Millennium Funding News

Medical malpractice lawsuits are one of the biggest problems in our current medical system today. One way a medical provider can save money is to mediate with a plaintiff before a medical malpractice lawsuit is filed. A new study discusses the viability of mediation prior to filing a medical malpractice lawsuit and outlines the benefits for all the parties involved. For medical providers one of the problems in settling a case is the financial damage it can due to their practice. One solution is to use the cash advance from medical claims factoring to settle a case brought against the medical provider. This is true of other medical provider lawsuits as well not just medical malpractice suits. A provider can use the equity tied up in the claims they are waiting to be paid on to settle lawsuits or to pay off existing judgments, liens or debts at a reduced amount. The ability of medical claims factoring to generate a large lump sum of cash makes this medical financing very attractive to many providers.

Recently Healthcare Finance News outlined the top 5 mistakes a medical provider makes in their revenue cycle.  Medical claims factoring reduces and eliminates all of these mistakes and oftentimes pays for itself in claims cash being received quicker by the medical provider.

1. Keeping payer requirements current. Our medical claims factoring process also includes the scrubbing and electronic submittal of medical claims on behalf of the provider. This results in real time notification of rejected claims which we work with the provider to fix and resubmit right away. This process quickly catches changes to payer requirements and we are able to update the providers’ information accordingly.
2. Failure to monitor claims process. Once you factor medical claims we are as concerned if not more so than you these claims will be paid. Our process integrates with the claims lifecycle and allows use to quickly determine why claims are being rejected. Once we determine this we help the provider correct their medical claims billing. We help to drastically reduce the typical 8-14% spent on following up on rejected claims by constantly scrubbing claims and correcting billing mistakes in real time.
3. Resubmitting rejected claims. Our scrubbing process quickly identifies, fixes and re-bills rejected claims to insure timely payment in full of patient medical claims. Medical claims factoring also reduces the amount of time and administrative expense spent researching and rebilling rejected claims.
4. Patient eligibility problems. Our real time tools verify patient claim eligibility and quickly identify any problems.
5. Trend recognition. We constantly monitor claims billing and claims collection trends to ensure claims are paid. We are able to provide medical providers with very detailed analytical insight into their medical claim revenue cycle. Based on those trends we work with a medical provider to optimize the claims billing procedures resulting in quicker payments. We also reduce the amount of time and administrative expense spent working with the claims.

The most important point about factoring medical claims is that all these cost recovery and reductions happen on the back side of the transaction. This means the provider already has the cash in hand for the bulk of their claims. All the benefits of factoring medical claims work to reduce the cost of factoring medical claims. In many cases the factoring of medical claims introduces so much efficiency to the billing process that it results in not only greater revenue quicker but a boost to the provider’s bottom line.