I'm obsessed with efficiency. In my daily life, either personally or for GreenpointMed, it is a never ending quest. Our business' #1 goal is to make the billing process simple & efficient, and we accomplish that better than nearly all private billing companies on the market. It's an easy formula for us: pay attention to the details, always communicate and be precise. Almost sounds like a winning strategy for a football team, though never for my Miami Dolphins!
Our billing process is simple & efficient and the numbers don't lie. Our "clean claims rate", the percentage of claims that pass through to the insurer without issue is 97%. The industry standard is around 92% and for specific fields in healthcare it's even worse. Payout times on claims we submit are also among the shortest periods for RCM vendors. We average about 7 days for commercial insurers and 10 business days for Medicare. It can be so precise, in fact, that I'm often able to predict when a payment will be made.
I'm really proud of these results, because most importantly it shows that we are able to deliver a best in class service to our clients. The foundation for this success rests on two important factors: our technology and my team. I want to give a big shoutout to my team, for working to keep this engine running. Our billing process wouldn't be best in class without their tireless efforts!
Over the years, I've spent a ton of hours researching, testing, demoing, etc. different types of technology that would help our process become more efficient. Where I landed was a combination of standard, basic communication tools with enhanced security features to comply with HIPAA. Those that bill with GreenpointMed know my emphasis on the use of secure email! We've also developed a more streamlined process to collect billing logs, check benefits, and send payment reports.
As we evolve, the technology needs to evolve with us. Over the next several months, I'm really excited about a new client portal that could revolutionize the way our process is communicated to you. It's one thing for the process to work, but what good is it if you don't know it's working! Our client portal will be a standard for how we manage the flow of information between clients and our billing team.
Just another step closer to (near)perfect efficiency!