On average Medical Practices in the Mid-Atlantic area can spend anywhere from 8%-15% of their operating costs trying to collect non-delinquent accounts. Technology costs, staff’s labor and benefit costs, opportunity costs due to loss of practice space, office supplies and even postage can add up quickly. After factoring in what it costs your practice currently to do billing in house, give NOVA a call.
How do you charge for your service?
NOVA operates on a flat percentage rate contingency basis. This means that you are charged a percentage only on the monies recovered and recorded by your practice each month. NOVA’s billing fee range is 5.0% – 8.75% with most practices averaging around 7.00%. The specific percentage depends on the size, longevity, and income of your practice. For an exact quote NOVA needs a copy of your practices tax returns for the last two years and a brief conversation to ask a few patient flow, payer mix, and practice financial policy questions.
What about cosmetic services and product sales? Do I pay you a percentage on my cash business as well?
NOVA’s service contract allows your practice to carve out cosmetic services and merchandise sales. However, your practice must forward all medically necessary services to us for processing; even if the patient has no insurance and pays cash for their clinical services.
What other expenses does your company charge for?
There are no hidden fees!!! No startup fee, no clearinghouse fee, no postage fee, no minimum monthly fee. However, when your practice requests a service outside of the service contract additional fees apply.
Do you perform any temporary or trial services?
NO. ALL Contracts have a 1 year minimum.