Outsourcing is the current trend in medical billing because the number of patients busting in medical facilities due to COVID-19 and other regular check-ups, have been showing an increase. There are many medical billing outsourcing companies in the USA providing outsourcing services at your convenience.
But before you choose a company and outsource your medical billing process, what information you should know about your outsourcing company. This blog can help you like a guide and project some solutions for your questions before you intend to outsource.
Know the basics first-What is a medical billing company?
Many medical practices may have an in-house medical biller for managing the entire medical billing process. Whereas a medical billing company naturally is a third-party business that easily manages the medical billing process for a medical practice.
The process is very simple; medical billing companies submit claims to insurance providing companies and follow up on claims to make certain that the practice gets paid. Since medical billing process deals with claims submission, denials, secondary filing, appeals, and exclusions, the billing company handles everything from their end and deliver you the revenue part of your operations.
Moreover, Medicare, Medicaid, and other private insurance companies update their rules very constantly, which is very difficult for an in-house billing team to remember and follow. But a medical billing company has a dedicated team to keep updating their instructions module to all billers and coders, thereby taking away the confusion and extra effort.
How much does it cost to you to use a medical billing company?
The cost of your medical billing outsourcing depends on what services you wish to get from them. Large hospitals or practices that have a huge patients flow would prefer to outsource their entire medical billing process. If you add any additional services, you will be charged accordingly.
Usually, any medical billing company will charge an administration fee which is something similar to an annual fee for using their services. However, the charges may range between $3,500 and $6,000 for a service throughout the year.
What is the split-up of outsourcing charges?
The fee mentioned in the section may not be common with all billing companies, but some companies do charge additional fees in other forms. You might expect the following fee inclusions in your outsourcing billing:
- Administration fee
- Start-up fee (this is a one-time fee)
- Multiple practitioners’ fee
- Need per basis fee (depending on number of claims you want to file)
- Hourly-based/flat-rate claims fee on reimbursements
How to know which medical billing company is the best?
When you are looking for the best medical billing company, you should have a thorough check on the software they use and get more into detailing of their services. A good medical billing company should be able to perform well in claims scrubbing. In this service, billing mistakes are identified and required corrections are made and then sent for claims submission to the insurer.
Additionally, you should evaluate the company’s contract length, service fees, and the software they use, to decide which one is the best to go.
If you are a new individual medical practitioner or own a medical practice, initially you may feel good with your in-house biller, but when patients tend to grow, it becomes hardly possible for your biller to handle with medical billing. Outsourcing your medical billing process fetches you multiple benefits, and you get the full control of viewing what is happening with your patients’ data.
If your intention is to outsource your billing process to a company that has all the best facilities you are looking for, then go through the services of 24/7 Medical Billing Services. They offer a wide range of services and many exclusive services for medical billing as well. You outsource your medical billing process to stay away from unnecessary stress and enhance your revenue. Approaching the leading and best medical billing outsourcing company in the USA is ideal, isn’t it?