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:
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:
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.
Outsourcing medical billing services helps practices streamline their revenue cycle, reduce billing errors, and maximize reimbursements. It allows practices to focus on patient care while a professional billing company handles tasks like claims submission, payment follow-up, and dealing with denials. Additionally, outsourcing reduces in-house costs associated with hiring billing staff, maintaining software, and training employees.
When choosing a medical billing service, healthcare practices should evaluate the following criteria:
A good medical billing company should offer a wide range of services, including:
The benefits of outsourcing medical billing include:
MedicalBillersandCoders.com (MBC) offers comprehensive billing services to practices in California, including patient registration, claims submission, insurance follow-ups, and credentialing. MBC helps practices reduce billing errors, streamline their revenue cycle, and balance cost and service efficiently. Their team of trained billers and coders serves 42 specialties across the U.S., ensuring high-quality service and maximized reimbursements.