You may be asking yourself if it's time to outsource. If you are unhappy with the return on claims in your medical billing establishment, you may get better luck using an outsourced company. The main reason why you will succeed more is that most billing companies work on a percentage factor. It usually is between 4% and 16%. This is a good price since they don't make money unless you do. Commission based structures are best because you usually get better results. Many medical billing companies today are using ICD-10 coding for several different reasons. For starters, it is the law that you must use it now. ICD-9 went away in September of 2015.
Medical billing companies often get you 30% more money than your in house billers do. It is mainly because they are more familiar with the 100,000 different codes that are used on a daily basis for ailments. You need to understand that your company must be 100% HIPPA compliant. They may charge you anywhere from 4% to 16% to use their services. Instead of looking at price, look at your own pockets. If they can make your more money, why not use them? It is a no brainer.
In my opinion, medical billing companies are good to use since they have many years of professional experience. They are usually ICD-10 certified and have master's degrees in the field of billing. A lot of medial billers today are educated. It is no longer the 1990's where someone could sit around in the pajamas doing medical billing. Today, medical billing requires you to be legally compliant with the laws of HIPPA.
When interviewing the billing company, make sure to ask them if they are HIPPA compliant. If they have no idea what you are talking about, run away fast! After all, the company is handling private information of patients. Hefts fines are given to companies that violate HIPPA. There are also specific time restraints. If the billing company that you are planning to use is so busy, they may forget to submit you're billing information on time. This is becoming a bigger problem with companies that have too many clients at one time.
Medical billing companies are also cheaper. You never have to buy the software. The medical billing companies have their own software and often it is custom built. This is great for specialty areas. If you were to build your own medical software from scratch, it can often cost between $50,000 and $100,000. Sometimes it is more expensive than that. When you look at the 4% to 16%, it is a real bargain. Especially since the billing company does utilization management and verification of benefits. It is always a good idea to have everything working together for you in different ways. Try to figure out what is working for you. It is always best to handle claims as they come. Medical billing company employees also know that their job depends on you being happy. This is a much different effect than having a 9 to 5 employee working for you. It is important to take each day as it comes to you and ask yourself what is most important on a day to day basis.
Medical billing companies often get you 30% more money than your in house billers do. It is mainly because they are more familiar with the 100,000 different codes that are used on a daily basis for ailments. You need to understand that your company must be 100% HIPPA compliant. They may charge you anywhere from 4% to 16% to use their services. Instead of looking at price, look at your own pockets. If they can make your more money, why not use them? It is a no brainer.
In my opinion, medical billing companies are good to use since they have many years of professional experience. They are usually ICD-10 certified and have master's degrees in the field of billing. A lot of medial billers today are educated. It is no longer the 1990's where someone could sit around in the pajamas doing medical billing. Today, medical billing requires you to be legally compliant with the laws of HIPPA.
When interviewing the billing company, make sure to ask them if they are HIPPA compliant. If they have no idea what you are talking about, run away fast! After all, the company is handling private information of patients. Hefts fines are given to companies that violate HIPPA. There are also specific time restraints. If the billing company that you are planning to use is so busy, they may forget to submit you're billing information on time. This is becoming a bigger problem with companies that have too many clients at one time.
Medical billing companies are also cheaper. You never have to buy the software. The medical billing companies have their own software and often it is custom built. This is great for specialty areas. If you were to build your own medical software from scratch, it can often cost between $50,000 and $100,000. Sometimes it is more expensive than that. When you look at the 4% to 16%, it is a real bargain. Especially since the billing company does utilization management and verification of benefits. It is always a good idea to have everything working together for you in different ways. Try to figure out what is working for you. It is always best to handle claims as they come. Medical billing company employees also know that their job depends on you being happy. This is a much different effect than having a 9 to 5 employee working for you. It is important to take each day as it comes to you and ask yourself what is most important on a day to day basis.
About the Author:
Our organization has advanced medical billing techniques for our clients. We do ICD-10 coding and have been doing it for years. We do a lot of behavioral health billing for our clients in Florida, New York and California. We take billing clearly and our clients often see a 30% revenue increase. We work with clients in all 50 states and welcome new clients as well.
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