When you begin your healthcare process it is important to have a good beginning. Use coding and billing companies that are easy to understand and use. When one understands what one needs at the front end, it is easy to coordinate the back end processes. So, most people use companies that have simplified workflows and schedules.
Cost needs to be low
The first thing that concerns most people, firms, and hospitals is the cost. Most medical billing companies in USA charge a percentage of the billing amount as the fees. One challenge that physicians face it to transition to ICD 10. Delay is not advisable because the physician’s reimbursement will get disturbed due to a shift towards pay for performance model and rise in deductibles – both of which warrant a change in the way one practices medicine.
Most of the physicians look for a partner to take care of the revenue system of their medical practice. This is recommended because an in-house billing practitioner will cost about $50,000 per annum. If you use a third-party billing system, it will cost only a fraction of this. The latest survey show that more than 60% of the physicians are actively considering outsourcing their billing. One has to understand that one need not always use the services of a foreign service provider. The local billing company may have enough capacity to handle all that you need.
Services provided by billing companies
You have to check whether you get all the services at your local medical billing companies before you think about employing their services. Here is the list of services that they usually provide.
- Verification of insurance
- Demographic entry
- CPT and ICD 10 coding
- Charge Entry
- Claims Submission
- Payment Posting
- Denial Management
- AR Follow up
It is important that you use a billing service that is optimized. One must also see that they are economical. One need not throw money away and get service they may get locally for a fraction of the cost.
Using offshore service providers comes with its share of problems. One is the unearthly conditions and unreasonable customer support. First is that they lack a proper understanding of the US insurance systems. Add to that they have an accent that is hard to follow. When there is a change in the payment of the payer, there is a need to keep updating on both sides. Compare all this to having your own billing manager.
Advantages of a billing service
Yet, the billing service will give you a bed of roses. You need have no worry about your billing but leave it to them. This is again full of danger if you have privacy issues. Most of the healthcare service providers have to face stiff competition and they are always at the risk of being beaten to the punch by the competition. If there is no such worry, then overseas billing service is better because they prepare your bills while you sleep. When you wake up in the morning, it is all there ready for you. You can proceed with the work of a new day and not worry about the one that is already passed.