ConsultingInvestmentSuccessTechnologyMarch 29, 20170How You Can Improve Collections by Outsourcing Medical Billing

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Medical billing and coding is the process of submitting medical claims and bills so the health practitioners can get paid for their services. The companies that offer these services are called medical billing companies. Due to the numerous benefits of outsourcing medical billing, many health practitioners across the United States are outsourcing medical billing services from the top-ranked medical billing company. One of the main benefits of outsourcing billing is that a medical practice’s revenue and collections are improved. There are many billing companies offering the top-ranked medical billing service. It is important to choose the company that best suits your medical practice. In this article, we will list the questions you should ask medical billing companies to select the right one for your practice. But first, let’s discuss the benefits of outsourcing and how it can improve collections.

Improved Collections: It is estimated that medical billing companies are much better at collecting bills as compared to the in-house billing departments of medical practices. This is because it is the primary focus of billing companies and they are experts at it.

Due to the numerous benefits of outsourcing medical billing, many health practitioners across the United States are outsourcing medical billing services.

Insurance Eligibility Check: Top-ranked medical billing service companies will duly check the medical insurance eligibility of your patients.

  1. Variable Cost: Since billing companies charge a percentage of your bills, therefore you don’t have to pay the same amount when you are on a vacation or file fewer claims. With in-house billing departments, you will have to pay a fixed amount for billing staff’s salaries.
  2. Better Consistency: Imagine if a billing employee of your private practice takes FMLA, the bills and claims that need to be submitted will start to pile up.
  3. Transparency: Transparency is important in every field and medical billing is no different. It becomes even more important when money is involved. To ensure transparency the medical billing companies will send you financial reports on a regular basis.
  4. Data Protection: Protecting patients’ data against hackers and data leakage is extremely important. Billing companies are much better at data safety as compared to billing departments of private practices.

 

Questions to Ask Billing Companies

You should ask these questions to medical billing companies before finalizing one for your medical practice.

  • What will be the cost?
  • How will they ensure data safety?
  • What measures do they take to stay compliant with government regulations and health industry protocols?
  • Can they provide references of other medical practices that use their services?

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