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Sigma Medical Billing is a medical reimbursement management firm dedicated to helping medical practices become more efficient and save money by allowing them to outsource their insurance claim processing and medical billing to an expert reimbursement service and substantially maximize return from insurance carriers, leading to higher reimbursement possible. Sigma Medical Billing understands that each medical practice is unique. Even practices of the same specialty will have different staff and offer different services. Sigma Medical Billing will evaluate the needs of each practice and offer solutions to help the practice become more efficient. Some may want all the services offered and some may select only a few. Sigma’s services will be customized to each practice needs. National statistics show only about 70 percent of insurance claims, initially submitted on paper, and are ever paid by insurance carriers. With electronic submission Sigma Medical Billing can increase the percentage of claims paid to around 98 percent. Based on our previous experience, turnaround on paper insurance claims to be 30, 60, even 90 days or longer, creating serious outstanding receivables for the practice. By submitting claims electronically, Sigma Medical Billing can generally have money in the physician's hand within 14-18 days. Of course, this reduces outstanding receivables proportionately and tremendously improves cash flow. Some of our clients stated that their office suffered with 30 percent suspension/rejection rate for paper insurance claims before they hired Sigma Medical Billing. This doesn't mean that the claims were never paid. What it does mean is medical staff hassled with insurance carriers over payment. With the extensive editing performed on electronic claims prior to their transmission to carriers, this percentage is reduced to 2-3 percent. We guarantee that claims are submitted with a 98 percent accuracy rate. For many years physicians graduated from medical school under the premise that they were going to run a "practice". "Businesses" were for other professionals. Many simple administrative procedures were neglected, such as:
For many offices, outstanding receivables grew tremendously and annual bad-debt write-offs became routine. But adequate profit margins allowed medical practices to ignore sound business procedures. Medical practice complacency toward industry change is in the past. With the onslaught of managed care organizations into the industry, physicians are finding profit margins shrinking. They are now alert to the fact that in order to remain in business, they will have to adopt more efficient business practices. Constantly updated on current insurances policies Sigma Medical Billing is prepared to assist health care providers move through the major changes of 21st century in medical industry with sound practices. We will guarantee business success and, in turn, guarantee quality health care for our families and our country. |