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Sponsored Special Episode With CopernicusMD

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Sponsored Special Episode With CopernicusMD

The cost of medical procedures and insurance-related expenses continues to rise. Patients are
increasingly expected to pay a larger sum of money at the time procedures are performed. More
than 60 percent of employed Americans are unprepared for an out-of- pocket expense of $5,000
or more. The market for financing in medical procedures continues to evolve with new lenders
entering the space each year. Each lender has a very specific credit profile which they seek from
potential patients/clients. Managing these options is time consuming and frustrating for both the
provider and the patient.

CopernicusMD queries a patient’s ICD-10 codes against their insurance to determine how much
they will be responsible to pay out-of- pocket. It offers qualifying patients the option of financing
their medical expenses. CopernicusMD (instead of practice staff) takes on the responsibility of
managing the billing and collection of those payments. CopernicusMD pre-qualifies patients for a
loan if they need one. It also matches patients with lenders. CopernicusMD is not a collection
agency; it is a finance solution.

Go to www.copernicusmd.com or call 877.356.4712 or send an email to
info@copernicusmd.com for details.

Dr. Ellen Shaver is the chair of CopernicusMD. After 25 years as a board-certified neurosurgeon,
Dr. Shaver knew there had to be a better way to manage practice cash flow, patient billing
notifications, carrier approvals, and collections. Her desire to enhance practice operations as well
as the patient experience led her to form CopernicusMD.

Don O’Neill is the executive managing director of CopernicusMD. Don is responsible for the
execution, launch and roll-out of the CopernicusMD platform in the private practice and facility
and public and government services sectors. He has a wealth of experience in both consumer-
facing technology solutions and project management. Don previously served as the general
manager of CreditMiner LLC, where he successfully launched a cutting-edge platform for
consumer credit in loan transactions and enabled the company to obtain full reseller status with
the three major credit bureaus.

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.