Precision Billing Systems: Company Profile

Background

Overview

Precision Billing Systems is a professional third-party billing and consulting service established in 2003. The company offers a comprehensive suite of billing and consulting services tailored for various medical practices and specialties. Utilizing an extensive collection of software and reporting systems—including Eclaims, Zyantus, Accuchecker, Medisoft, Billflash, Crystal Reports, Navinet, and Emdeon—Precision Billing Systems customizes its output to meet the specific needs of each practice. This flexibility enables the company to provide services that align with the unique requirements of its clients.

Mission and Vision

The company's mission is to afford healthcare providers the opportunity to focus on patient care by managing the complexities of billing and coding. By handling the financial operations, Precision Billing Systems aims to maximize revenue, reduce administrative burdens, and improve cash flow for medical practices.

Industry Significance

Operating within the healthcare industry, Precision Billing Systems plays a crucial role in streamlining the revenue cycle management for medical practices. By offering specialized billing services, the company contributes to the financial health of healthcare providers, enabling them to deliver quality care without the distraction of administrative tasks.

Key Strategic Focus

Core Objectives

Precision Billing Systems focuses on delivering accurate, reliable, and ethical medical billing services that support the financial health of healthcare practices. The company aims to maximize cash flow, minimize accounts receivable, and provide exceptional service to both healthcare providers and their patients.

Areas of Specialization

The company specializes in comprehensive revenue cycle management, including:

Patient Registration and Data Management: Ensuring accurate entry and management of patient information.

Insurance Verification and Authorization: Verifying insurance eligibility and obtaining necessary authorizations.

Claims Submission: Submitting claims electronically and manually to ensure timely processing.

Claim Denial Management and Resubmission: Analyzing and addressing denied claims to optimize revenue.

Payment Posting and Account Reconciliation: Accurately posting payments and reconciling accounts.

Patient Billing and Collections: Providing clear patient statements and assisting with collections.

Reporting and Analytics: Offering customized reports to provide insights into financial performance.

Key Technologies Utilized

Precision Billing Systems employs a range of software and reporting systems to customize its services, including:

Eclaims: For electronic claim submissions.

Zyantus: For billing and coding solutions.

Accuchecker: For accuracy verification in billing processes.

Medisoft: For practice management and billing.

Billflash: For electronic billing and payment solutions.

Crystal Reports: For generating detailed financial reports.

Navinet: For healthcare provider communications.

Emdeon: For electronic healthcare transactions.

Primary Markets Targeted

The company primarily serves medical practices and healthcare providers across various specialties, including:

Physician Practices: Independent and group practices.

Specialty Clinics: Including cardiology, orthopedics, and dermatology.

Hospitals: Both large and small healthcare facilities.

Dental Practices: Providing billing services tailored to dental care providers.

Financials and Funding

Funding History

Specific details regarding Precision Billing Systems' funding history, total funds raised, and notable investors are not publicly disclosed. The company operates as a privately held entity, and such financial information is typically confidential.

Utilization of Capital

While specific utilization details are not available, it is common for companies in this sector to allocate capital towards:

Technology Upgrades: Enhancing billing and reporting systems.

Staff Training: Ensuring employees are up-to-date with industry standards and regulations.

Marketing and Business Development: Expanding client base and service offerings.

Pipeline Development

As a billing and consulting service provider, Precision Billing Systems does not have a product pipeline in the traditional sense. Instead, the company focuses on:

Service Expansion: Introducing new billing services or enhancing existing ones.

Technological Integration: Adopting new software and tools to improve service efficiency.

Client Acquisition: Targeting new healthcare providers to expand its client base.

Technological Platform and Innovation

Proprietary Technologies

Precision Billing Systems utilizes a suite of proprietary and third-party technologies to deliver its services, including:

Eclaims: For efficient electronic claim submissions.

Zyantus: For comprehensive billing and coding solutions.

Accuchecker: To ensure accuracy in billing processes.

Medisoft: For integrated practice management and billing.

Billflash: To facilitate electronic billing and payment processing.

Crystal Reports: For generating detailed financial and performance reports.

Navinet: To streamline communications between healthcare providers and payers.

Emdeon: For handling electronic healthcare transactions.

Significant Scientific Methods

While Precision Billing Systems does not engage in scientific research, it employs:

Data Analytics: Utilizing reporting tools to analyze billing data and identify performance improvement opportunities.

Process Optimization: Implementing best practices to enhance revenue cycle management efficiency.

Leadership Team

Key Executives

Ms. Taylor Lawrence: Owner of Precision Billing Solutions, Inc.

Kelly J. Langschultz, CPC, COC, CPMA: President of Precision Billing & Consulting, LLC.

Professional Backgrounds

Ms. Taylor Lawrence: As the owner of Precision Billing Solutions, Inc., Ms. Lawrence oversees the company's operations and strategic direction.

Kelly J. Langschultz: With over 16 years of experience in medical billing and practice management, Ms. Langschultz holds certifications as a Certified Professional Coder (CPC), Certified Outpatient Professional Coder (COC), and Certified Professional Medical Auditor (CPMA). She graduated with a Bachelor of Science in Biomedical Engineering from Rutgers University in 2003.

Key Contributions

Ms. Taylor Lawrence: Provides leadership and strategic vision for Precision Billing Solutions, Inc., ensuring the company's services meet the evolving needs of healthcare providers.

Kelly J. Langschultz: Leads Precision Billing & Consulting, LLC, bringing extensive expertise in medical billing and practice management to enhance service delivery and client satisfaction.

Market and Competitor Overview

Market Insights and Dynamics

The medical billing and revenue cycle management industry is characterized by:

Market Size and Growth Potential: A substantial and growing market driven by the increasing complexity of healthcare billing and the need for specialized services.

Industry Trends: A shift towards integrated billing solutions, adoption of cloud-based platforms, and emphasis on data analytics to optimize revenue cycles.

Competitor Analysis

Key competitors in the medical billing and revenue cycle management sector include:

AdvancedMD: Offers cloud-based practice management, medical billing, and electronic health record solutions to independent medical practices.

WebPT: Provides web-based electronic medical record systems for physical therapists, occupational therapists, and speech-language pathologists, including billing and practice management services.

Aria Systems: Delivers a cloud-based billing and monetization platform for enterprises, including healthcare organizations.

Strategic Collaborations and Partnerships

While specific collaborations and partnerships of Precision Billing Systems are not publicly disclosed, companies in this sector often engage in: