August 08, 2014
Doctors and dentists were paid the highest in California in the first quarter of 2014. In 2013, their average base pay was $204,764 and median pay was around $234,000. Are you among the high performing medical practices in California? If not, partnering with a reputed billing company can help to enhance revenue generation for your practice.
Practices Need to Streamline their Billing Operations
Physicians should have a method for sending out bills, following-up on non-responders and receiving payments. A process needs to be in place for dealing with denials and other billing issues that are affecting the revenue cycle.
Every ongoing process should be monitored so that the team can work together and improve the workflow. Denials, successful payments, follow-ups should be tracked on a regular basis in order to prioritize tasks.
Why Outsourcing is Beneficial?
Medical billing and coding is getting complex with every healthcare reform. Errors in claims submission lead to loss of revenue. In some cases, billing mistakes also result in civil or criminal prosecution. Considering the annual payment cuts, practices require effective billing staff, latest technology and clear procedures to obtain payment for the rendered services.
Billing companies can help practices streamline their revenue cycle and maximize reimbursements. However, they need to choose the right billing partner for the required outcomes. Whether you have a single physician practice or are a part of an independent physicians association, you should evaluate these key criteria when choosing the right medical billing service in California:
Use of the latest technology
Experience in the medical industry
Level of billing and coding service
Your California healthcare practice will require an efficient billing company that will take over most billing functions including, patient registration, coding, insurance verification, collection agency reporting, payment posting, insurance follow-ups, claims submission and payment adjudication monitoring.
It can be an added advantage if your billing company also offers services like credentialing, transcription, appointment scheduling and insurance eligibility verification. Many practices in California have chosen to outsource their billing requirements to companies like MedicalBillersandCoders.com. MBC has a trained pool of billers and coders who excel at offering the above-mentioned services. The company has helped providers strike the right balance between cost and service. The team at MBC serves 42 specialties across all the states of US.
Benefits of Outsourcing Medical Billing Services
There are several advantages of outsourcing billing services:
Customized reports on a monthly basis
Data entry and insurance verification
Reduced office space costs
No requirement of buying latest software, equipment
HIPAA-compliant medical billing
Timely and error-free electronic claims filing procedure
Follow-up with insurance companies for submitted claims
Elimination of in-house billing expenses, including salaries and employee benefits
Contracting with a billing company is one of the most effective ways of managing Accounts Receivables. It is highly beneficial for practices that want high reimbursements but lack a strong in-house billing team.