10 Ways Doctors Benefit From Hiring a Medical Billing Service
As a doctor, you want to focus on providing the best possible care for your patients. However, with the added burden of managing medical billing processes in-house, it can be difficult to maintain this focus. That’s why many doctors choose to outsource their medical billing services and enjoy the numerous benefits that come with it.
Top 10 Ways Doctors May Benefit From Medical Billing Services
From reducing administrative costs to improving patient experience, here are 10 ways doctors benefit from hiring a medical billing service.
1. Improved Efficiency: Medical billing services are essential for doctors as they can help streamline a practice’s workflow and free up time for more important matters such as patient care, instead of having to spend it on paperwork. By outsourcing the medical billing process, healthcare providers can also benefit from access to experienced professionals who understand the intricacies of the claims process and ensure that all claims are handled accurately and in a timely manner.
2. Maximize Reimbursements: When it comes to maximizing reimbursements with insurance companies, an authorized third-party provider like a medical billing service is able to better negotiate terms and make sure that doctors receive the maximum amount possible for their services. This increases profit margins considerably while staying compliant with payer regulations at the same time.
3. Reduce Errors: Human errors are inevitable when manual processes are used, but having a professional medical biller eliminates such risks by ensuring accuracy every step of the way – from eligibility verification and coding through data entry – which can significantly reduce rejections or delays in payments from insurance companies or government programs like Medicare/Medicaid.
4. Increase Cash Flow: Using medical billing services makes it possible for practices to get paid sooner rather than later since reimbursement times are faster compared to those of manual processes. This helps manage expenses more effectively as well as maintain healthy accounts receivable so that business operations remain uninterrupted until cash flow resumes after insurance companies have sent payment out for services rendered.
5. Keep Track of Accounts: With their thorough knowledge and expertise regarding healthcare billing procedures, professional medical billers ensure that account receivables are managed with precision and up-to-date information is used to prepare accurate claim forms – this reduces rejections or delays in payments due to lack of knowledge about the right procedure or form needed when submitting claims correctly in the first place.
6. Timely Insurance Follow-Up: Professional medical billers will follow up on submitted claims within established timelines so rejections or denials don’t happen due to human error or lack thereof regarding procedures when submitting these claims correctly in the first place.
7. Streamline Operations: Outsourcing your medical billing process allows you to free up valuable time that can be spent more productively such as marketing your practice, training staff, streamlining operations, etc., instead of managing paper bills or manually entering data into outdated filing systems manually that require too much effort for little benefit over time compared modern solutions available today online.
8. Flexibility When Needed: When laws change or market conditions vary suddenly leaving healthcare providers scrambling for solutions, medical billing services make it easy for them to adjust their fee schedules quickly without any disruption so they can stay competitive while remaining profitable at the same time.
9. Increased Accountability & Visibility: It’s not unusual for practices using manual systems to fall behind on tasks related to accounts receivable management since keeping track of multiple accounts is challenging without computerized systems. Outsourcing this task ensures increased visibility so you always know where each account stands in terms of reimbursements received, outstanding debts, etc., which makes it easier not only to diagnose potential issues quickly but take corrective action when necessary
10. Better Fraud Detection: With their experience handling day-to-day operational matters such as payment processing within the context of a specific sector on top of knowing industry regulations inside out, outsourced medical billers are usually better equipped than internal team members when it comes to detecting potentially fraudulent activities more quickly before they become costly problems down the line.
All in all, these reasons make it clear why doctors should consider investing in professional medical billing services if they haven’t already done so. Not only does outsourcing improve efficiency, maximize reimbursements, reduce errors, increase accountability and visibility, and enable flexibility when needed, but also detects fraud early and improves cash flow.
Cost of Medical Billing Services
Hiring a medical billing service can be a cost-effective option for healthcare practices as it allows them to outsource their billing and coding tasks to a team of professionals. Medical billing services typically charge a percentage of the total collections they generate on behalf of the practice.
- This percentage can vary, but it is often in the range of 5-15%.
- Some medical billing services may also charge a flat fee per claim or a setup fee for their services.
- It is important for healthcare practices to carefully review the fees and services offered by different medical billing companies and choose one that aligns with their needs and budget.
- In general, outsourcing to a medical billing service can save practices time and money by increasing the efficiency and accuracy of their billing process, leading to higher collections and reduced administrative costs.
What Fees Can You Expect Monthly?
It is difficult to provide an average monthly cost for hiring a medical billing service as it can vary widely depending on the specific services offered, the complexity of the practice’s billing and coding needs, and the percentage of collections charged by the service.
- Some medical billing services may charge a higher percentage for more complex billing and coding tasks, while others may offer a lower percentage for more straightforward services.
- It is also worth noting that the total cost of a medical billing service will depend on the total amount of collections they generate for the practice each month.
- In general, healthcare practices can expect to pay $2,300-$5,000 per month for professional medical billing services, though this cost can be higher or lower depending on the factors mentioned above.
- It is important for practices to carefully review the fees and services offered by different medical billing companies and choose one that aligns with their budget and needs.
Overall, outsourcing to a medical billing service can be an efficient and cost-effective way for healthcare practices to manage their billing and coding needs. By outsourcing, practices can save time, money, and resources while improving the accuracy of their billing process and increasing the number of reimbursements they receive from insurers.