CompMed Solutions
Complete Medical Practice SolutionsOur Business Is Your Solution
CompMed has successfully found solutions for the complex and ever-changing process of medical practice management. We focus the skills of CPAs, attorneys, business managers, expert coders, system performance analysts, and third-party reimbursement specialists on your practice to achieve a level of performance that in-house managers can seldom duplicate. Because we serve practices across the greater Southeast, we have broad and varied experience to draw upon. We constantly monitor changes that affect your business environment to minimize the impact of negative forces and capitalize on new opportunities for you.
Billing & Revenue Cycle Management
Complete automated electronic Front End to Back End Billing solutions
- Compliance Analysis and Guidance
- Billing and Collections
- Fee Schedule Analysis/Development
- Carrier Reimbursement Analysis
- Coding Management for Maximum Appropriate Reimbursement
- Monthly Reporting and Trend Analysis
- Charge Audits
- Refund Management
- Outside Collection Service Selection/Review
- Electronic Claims Filing with Carriers
- Electronic Demographic Interface with Hospitals
- Claims Rejection/Denial Tracking and Resolution
- Insurance Filing for Patients
- Telephone Calls for Large Delinquent Balances
- Customized Accounts Receivable/Billing Analysis
- Managed Care Contracting
- Custom Report Generation
- Line Item Posting
- Medicare Fraud and Abuse Guidance
- Legislative Changes Monitoring
- HIPAA Compliance to include coordination with compliance committee
- Physician Credentialing
Comprehensive Practice Management
Comprehensive practice solutions combining both Billing and Financial management
- Charge Audits
- Fee Schedule Analysis/Development
- Carrier Reimbursement Analysis
- Coding Management for Maximum Appropriate Reimbursement
- Monthly Reporting and Trend Analysis
- Compliance Analysis and Guidance
- Refund Management
- Outside Collection Service Selection/Review
- Electronic Claims Filing with Carriers
- Electronic Demographic Interface with Hospitals
- Claims Rejection/Denial Tracking and Resolution
- Insurance Filing for Patients
- Telephone Calls for Large Delinquent Balances
- Customized Accounts Receivable/Billing Analysis
- Managed Care Contracting
- Custom Report Generation
- Line Item Posting
- Medicare Fraud and Abuse Guidance
- Legislative Changes Monitoring
- HIPAA Compliance to include coordination with Client’s Compliance Committee
- Physician Credentialing
Financial Management
Includes all Accounting Office functions, reconciliation, and management
- Accounts Payable Management
- Payroll Processing
- Bonus Calculation and Justification
- Make Federal and State Payroll Tax Deposits
- Payroll Direct Deposit Processing
- Payroll Tax Return, W – 2 and Form 1099 Preparation
- Practice Financial Statement Preparation (Monthly)
- Physician Expense Tracking/Equalization and Reimbursement
- Health Insurance Premiums, Dues, Meetings, Journals, Locums, and Other
Business Expenses - Retirement Plan Funding Calculation
- Physician Buy-In Buy-Out Valuations
- Coordinate Outside Legal and Accounting Advisors
- Assist with Banking Relations Lines of Credit
- Budgeting and Cash Flow Projections
- Business License Tax Return Preparation
- Attend Corporate Meetings, Maintain Minutes
- Cash Management
- Year-End Close Out (Annual Corporate Tax Return is NOT prepared by CompMed)
- Property Tax Return Preparation
- Annual Review of Insurance Programs
- Group Health Plans
- Medical Reimbursement Plans
- Disability Insurance
- Assist with Malpractice Insurance Group Term Life Insurance
- Assist with General Liability Property/Casualty Workers’ Compensation
- Fidelity Bond
Cloud Based Solution
Easy, affordable, efficient, and effective use of technology with the least amount of time input from you
- Most current software version
- Quick start up
- Web-based
- No capital cost outlay for software/hardware
- Regular software updates
- Real-time billing feedback
- Automated Claim Tracker
- Easy/reduced training time
- Electronic record storage and retention
- No software/hardware maintenance
- Automated nightly back up of data
- Personalized support
Our Approach
Timely, accurate, and well-documented patient billing is essential to your practice’s financial strength. Yet achieving reliability in billing and collections is often the single most difficult task of in-house practice management.
CompMed uses Imagine Software Platform software and the knowledge of our reimbursement specialists to achieve maximum appropriate reimbursement. CompMed maintains close working relationships with BlueCross, Medicare, Medicaid, and other third-party payors. Understanding provider requirements and reacting quickly to changes help our clients avoid costly mistakes and delays.
Personnel Management can be a major cause of time drain and anxiety. Worrying about compensation levels and raises, employee infighting, and whether you are in compliance with current labor laws are only a few fangs of the medical business monster that can take a bite out of your time and energies.
Let CompMed assume responsibility for your non-medical staffing. We recruit, train, and supervise all personnel and administer wage and benefit programs. Since we train all of our business personnel – from office staff to professional advisors – in the same systems and procedures, the loss of a key person working for your practice will not have a major impact on the success of your operations.
The result is your practice enjoys the full benefits of comprehensive, integrated management without your having to shoulder the burden of personnel administration.
The cornerstone of our management mission is to provide a framework in which your practice can achieve its goals and you can realize professional and personal success. This is accomplished by financial and business management techniques. At monthly management meetings with the partners, we provide timely financial information and discuss issues of current importance. These briefings give you comprehensive knowledge of your practice without consuming your valuable medical time.
We keep a constant watch on Washington and the state capitals to keep you abreast of changes in health care legislation and tax laws. Knowing what is happening and how it will affect you leads to the most advantageous planning. No individual practice could afford the management professionals with seasoned experience we provide. But by sharing our knowledge with many physician groups, comprehensive management becomes both affordable and profitable.
Experience shows that comprehensive management leads to substantially greater financial rewards. Our physicians average a higher net income than their peers. And they are the first in their area to take advantage of new opportunities in their fields, thus assuring their position in an industry subject to constant and severe change.