Medical billing services play a pivotal role in assisting a smooth transaction between the payer and provider. They make sure that the payer makes the correct payment for the services rendered by the provider. Similarly, they also make sure that the provider has billed the correct medical plan and have used the correct codes so as to facilitate payments from insurance carriers.
However, the enigmatic question is whether the medical billing service should be outsourced to a third party or should it be done in-house with the help of medical billing software. There are quite a few physicians who would prefer outsourcing medical billing services to a third party believing that they are experienced experts and have targeted resources to process the claims thoroughly at different stages of the billing cycle. On the other hand, some might want to keep a control on the collections; hence they might just depend on medical billing software and entrust their collections on the in-house billing team.
When to Select a Medical Billing Service?
There are a few factors to consider before deciding when one should go for outsourcing their billing services:
- Cost Cutting: This point is certainly of utmost importance. Physicians first need to assess the cost implications of selecting a medical billing service. If the cost of getting a medical billing service is higher than the revenue the practice can generate, it makes no sense in opting for it. It should be viable and transparent so that physicians can understand and trust that they will not be hoodwinked out of their earnings
- Inefficient Billing Process: If one finds that the collections are dropping and the time to collect the money is increasing, then it is time to opt for a medical billing service as they are more organized and can get the job done
- Staff Turnover is High: In case the billing team sees a lot of staff turnover, it is better to opt for a specialized medical billing service; because the replacement will take time to get trained and get a grasp on his duties
- New Entrant: When a provider is a new entrant in the healthcare market it makes sense in outsourcing his medical billing service as being a new player, there are too many things to worry about and taking care of day to day billing can become very stressful
Selecting a Medical Billing Services
Selecting the apt medical billing service can be quite a tricky task as one would want to make sure that they can get the best possible service at the lowest price. Also, the medical billing service provider needs to be flexible and adapt to the kind of practice that the physician has. Mentioned below are a few pointers that can be kept in mind:
- It is important to take into account the industry experience of the billing service provider
- The kind of technology and software they use
- The pricing and payment options they provide
- Lastly, their capacity to take up new clients
In the end let us talk about a medical billing service provider that can set many physicians’ mind to rest and take care of their billing woes. With a consortium of billers and coders spread across the US who can provide customized services to around 40 specialties, MedicalBillersandCoders.com is fast becoming the choice of many practices. The providers would do themselves a lot of good by getting in touch with MBC and handover the billing part to them.