Why Quantum Should Be Your Practice Management Choice!
Privately owned, with a history as a proactive and knowledgeable billing organization, Quantum Medical has been providing physician practice management services since 1987. Our references are our clients, who benefit by the reduction of expense and time currently spent on administrative issues, resulting in an increase of revenue.
In association with Quantum Medical, your practice will benefit in many ways:
Experience
This fact alone should be heavily weighed in your decision to out-source or change practice management companies.
Quantum Medical’s management team is experienced in hospital contract negotiation, managed care payor negotiation, vendor negotiations, anatomical and clinical physician sales (outreach), marketing management, private laboratory set-up, clinical component billing, coding and compliance. This experience, both academic and on the job, acquired over twenty years, will assist with better practice management.
Quantum Medical’s active participation, presence, and leadership with industry affiliations will provide you with regional and national resources. Continual monitoring and implementation of new payor and coding requirements maximizes reimbursement and will enable your practice to reach its full potential in terms of revenue generation. Quantum Medical presents specialty-related seminars for clients and employees that address current industry trends and changes.
Quantum Medical's management team members keep apprised of industry changes in practice management by participating in regional and national associations, including (RBMA) Radiology Business Management Association, (ACMPE) American College of Medical Practice Executives, (HFMA) Healthcare Financial Management Association, and (HIMSS) Healthcare Management Information and Systems Society. Quantum Medical is a charter member of the (HBMA) Healthcare Billing and Management Association, active in (CAP) College of American Pathologists and the (APF) American Pathology Foundation, and actively participates on a national level in representing the interests of our clients.
Technology
Quantum Medical utilizes theAMICAS Sentinel Series computer system for medical practice management. This is a complete computer system, designed specifically to automate medical business operations allowing; data to be processed in an on-line, real time manner; monitoring of payor contract reimbursement; insuring fees negotiated with managed care payors are accurate and reimbursed correctly; and primary and customized reports, produced monthly, quarterly, and annually to measure and manage your practice.
To meet our clients' needs, this system and software is maintained, customized, and continually upgraded by in-house programmers. Quantum Medical's Vice President Operations sits on the advisory board ofAMICAS insuring we continually stay on the cutting edge of technology.
Performance
Quantum Medical measures its Practice Management Performance by various financial benchmarks comparing revenue, receivables, and productivity ratios to national averages.
Our goal is for our clients to consistently outperform their peers. Although it is difficult to compare practices due to billing variables such as payor mixes, managed care contracts, patient demographics, and fee schedules, Quantum Medical has been successful in beating the national averages and significantly improving the benchmarks of practices over their previous fiscal year.
Some key operating benchmarks used are:
- Gross and Net Collection Ratios
- Accounts Receivable Days in A/R
- Bad Debt Percentage
- Percentage of A/R less than 90 Days
Quantum structures its monthly reports to provide this information to the client so that this information is available to both parties, which aids in addressing issues quickly.
HIPAA Compliance
Our top priority... working to comply with the provisions of HIPAA. Quantum Medical continually monitors governmental regulations and quickly implements needed billing procedural changes to insure accuracy and compliance. Having successfully met the requirements of the Privacy Rule, Electronic Transaction and Code Sets regulations, Quantum Medical is on track to meet all HIPAA policy and procedure requirements and establish a corporate culture of privacy and confidentiality.
Quantum Medical has instituted a Corporate Compliance Program to ensure that the activities of our employees and the company itself are in full compliance with relevant laws, standards, and federal reimbursement guidelines. All personnel are trained in accordance with these standards and must sign a Compliance Code of Ethics Statement.