If you run a small to mid-size medical practice, outsourcing your medical billing needs may be very beneficial to your bottom line.  Handling medical billing internally has significant drawbacks for clinics, dentists and chiropractors.

First, most forms of financial mismanagement and fraud come from within a company and oftentimes these schemes are perpetrated by personnel who have been with the company for years.  By outsourcing your medical billing, you no longer have to worry about this.

Second, medical billing outsourcing may be a better financial decision.  Small practices often cannot afford to hire extremely qualified applicants for medical billing and coding positions.  Instead, a person will typically split responsibilities between medical billing, receptionist work, etc.  This divergence of work responsibility takes the focus off of billing, and a lack of concentrated focus can also lead to increased medical billing and coding errors, which is, in fact, a leading cause of rejected claims.  Rejected claims results in lost time, and lost time results in lost money.  You most likely outsourced your website development because it is not your area of expertise.  Doing the same with medical billing may be the best decision.

4 Items To Consider

If you have determined that your practice may benefit from outsourcing medical billing services, then the next step, of course, is selecting the right one from the top medical billing companies.  There are countless medical billing services, but not all are created equal.  Therefore, make sure you conduct in-depth due diligence before signing any contracts.  Here are 4 items to consider as you vet firms.

Local or National?

Do you want to have a local medical billing services company?  Would you prefer to be able to meet the company and people who will be representing your company, or is that not a big deal?  The answer to this question will significantly reduce the number of viable options if you prefer a local company.

Regulatory Compliance

Although you are outsourcing the billing, the practicing physician is still responsible for the billing company’s actions.  Therefore, make sure to ask for all compliance policies and procedures documents in order to ensure that the company takes a hard stance on regulatory grounds.

Pricing

Of course, this will be a huge consideration because this is where one determines whether it makes sense, financially, to move forward with outsourcing all of one’s billing.  The mantra, “You get what you pay for,” is never truer than in the services industry.  Thus, it is imperative that one make sure he or she is not simply hunting for the best bargain.  The goal should be to find the firm that offers competitive pricing, but also has tremendous industry respect and notoriety.  It oftentimes helps if the firm specializes in medical billing rather than offering comprehensive total merchant services.

IT

This is the technology age.  The medical billing industry has moved largely to electronic claims submission, so it is best to deal with companies that have a heavy technology focus and are staying on the cutting edge of tech advancements.  This can save significant money over time.

Insurance companies are definitely in a stronger position in the ‘payer payee’ relationship shared with healthcare providers.  They have the advantages of scale, power and a large claims database. The complexity of medical billing procedures further tips the scales towards them. Technology and the internet come to the aid of medical providers through medical billing networks, promising to level the playing field between the two players.

Insurance carriers benefit from complex medical billing process. Changing codes, rules, and procedures make filing claims tortuous and error-prone. Insurance companies pick on these errors to reject medical claims. Sometimes this happens repeatedly till the medical provider caves in and forgoes the claim. Medical practitioners lose out on a significant chunk of revenue because of this tactic.

Common tactics used by health insurance companies to delay payments

Health insurance companies take advantage of the intricacies of medical billing procedures. Some of the common strategies used by them to delay payments of medical claims are:

Picking out bureaucratic errors to reject medical claims

Most medical practitioners do not have efficient and reliable medical billing processes. Insurance companies pick out errors and omissions in the submitted claims to reject them. Almost 20% of medical claims go unpaid as a result of claim rejections and unaggressive follow-up. This cut in revenue can seriously setback the operations of a medical practice.

Low allowable amount

Insurance companies take advantage of their large size by concurring on low allowable amounts to medical practitioners. Medical providers are left with little choice but to go with the low sums of money as competing insurance companies also offer the same amount.

Post-payment refunds

Insurance companies conduct post-payment audits to correct mistaken payments and redeem them. They have access to a vast claims database and can verify records to demand post-payment refunds. This further depletes the revenue of medical practitioners.

Insurance companies have an efficient medical billing system that allows them to reduce payments to healthcare providers. The added advantage of scale makes them a tough proposition.

Medical billing networks reinforce the medical billing process

Medical billing networks consolidate the claims database of various healthcare practitioners. Medical billing companies provide the means to facilitate this network. The information of clients is combined into an efficient and accountable automated system that also offers effective records management and efficient processes. Medical providers can leverage the economies of scale to their advantage, as insurance companies have been doing since years.

Advantage of medical billing networks

Independent medical practices cannot do much on their own, but collectively they can build an effective system to combat the obstacles in getting payments from insurance payers. Medical billing services enables medical providers to do business with large-scale insurance companies on an equal footing. The networks offer the advantages of improved collections, effective revenue management, lower audit risk and added revenue sources.

All medical practices should outsource medical billing to combat large-scale insurance company tactics to deny and reject claims. Healthcare providers can use network services to maximize revenue and streamline revenue management processes.

Medical billing Outsourcing helps healthcare practices maximize profits and cut down costs, time, and effort associated with billing. Medical billing companies offer claim generation and submission services or a comprehensive package that includes patient invoicing, medical claims follow up, submission to secondary and tertiary medical insurance carriers, report analysis, etc.

In this article, we discuss how medical billing companies charge practices. Principal criteria that define a rate are average monthly claim volume, average claim amount, level of follow up expected, and types of services.

Percentage based agreement/pricing

Medical billing services can charge a rate of 4% to almost 16%. A practice that has 1000 claims averaging $100 each is charged more than one having 100 claims averaging $1000 each as 1000 claim submissions will consume more staff hours. Similarly, a practice that receives comprehensive services is charged more than a practice that only wants claim submissions.

In the percentage based pricing approach, the medical billing service charges a percentage of one of the following:

• actual collections
• gross claims submitted by the service
• total collections for the practice

Percentage of collections

In this pricing method, the medical billing service charges a percentage of the claims it has collected directly. This excludes co-pays, deductibles and other payments made at the office. This is a good payment option as the billing service’s profitability is tied in with the practitioner’s profitability. Follow up is rigorous to maximize collections.

Percentage of gross claims

In this pricing method, the medical billing service charges a percentage of the gross claims submitted to insurance carriers and other payers. While the billing service charges a percentage on the expected amount, the practice may receive a lesser amount from the insurance company after negotiation. Additionally, this pricing method does not offer any incentive for follow up on claims.

Percentage of total collections

In this pricing method, the medical billing service charges a percentage of the net receivables – claims, co-pays, deductibles, and any other payments. Holistic practice management companies typically use this payment strategy. These companies manage claim generation and submission, staffing, administration services, marketing, fee schedule negotiations, and more. There is an incentive to follow up on claims.

Pros and cons

Percentage based pricing on collections ties in the success of a medical billing service with that of the practice. The practice can also choose services as per their need and budget. However, with this pricing model, small claims of a few dollars are neglected as the medical biller’s cut does not justify the costs of billing – postage, envelope, paper, printing, mailing, etc.

Flat fee per claim

In this pricing approach, a medical billing service charges a fixed fee for each submitted claim. Again, the rate is influenced by various factors. Basic claim submission and generation incurs a charge of $1-$2 per claim. Additional services hike the rate to $4-$7 per claim.

Though this pricing is cost effective, you should not undermine the importance of follow up. There can be bureaucratic problems or issues with insurance carriers that the practice will have to handle if they are paying the medical biller for basic services only. The flat fee will be charged irrespective of how a claim is paid out. Healthcare practices that have the personnel to manage follow up and associated billing tasks can opt for this pricing model.

Pros and cons

Fixed fee per claim pricing is cost effective for large claim amounts. However, there is no incentive for follow up and no means of verifying if the biller is actually doing it. If a practice has to hire new staff to manage tasks related to billing, the hiring and training overheads will be more than a higher rate paid to the medical billing service.

Hybrid approach

The hybrid approach allows practices to get the benefits of fixed fee per claim and percentage based agreements. Claims relevant to certain patient accounts or insurance companies are charged by percentage while the rest are charged a fixed fee. Many states ban percentage contracts as illegal. Honest medical billing services use the hybrid approach to tie their success to the practice’s success while respecting state legislations.

Select a pricing method that suits your practice needs and budget. Compare the costs of hiring a medical billing service to that of hiring and training in-house staff for the job to make an informed decision.

Can medical billing outsourcing really increase the revenue of healthcare providers by 30-40 percent? Yes. It can.

Third party medical billing providers have been serving thousands of health care practitioners across the nation, resulting in huge cost savings for them. The efficacy of medical billing companies lies in the fact that they don’t just collect bills. They make positive changes in the revenue management cycle to make it more productive, along with offering a host of other services.

Medical billing companies can turnaround the downturn in your revenue. Many healthcare practitioners do not get timely returns of their service to patients, because insurance carriers reject claims or deny them on bureaucratic technicalities. As healthcare providers do not have the expertise or the extra staff to dedicate to bill collection, many bills go unpaid. This restricts the cash flow of the medical practice and gradually squeezes the life out of it.

Medical billing providers can give you a helping hand by taking over the accounting and back office functions for your practice, letting you focus on healthcare services. Here is how a medical billing provider can overhaul your medical practice:

Administrative expertise

The underlying cause of the falling revenue of healthcare providers is a manual billing process that is outdated, error-prone, and fraught with administrative lag. A medical billing provider brings its expertise to the administrative department of your practice. The medical billing process is streamlined, made more accurate and efficient. Long standing employees are given new responsibilities and tasks that make their work more effective. Increasing the efficiency of the administrative department has a direct impact on your bottom line.

Technological expertise

Medical billing providers use medical billing software that is web-based. The software is operational 24×7 and accessible to billing desk personnel and administrative staff. Online filing of forms is easy as the interface is intuitive and the software validates forms for accuracy before submission. Timely submission of error-free claims speeds up the payment process considerably. Medical billing providers train your staff in the software so that its add-on features can also be utilized such as point-of-sale billing, claim status checks, appointment scheduling, generating reports, patient statements, data backups, and much more.

Industry experience

Medical billing providers are professionals serving many clients in the medical industry and are a reliable source of billing industry best practices. They have a large knowledge base of issues related to claims submission, experienced across a broad client base. Medical practitioners can learn a great deal from the knowledge and expertise of billing providers in the industry.

Streamlining of medical billing processes, adoption of technology, and implementation of best practices has a direct impact on your bottom line. Claim rejections are reduced and payments are received on time. Medical practitioners are not accountants, and filing claims is a tricky process that befuddles even seasoned veterans at times. It is best to have professionals handle the billing tasks while you concentrate on your practice.

Considering the success rates and unrivalled expertise of medicare billing, medical billing outsourcing is still not used as often as it should be. The benefits of outsourced medical billing cannot be disregarded and all healthcare providers should recognize the time value of money.

Once you have your medical clams billing service up and running, you get down to the business of filing and submitting claims for a client. The main point of your service is to increase the client’s revenue. You need to make sure this happens, within a realistic timeframe, by diligent follow-up and tracking. You also need to charge your client reasonable rates to make your hard work pay off.

Outsourced Medical billing, whether home or office based, demand commitment and an economic savviness. Medical billing professionals must have good marketing and networking skills. It takes time to build relationships and gain expertise. Setting up the business takes time and client revenues do not increase overnight. You need to set realistic expectations to keep yourself motivated and the customer satisfied.

Medical Claims billing process

Here is a stepwise description of the work involved in medical billing:

1. Receive bills from the client.

2. Enter the information – patient details, insurance company, referring doctor or physician, and any other information the client wants to track.

3. Enter the CPT and ICD-9 codes from the super bills and day sheets. Super bills are forms that contain:

      a. patient information – name, date of visit

      b. common CPT/ICD-9 and HCPCS codes used in the practice

      c. an update section – follow-up appointments, co-pays, payments, etc.

4. Each charge is entered in a separate line. Charges are calculated by the software automatically.

5. Submit the electronic claims to the clearinghouse or insurance carrier directly.

6. Review the audit report, correct errors, and move clean claims forward.

7. Call the insurance carrier and find out why a claim has been rejected. Get the claim corrected and resubmit it.

8. Print two copies of any paper claims – for the insurer and yourself. Post the claims to the insurer.

9. Post bills to each patient. The software allows you to track payments made and that are pending.

10. Print reports that show aging patient accounts. These are the patients that have not settled payments on time.

11. Follow up delinquent claims (mostly paper claims).

Pricing your medical billing services

Medical billing companies charge on one of three bases – percentage of collection, per claim and per hour. Medical billing services that work on claim submissions and patient billing or offer complete practice management services usually charge a percentage of the amount they collect in a month. The bill is sent out monthly or fortnightly. The percentage charged varies with the location of the service, the client’s patient volume and type of practice.

Medical billing services that work on claim submissions only charge an amount per claim. The least preferred method of charging is hourly – for both clients and medical billers. However, this option is useful to charge clients with very low billing rates or who prefer this arrangement over others.

Medical claims billing is a high revenue generating business service. Gross annual revenue of small to mid-sized medical billing services ranges from $350,000 to $650,000. Even part-time medical billers who work from home earn $25000 to $50000 annually. Obviously, starting a medical billing service is an excellent business idea. Take steps to get your career on the right path today.

Medicare billing can be very confusing for patients and doctors alike. Medicare billing rates change annually and vary across states. Patients are bewildered by having to pay varying amounts for the same treatment at different locations. Fortunately, medical providers are familiar with Medicare and relieve patients from the burden of calculating what they need to pay for treatments.

Medicare billing companies help healthcare providers in billing patients accurately and on time. Medical billing companies have trained personnel with experience in Medicare billing, coding and practices. They are updated with changing rates and rules associated with Medicare, thereby reducing errors and delays in payments.

What is Medicare?

Medicare, like any other health insurance plan, helps people afford healthcare expenses. Three costs that contribute to varying Medicare billing amounts are:

1. fixed rates of medical procedures
2. annual deductible
3. regional healthcare costs

Medicare plans include a set rate for every medical procedure. This rate determines what will be paid out to the healthcare provider after making adjustments in accordance to the going medical costs in the region. The annual deductible has to be paid out before availing medical reimbursement. After it is met, the patient has to make a copayment for accessing medical services. This rate changes every year as a result of reviews and adjustments.

Changing Medicare billing amounts

Most people using Medicare have medical problems that require frequent medical checkups over long periods. There is a change in rate and deductible every year as a result of which patients pay varying amounts for the same treatment. This can be frustrating. It is best to contact healthcare providers in the region and find out the annual deductible amount. The Medicare website is also a reliable source.

Finding Medicare billing services

Medical practitioners can get in touch with Medicare billing services easily. They can contact medical billing companies that offer Medicare billing amongst their many other cost and time saving services. Doctors often receive direct mail, emails or telemarketing calls promoting Medicare billing services. Medicare and medical billing services will also publish advertisements in medical publications and websites. Another way is to search for Medicare billing services on the internet. The best method though is getting referrals from connections and medical associations.

Contacting Medicare billing services

The next step is to contact several Medicare billing companies. Call each service and get details such as services included, rates, packages and deals. Ask questions freely. The advantage of following a recommendation is that you can expect the referrer to give you an honest opinion of the medical biller’s performance. Clients are better judges than representatives of the service.

Hiring medical billing services

Medical practices can select between a full-time Medicare billing personnel at the office who will also handle other medical billing or send the medical records to a Medicare billing service that will process the bills off-premise. The practitioner is sent an electronic report of the payment records.

An outsourced Medicare billing saves medical practitioners time and money. Healthcare providers can focus on patient care and practice growth rather than coping with the complexity of Medicare and its changes.

Starting a medical billing service is easy compared to the next step which is winning the client’s trust and building a loyal customer base. As a medical billing service entering the market, you need to chart out a startup plan that takes into account the startup costs, area of specialization, target audience, scope of services, and marketing. You need to measure the growth of your business and keep realistic timelines for the returns to start coming in.

Estimating startup costs

The startup costs of a medical billing service are relatively low. As medical billing does not necessitate an office establishment or display arena, you can start working from home or a small office on cheap lease. Your funds will be invested towards office equipment, software and marketing. Initial costs usually relate to:

1. computer system
2. modem for internet connection
3. business opportunities (if any)
4. printer
5. fax machine
6. software
7. clearinghouse
8. HCFA 1500 forms
9. reference books
10. phone with answering machine
11. office stationary
12. postage
13. training (if required)

Selecting a medical billing software

There are many medical billing software solutions in the market. They range from $500 to $10,000 in cost and include a number of features that may or may not suit your business functions. You can purchase a simple program that suffices for processing HCFA 1500s or a more advanced solution if you offer extra services such as lead generations, marketing assistance, and customer support. Explore business opportunities but make sure you get value for your money.

Whichever medical billing software or business opportunity you select, you should perform some preliminary checks:

1. How long has the software vendor been in business?
2. Who are its customers?
3. Get references and call them to know their experience with the vendor. Ask about good and bad points, customer support availability, and quality of services.
4. Be watchful of signs that indicate the vendor may be closing or moving business.

Hiring a clearinghouse

Clearinghouse refers to companies that receive and transmit electronic claims. Your association with a clearinghouse will be long so ensure you vet it thoroughly and conduct market comparisons. Clearinghouse costs vary widely with membership fees ranging from zero to $300, and signup costs per doctor being as much as $50.

Cost of reference books

As a newbie in medical billing, you will be referring your books often. Make sure you have a good collection of reliable reference books such as CPT and HCPCS Expert 2000, ICD-10, CDT-3 for dentists, 2010 CPT, 2010 HCPCS, 2010 ICD9 for Physicians and others.

Training costs

Even if you have some experience in the medical field, enroll in a medical billing training to educate and update yourself on billing procedures and practices. Trainings can be basic or advanced, classroom or online with costs ranging from $1500 to $20,000. Topics covered should include some or all of the below:

1. commonly used medical terminology
2. medical coding
3. ICD-9 CM, CPT, HCPCS coding
4. CMS-1500
5. billing forms
6. clearinghouse
7. revenue cycle management
8. AR work
9. Medicare, Medicaid, TRICARE
10. BCBS and other commercial payers
11. application of Six Sigma in medical coding and billing
12. workers compensation
13. NPI, CLIA
14. HIPAA rules and HITECH Law
15. EMR systems

Selecting the target audience

The healthcare industry is huge. It comprises of diverse specialties (pediatrics, osteopaths, psychologists, psychiatrics, podiatrists, etc.), practice sizes (family, clinic, nursing home, hospital, etc.), and providers that work around medical services such as ambulance services, social workers, pharmacists and the like.

For starters, you should target practices of cardiologists, chiropractors or dentists that have a low count of diagnosis codes, making it easier for you to learn and improve your medical billing skills. If you have prior experience in a medical field, begin there. Being familiar with medical jargon and procedures goes a long way in making initial billing smoother and error free. You can move on to family practitioners and surgeons once you are more confident. Depending on how much you want to grow, you either stick to a few customers or expand your client base.

Selecting the right sized medical practice

Start with small and mid-sized practices. The volume of claims is manageable and you can learn without getting saturated with work. If you want your service to grow into a flourishing business, you gradually move on to larger practices. The type of practice you work for affects the volume of work. A chiropractor charges less and sees more patients, leading to more claims and more work for you. For the same amount, a cardiologist charges higher, sees fewer patients and generates lesser claims for you to process.

Scope of the medical billing service

A medical billing service should define its scope of services. You can work on medicare claims, medical insurance claim submissions only or offer complete practice management services. Practice management involves management of all accounts receivables and payables, their tracking, electronic claim submissions and patient billing. Some medical billing companies provide all the services a client may need to clinch the deal.

Marketing your medical billing service

Networking is key to marketing your newly established medical billing service. Spread the word to all your contacts – lawyer, family physician, child’s pediatrician, dentist, your grandfather’s geriatrician. People talk and they can refer your name to potential clients. As it is not uncommon for medical billers to over-promise and under-deliver, coming with a recommendation increases your chances of winning a prospect’s trust. Next, visit nearby medical practices and advertise your services.

Medical billing services is a lucrative business opportunity. Even as a part-time option, you can make a good income with just a handful of clients. The key is to be good at what you do. This comes with practice, experience and a lot of hard work and commitment. If you can make one practitioner happy with your services, she is sure to refer your name to her peers and associates.

Healthcare is a thriving industry in the United States. Healthcare expenditure surpassed $2.3 trillion in 2008 with an average spending of $7,681 per inhabitant. And the curve is still moving upwards. Medical spending is expected to touch $4.4 trillion by 2018, according to a report by the Centers for Medicare and Medicaid Services (CMS). This is good news for entrepreneurs planning to launch medical billing.

Complexity of medical billing

Health insurance companies, Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and similar organizations have processes that make medical billing a complex drawn-out task that most medicos find overwhelming. Add to this the confusion of changing rules and medical billing codes. Time-crunched practitioners easily make mistakes in claim forms and submission schedules leading to delayed or even loss of payments.

Rising demand for medical billing services

In spite of handling high patient volumes, a majority of medical practices today are operating under tight finances due to delayed bill payments, repeated claim rejections, and inadequate knowledge. Healthcare professionals are efficient in patient care but fingers and thumbs in accounting and billing processes – a factor insurance companies play upon.

Medical billing compaies take over the responsibility of filing, submitting and following up claims. With their skills, updated knowledge and experience, medical billers make billing efficient, less erroneous, and more productive for healthcare practices. More and more practices are partnering with medical billing services to bolster revenue.

Advantages of hiring medical billing services

Apart from the skills of the medical billing companies themselves, providers have processes and software in place that make billing easier, faster, and accountable. Medical billing companies file claims electronically rather than on paper. Electronic claims are processed in 10-14 days as compared to paper claims that take almost 27 days. In spite of this, paper claims are still used by small and mid-sized practices. Medical billing companies can help these practices transition from paper to electronic claims and increase their income substantially.

Medical billing is a lucrative and flexible business

Medical billing can be started up by an individual or a group. It can be as big or small based on the time and money you invest in it. You can work from home or office, part-time or full-time. The returns are high and the startup costs are relatively low. You can offer simple medical billing services or complete practice management services. However, you do need to learn about billing codes and practices. Enroll in a billing and coding training to familiarize yourself with medical terminology, claims process, common insurance forms, diagnostic and procedural coding systems, software, and CPT/ICD-9 medical billing codes.

Medical billing services are growing by leaps and bounds as many medial practices are still operating on ancient billing processes and have high overhead costs. As a medical billing company, you should assist these practices in transitioning to electronic claims for improved productivity and timely payments. With the billing side taken care of by experts, medical practitioners such as chiropractors, doctors and dentists can focus on patient care and growth of their medical practice.

Chiropractors across the country are facing a common challenge – the mind numbing complexity of medical billing. Chiropractic billing was never an easy task but recent changes in medical codes, forms and billing processes have all but forced chiropractors to throw in the towel. Chiropractic billing services are proving to be cheaper options that not only manage insurance claims but also the practice’s accounts receivables and payables, patient billing and payment tracking.

Outsource chiropractic billing services – why is it important?

The decision to outsource chiropractic billing services depends on the practice’s size and productivity. Practices that are making marginal profits cannot justify the cost of hiring chiropractic billing and coding services. Those that are earning well buy a computer and do the billing themselves or delegate the responsibility to in-house personnel. However, billing complexity causes frustration in in-house billing departments leading to pileup of work, pending claims, delayed payments and patient dissatisfaction.

Chiropractic billing is a complex job that demands knowledge of medical codes, forms, procedures, and insurance claim processes. Even with software to help, you cannot start clearing claims immediately. Medical billing companies have the skills, expertise, and knowledge to make chiropractic billing quick and productive. Apart from charging reasonable rates, these service providers ensure the confidentiality and security of patient data – a fundamental concern of all chiropractors.

What do chiropractic billing services offer chiropractors?

Most chiropractic billing services use medical billing software to process and track medical claims electronically. Some of them have software specific to chiropractic practices. Electronic claims get paid in 10 days as compared to 6 weeks of waiting with paper claims. However, software alone cannot bring results. Chiropractic billers need to be experts in diagnostic coding and claim filing procedures.

Chiropractic coding and billing services offer chiropractors various service packages that include some or all of the following:

1. paper and electronic claim submissions
2. patient and insurance enrollment
3. appointment scheduling
4. insurance verification and authorization
5. software
6. billing and reconciling accounts
7. collections
8. AR (Accounts Receivable) collections
9. software upgrades
10. aging reports on pending payments
11. reports on open claims
12. process improvement
13. QA checks

How much do Chiropractic billing services cost?

Some chiropractic billing services charge a fixed fee per active account as it is easier to track and compensate for inactive accounts. Once the practice is stable and earning consistently, the billing service charges a fixed monthly amount irrespective of accounts. Some billing services charge an hourly rate of around $25. Some charge a per claim fee that is as low as 37 cents if the chiropractor enters the claim information into the system. However, if the billing service enters the information, the charge can be $2-$3 per claim.

A popular method of charging is a percentage of the collection, not the billed amount. Billing services that offer practice management services usually offer this payment option. Billing services should also use software that can be modified inexpensively to accommodate changes in HCFA claim requirements.

By partnering with chiropractic billing services, chiropractors have successfully improved billing and collection procedures and met their fiscal goals. They can focus on their practice, confidently knowing the financial end of the business is in good hands.

Are you having a hard time keeping up with your medical billing requirements? Is billing taking away valuable time from your healthcarepractice? Are inefficiencies and delays a common part of your medical billing system? If yes, then consider outsourcing your medical billing.

Outsourced medical billing offers great efficiency and accuracy in medical billing without costing you anything when you consider the incremental revenues and reduced overhead. Following their success in medical billing, some of the companies also take care of your healthcare practice’s administrative duties as well. Here are some of the administrative services offered by professional medical billing companies:  

Medical Billing and Beyond

1. Revenue Cycle Management: Medical billing services now take care of your entire revenue cycle, from patient encounter to payment. These services involve the use of technology to record data at the time of patient encounter, synchronize it through the use of wireless technology and immediately bill the insurance company.
2. Management of Medical Credentialing: Your Medical billing service provider can manage credentials for you, so that your membership in insurance networks is maintained. These services take care of the unique requirements of each insurance company and submit all the necessary documentation and information required for proper authorization and payment for insurance services.
3. Negotiate Contracts with Insurance: Some professional medical billing service providers also negotiate contracts with insurance companies on your behalf. Providers may compare fee schedules to determine specialized areas of your practice that can be negotiated advantageously.
4. Consulting to make your practice more efficient: Consulting services for strategic planning for your practice and business are also available. If you need help with technological solutions such as electronic record keeping and processing, you can select a medical billing service specializing in technology implementation and use.
5. Facility planning and management: Medical billing service providers can also help you with your facility’s cleanliness, interior design and climate control.
6. Manage marketing and advertising campaigns: To increase your client base medical billing providers offer special programs which may include pooling of provider’s own client base with yours or creating advertising and publicity campaigns.
7. Accounting Services: Besides taking care of accounts receivable, comprehensive medical billing services can handle all your account requirements including accounts payable, payroll and reconciliation, and even cash flow forecasting to assist you with decisions on capital purchases.

Outsourced Medical billing services companies have transcended conventional billing  and can help you with every facet of your medical practice. They are no longer treatd as outsiders for your medical practice but instead have become long term and trustworthy healthcare partners. Their medical billing expertise allows you to limit your overhead costs and improve your healthcare pactice’s profit streams. Additionally, they allow you to keep pace with ever changing technology and health care regulations.

However, with growing importance and range, it becomes essential to select the right medical billing services for your healthcare practice. Carefully assess your medical billing requirements, and the services and prices offered by medical billing companies before making this very important decision.