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RealMed offered the first version of its Standard Service Package to physicians and other health care professionals in early 2002. The centerpiece of the program – then and now – is real time claim adjudication to Realmed’s partner Blue Cross and Blue Shield Plans.
Four years later, there are approximately 20,000 physicians/ health care professionals who have signed onto RealMed Service Packages representing over 800 distinct practices. Clients range in size from one physician offices to groups with hundreds of physicians/providers. RealMed is also rapidly growing among billing services including the largest physician
billing service in the United States. More recently, the largest laboratory and specialty providers in the U.S. have initiated service.
The typical physician client uses RealMed to perform all revenue cycle (HIPAA) transactions to all payers. The most typical result is to see errors in claims submission decline by more than 50 percent in the first 3 to 6 months on the service, to experience a multi-day (or sometimes a multi-week) decline in days receivable outstanding and to see substantial gains in operating efficiency.
Based on continuous independent surveys of customer satisfaction, overall scores average 9 on a 1-10 scale and the client termination rate has been consistently under 3 percent over the past four years.
As of year end 2005, RealMed performed over 1.25 million transactions a day for its clients representing more than a $1 billion per month in claim charges.
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