| v> | | | | details of payments and claims. Comprehensive |
| Are you constantly getting mired in billing and | | | | reporting helps you adjust your billing practices |
| collections for your medical practice? Is it difficult | | | | and improve cash flow. They may also provide |
| for you to keep track of insurance billing codes, | | | | you with software to generate reports. Ask for a |
| rejected claims, uncollected bills? You can probably | | | | demo to make sure it is easy to use. |
| benefit from a Medical Billing Service. It can lower | | | | * Medical claims from Insurance companies can |
| your costs and improve your collections from get | | | | sometimes get delayed, putting pressure on your |
| go. | | | | cash flow. In such cases, your service provider |
| A medical billing service is the answer for those | | | | can lend against account receivables or can |
| looking to make their medical practice more | | | | introduce you to companies that do so. |
| effective. It provides all types of administrative | | | | * There are many ways to send claims |
| help in managing billing. They are HIPAA approved, | | | | information to the medical billing service provider. |
| manage your entire billing process, track your | | | | You should prefer one that accepts claims |
| accounts, submit claims to the claims clearing | | | | information via a web browser or a software |
| houses and pursue the rejected claims. | | | | system hosted on your computers. Such data |
| What are the benefits of hiring medical billing | | | | transfer is secure, efficient and less prone to |
| services? | | | | error. Sending claims information on paper or via |
| Medical Billing Service is an efficient alternative to | | | | email is highly inefficient and error prone. |
| processing billing in-house. It saves you time and | | | | * Your provider may also offer Medical practice |
| money. Following are some of the reasons you | | | | management (MPM) and Electronic medical records |
| should hire one. | | | | (EMR) software. These are significant buying |
| * It saves money by reducing your costs and | | | | decision and you may want to consider them |
| increasing collections of delinquent account. | | | | separately from your decision to hire a billing |
| * It reduces the time your staff spends on | | | | service provider. |
| processing claims. You may be able to eliminate | | | | What else do I need to know before hiring a |
| most of the staff and thus save expenditure on | | | | medical billing services provider? |
| their health care, salary, insurance and training. | | | | Consider the following before making the final |
| * It usually performs better than the in-house | | | | decision. |
| staff. They keep their staff updated on | | | | * How much experience does the provider have? |
| insurance regulations and codes. It lessens number | | | | * ASP hosted billing software is preferable over |
| of denied and rejected claims. They are also quick | | | | one that is hosted on your computers. You |
| to resubmit the claims returned from | | | | don’t have to worry about maintaining |
| clearinghouses. | | | | ASP software. |
| * Their turnaround from clearinghouses is faster | | | | * Good software system is important but so is |
| as they process large number of claims with | | | | expertise of the staff in handling difficult claims. |
| them. | | | | How much experience does the staff have in |
| * They have bigger incentives to increase | | | | medical billing services? |
| collections as they are paid a percent of the | | | | * How is their track record? Ask them to show |
| amount they collect. | | | | some examples of difficult claims that they have |
| How does a medical billing service work? | | | | successfully completed. |
| Your staff sends patient details like insurance, | | | | * Ask them to show you the reports they would |
| diagnosis, procedure codes to the medical billing | | | | generate for you. |
| service. They check the data for any errors and | | | | * Are they 100% HIPPA compliant. Make sure |
| submit the claims to the clearinghouse. If the claim | | | | their billing and reporting software too complies |
| is approved, you receive the check and | | | | with HIPPA and SSL security to ensure patient |
| explanation of benefits (EOB). The checks can | | | | information secrecy. |
| also be directly deposited to a bank lockbox for | | | | * Can they handle the NPI or National Provider |
| faster processing. Rejected claims are returned to | | | | Identifier system? |
| you so that any errors may be fixed and claims | | | | * Are they willing to train your staff to use the |
| resubmitted. In some cases when the claim is | | | | billing software? |
| problematic, it is the responsibility of your service | | | | * Make sure their references are stellar. |
| provider to troubleshoot and resubmit the claim. | | | | How much does a medical billing service cost? |
| Hence it is important to ensure that medical billing | | | | Pricing depends on the level of service and your |
| service provider has adequate staff to diagnose | | | | location. Before you hire a vendor, compare price |
| and fix such problems. | | | | quote from multiple medical claims billing service at |
| What kinds of services are provided by an | | | | a Business Network. Major portion of the |
| outsourced Medical Billing Service? | | | | payment is in the form of commission. Low price |
| Following are some of the main services provided | | | | is important but it should not be the sole criteria in |
| by a Medical billing service. | | | | hiring a medical billing service provider. Consider |
| * They process medical claims and follow up on | | | | someone who is an expert in collecting denied or |
| rejected or problematic claims and resubmit them | | | | difficult claims. |
| after rectifying any problems. | | | | For further information, please refer to detailed |
| * Medical billing service generates reports with | | | | buying guide to hiring medical billing companies. |