The network effect allows each member practice to gain more value as each new practice joins the Vericle network
Marlboro, NJ (PRWEB) October 25, 2007
You want to heal the sick, but you waste your time fighting insurance companies and barely making ends meet in a conflict-ridden business environment. "Increasing complexity of billing creates opportunities for the payers to benefit at the expense of the providers," says Dr. Sigmund Miller, executive director of the Association of New Jersey Chiropractors (ANJC). "Endless claim denials, payment delays, and post-payment audits are all too familiar symptoms of dilettante billing. Doctors require professional solutions."
"Providers paid $3.1 billion last year in refunds and penalties--twenty times more than ten years ago," adds Jeffrey Randolph, legal counsel to the ANJC. "The payer's motive is money, the payer's means is a gargantuan statistical database, and every provider is an opportunity."
"Practice owners alone are helpless against insurance companies that are armed with powerful technology and focused on keeping providers' money to increase profits for their shareholders," says Dr. Yuval Lirov, who holds patents in artificial intelligence and computer security and is also CEO of Vericle.com, a distributed practice management and billing software company. Lirov continues, "Recent Wall Street Journal, New York Times, and USA Today articles about collections difficulties and medical billing fraud emphasize the need for a better approach to manage healthcare offices."
Lirov's new book, Practicing Profitability: Network Effect for Revenue Cycle Control in a Paperless Healthcare Clinic and Chiropractic Office, helps both new and veteran owners of healthcare offices understand the rules of the modern "payer-provider conflict" so that they can improve billing and reduce audit risk. It's the first book to systematically approach billing from the payer-provider conflict perspective and to apply the "network effect." The network effect is the most revolutionary characteristic of Internet technology. In short, it's when the value of a networked service to a customer increases in step with the growing number of customers. It applies to services like Google AdSense, eBay, Wikipedia, Skype, Amazon, Flickr, and MySpace--and it can be used by healthcare practice owners and managers to "level the playing field" with insurance companies.
"Practicing Profitability is a well written and very thorough book that every chiropractor should take the time to read," says Dr. John L. Reizer, assistant professor at Sherman College of Straight Chiropractic in South Carolina and best-selling author of four books: Up and Running - Opening a Chiropractic Office, Chiropractic Made Simple: Working With the Controlling Laws of Nature, 15 Secrets to Becoming a Successful Chiropractor, and Teaching Your Patients Chiropractic. "I give Practicing Profitability five out of five stars and encourage students and doctors alike to get their hands on this text as soon as possible."
"This book documents our experience and presents many of the concepts Vericle pioneered in a simple and pragmatic way--so that the chiropractor who sees 1,000 patients a week can improve practice workflow and profitability, and a chiropractor who sees 100 patients a week can accelerate her practice buildup tenfold," writes Dr. Brian Capra, partner at Billing Precision, in the book's foreword. "By applying Vericle's solution, we transform disparate, stand-alone billing companies from the many into the mighty. Chiropractic clinic owners who use this solution are paid more, faster, and for less."
"The network effect allows each member practice to gain more value as each new practice joins the Vericle network," says Lirov. "For practice managers, value is defined in terms of increased collections, reduced audit risk, better practice efficiencies, and added sources of revenue. This book demonstrates how practice managers achieve and take advantage of the network effect by combining Straight-Through Processing (STP) and Software as a Service (SaaS) architectures."
Practicing Profitability touches on every aspect of modern office management software--including workflow, reporting, outsourcing, scheduling, EMR, SOAP notes, care plans, coding, billing, collections, HIPAA compliance, and audit risk management. It shows simple steps that practice owners must take to increase practice revenue without wasting time, energy, and money on personnel, software, hardware, or any other resources that dilute their focus from patient care and practice development. The book spans thirty-five chapters and about two hundred pages, and it contains informative illustrations and an extensive index. It's aimed at practice owners, coaches, owners of billing companies, practice managers, office management consultants, and billing specialists as well as recent graduates of medical schools and chiropractic colleges. Practicing Profitability (ISBN 0979610117) is published by Affinity Billing and available for $37.95 on Amazon.