Headquartered in Louisville, Kentucky, Advantum Health serves clients in every state across the country and has almost 600 employees. The revenue cycle management company opened in 2013 and began to use Kareo in 2017 following an acquisition where more than 80% of the acquired customers were using Kareo for billing and payments. Advantum serves almost all medical specialties of various sizes but has high concentrations of providers in orthopedics, cardiovascular, podiatry, nephrology, and primary care.
Intuitive billing at the ready
For over 6 years, Advantum has partnered with Tebra to streamline and improve financial well-being for its clients. Tebra provides billing companies with the tools to systemize workflows and create efficiencies that bring speed to payment, scalable growth, and maximized revenue. More than 80,000 providers work with a billing company using Tebra’s platform.
Tebra has everything a practice needs in one place. The platform includes end-to-end workflows and delivers deeper business insights that promote growth.
Unmatched level of automation
Taylor and her team determined that the appropriate investment in RPA depends on various factors such as the company’s size, industry, growth potential, and strategic objectives. She said that ultimately, the percentage of revenue or profit allocated towards automation will vary based on each company’s unique situation and needs. It is essential to conduct a thorough analysis of the potential benefits, costs, and risks before making any investment decisions.
Tebra acquired PatientlySpeaking in 2021 to add RPA-powered capabilities for billing companies and medical practices. PatientlySpeaking was founded in 2011 with a mission to serve the medical community through automation technology, and has generated millions of automated transactions for practices and billing companies across the country. Advantum Health was one of the first billing companies to implement RPA as it saw an immediate benefit to its organization and clients.
Advantum uses more than 50 customized client-specific rules to improve productivity and save time. Using automation for ERA posting has resulted in over 90% of claims being posted without personnel intervention. Tebra now processes more than 50,000 claims monthly for Advantum clients, processing $2 million in reimbursements. In addition, RPA has had a 95% accuracy rate.
Tebra’s RPA is a portfolio of flexible billing and data integration tools that use automated bots. The bots uniquely translate and process large volumes of files, tailored to medical billing companies’ and independent practices’ needs. RPA can benefit billing companies that support small or large numbers of practices.
In addition, RPA helps with more complex billing requirements like Medicaid. This is because the complex rules and regulations can significantly impact efficiency. RPA, along with additional training and technology, can navigate the new requirements, avoid errors and penalties, and reduce claim denials, so billing companies can better serve their clients and maintain their revenue streams.
With those tasks out of the way, billers are free to focus on managing their business and supporting their practices. Medical billing companies and direct medical practices are embracing RPAs at an increasing rate. They find it can augment their operations by decreasing risk and improving accuracy on insurance claims administration, billing workflows, and payments.
A partner on which you can depend
Due to Advantum’s distinguished business acumen and demonstrated ability to help practices drive revenue, it has been selected to participate in the Tebra Partner Connect program. Tebra Partner Connect helps practices take the guesswork out of outsourced billing by matching them with a trusted independent billing company that knows the Tebra platform. Practices can feel at ease knowing that their billing partner understands their practice, specialty, and billing needs.
Over 1,600 billing companies across the United States trust Tebra as their billing software vendor. Leveraging Tebra’s technology delivers an automated, consumer-centric, and unified solution for providers and billing companies.