTIONS in Chicago, IL
MEDICAL BILLING
At Precision Medical Billing Services your medical claims can be processed quicker than with any other company. Let us handle your due payments and collections while you give the care needed to those seeking your medical services.
CONSULTING
Optimizing a practice’s fee schedule is crucial to the financial health of an independent practice; therefore we include a fee schedule assessment within our revenue cycle management solution.
revenue cycle management
Once the patient has been cared for it’s time for the paperwork to begin, which is where Precision Medical Billing Services comes in. We provide you with the medical billing management you need that allows you to focus on patient care.
MEDICAL CODING
Precision Medical Billing Services provides comprehensive revenue cycle management services for ambulatory medical practices. We serve as a trusted billing advisor and a seamless extension of your practice, giving you the freedom to focus on patient care.
CREDENTIALING
REPORTING
MEDICAL SUPPLY BILLING
Optimize your medical supply billing process with our specialized services. We ensure the accuracy of your claims and secure timely reimbursements, allowing you to focus on patient care. Our experienced team manages every aspect of billing for medical supplies, reducing errors and enhancing efficiency. Trust us to handle your billing needs with precision and reliability.
DURABLE MEDICAL EQUIPMENT
Choose Precision Medical Billing Services for your Durable Medical Equipment (DME) billing needs and benefit from our extensive expertise, efficient processes, and personalized service. Our experienced team ensures accurate billing and timely reimbursements while providing ongoing support to address any questions or concerns you may have.
HOME CARE BILLING
Precision Medical Billing Services offers specialized home care billing solutions, ensuring accurate claims and timely reimbursements. Our experienced team streamlines the billing process, allowing you to focus on delivering exceptional patient care.
TECHNOLOGY PARTNERS
FOR PRECISION MEDICAL BILLING SERVICES
Why Should You Choose Our Services For Your Medical Billing Needs?
At Precision Medical Billing Services we provide a comprehensive service to make it much easier for you to focus on your practice.
Benefits Include:
- Sliding scale fee – we employ a flat fee for billing (normally 6-6.5% just for internal purposes)
- Transparency – we offer honest solutions and will supply you with comprehensive performance reports, granting you unparalleled visibility into your billing operations
- Rapid and accurate submission of claims – we submit your claims electronically to Medicare, Medicaid, BCBS, and all commercial carriers within 48 hours of receipt
- Internet access to practice billing records – we give you secure access to your practice data online. Quickly and easily look up practice information and run reports, including patient ledgers
- Custom superbill design – we’ll design and maintain an easy-to-use superbill that is tailored to your needs
- Consistent monitoring and advocacy for managed care contracts – we will set up our system profiles (including your practice’s contracts and related fee schedules) for you, allowing us to monitor everything from expected reimbursement to realized receipts, and appeal any underpayments and/or denials. You will also be kept aware of any problems and their resolutions every step of the way.
- Quick turnaround time – fast billing and payment posting turnaround within 7-14 business days
- All work is done locally (nothing outsourced)
- No upfront fees/startup fees
GET TO KNOW
pRECISION MEDICAL BILLING SERVICES
in Chicago
Precision Medical Billing Services is a medical billing and practice management company located in Chicago, IL. We have built a solid organization whose expert team is dedicated to help maximize our clients’ profitability and performance as well as to ensure their long-term success.
In order to have a highly efficient practice that can focus on patient care, you need a company that specializes in healthcare revenue cycle management. That’s where we come in. We know the ins and outs of collection processes, aiding your practice in maintaining its financial health while continuing to serve your patients. Our medical billing solutions have a proven track record of success in both care and financial success.
Our goal is to provide exemplary service that will allow physicians to maintain their practice and financial independence by having the right company as their partner. Our intelligent and focused revenue cycle management systems and practice management services are designed to help increase your profitability while aiding you in managing your business.
Average Days in Accounts Receivable (A/R) – 20
(INDUSTRY BEST PRACTICE BENCHMARK = 35 DAYS)
- This metric is perhaps the best single assessment of billing health.
- Low days in A/R is typically indicative of an attentive billing team quickly posting payments from insurance companies and patients, sound follow up on denied claims and claims for which no response has been received from the insurance company in a reasonable amount of time.
Average % of Accounts Receivable (A/R) Over 120 Days – 8%
(INDUSTRY BEST PRACTICE BENCHMARK = LESS THAN 12%)
- Best practice standards indicate that less than 12% of your overall A/R should be older than 120 days.
- Comparing A/R aged over 120 days to overall A/R is a good assessment of financial health.
- Percentage of A/R aged 120+ days that is higher than 12% can be indicative of many billing ailments including untimely and/or incomplete posting, untimely follow up on denied claims or claims for which you have not yet received an adjudication decision from the insurance company. This can also be a sign of an insufficient patient due balance policy.
Denial Rate for Processed Claims – 6%
(INDUSTRY BEST PRACTICE BENCHMARK IS 8% OR LESS)
- Processing clean claims is critical to decreasing the average days in A/R and ensuring a healthy revenue cycle for a practice.
- A low denial rate is indicative of strong front-end revenue cycle processes, particularly charge review and coding functions.
- A high denial rate can be indicative of needed improvement in front-end revenue cycle processes, including those managed by front desk staff. It also highlights the need for professional coding review of encounters.
Net Collection Rate – 96-98%
(INDUSTRY’S BEST PRACTICE BENCHMARK IS >98%)
- Tracking adjusted net collection rate is a good method of assessing billing health and how well a practice collects the dollars “allowed” per insurance contracts.
- Do you know your adjusted net collection rate?
- Hint: Here’s how you calculate your adjusted net collection rate:
- Total Payments / (Total Charges – Contractual Adjustments)
CONTACT YOUR
new local billing team
By Precision Medical Billing Services | 617 Academy Dr, Unit B, Northbrook, IL 60062 | ©
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*We offer sliding and flat fee billing schedules, and can beat almost any rate! Terms and conditions may apply. Please contact us for a free quote!