Practices using Azalea Health's revenue cycle management and billing services reported lower claim rejection rates and quicker reimbursement turnaround than industry averages.
Azalea collected results from 265 community-based practices using the company's revenue cycle management services in the first quarter of 2018.
Here are five quick facts:
1. Reimbursement for ambulatory providers increased across the 150,000 claims and $47 million exchanged.
2. Providers reported an average of 35 days in accounts receivable, compared to the industry average of 45 to 50 days.
3. Providers' claim rejection rates were 1.9 percent, half of the industry standard.
4. Four percent of insurance A/R was greater than 120 days, on average. The industry average is approximately 12 to 25 percent, depending on specialty.
5. Azalea's billing solution addresses elements of revenue cycle workflow such as electronic claims submission, denials management, performance analytics and patient invoicing.