Discussing How CopernicusMD Solution Differs From Existing Options For Patient Funding
On this episode I sat down with Executive Managing Partner, Don O’Neill to answer questions physicians and healthcare leaders have regarding just how CopernicusMD differs from the various options for patient funding. Most physician practices and hospitals have some form of patient funding option in place to help patients who cannot pay their out of pocket obligations (such as deductibles, co-pays, co-insurance, self-pay, etc.). Don explained key ways the CopernicusMD solution improves the patient’s experience, at the same time, relieving the practice/hospital of risk exposure due to recourse clauses in their funding product.
Additionally, we talked about how the CopernicusMD solution is able to provide contractually-guaranteed reduction of EDI costs by 30-35% (depending on claims volume/mo) and conversion to a fixed cost instead of a variable one tied to number of users, number of claims submitted, or a % of Revenue. This savings is coupled with the CopernicusMD contract guaranteeing a minimum 15% increase in collected revenue for their clients.
Don shared how CopernicusMD is able to guarantee these EDI savings and improve pace of claims processing regardless of which billing software, EMR with billing/claims modules, or outsourced billing service a practice or hospital currently utilizes.
It becomes obvious that whether you are an administrator who manages a solo practioner’s office, large multi-physician group, or a hospital/health system, it makes total sense to become fully educated about this disruptive technology before assuming you know what you need to know and simply choosing to pass on a conversation about how it will impact your business’s bottom line.