Most of the practices are seeing medical billing as a nightmare scenario due to the heavy investment of time and money on the billing side of businesses that involves the employment of extra staff to cope with the detailed work.
Moreover, when you neglect accounting procedures and billing methods, it leads to claim denial and chaos. On the other hand, if you look for the outsourcing of your medical billing then it increases savings, reduces liabilities, and allows your staff to concentrate on core competencies i.e., patient care experiences.
However, here is the “catch”. You should not outsource your medical billing to any company. You need to first establish your needs, scope, and strategy before engaging potential vendors and selecting a medical billing service provider that can meet your long-term needs.
You can identify your needs with certain following questions:
- What and how much medical billing support do you need?
- What should stay in-house?
- What are the main goals for your medical practice and revenue?
If you have satisfactory answers to all the above questions, then you need to think of outsourcing your medical billing based on your knowledge and needs that allows you to focus on your core operations.
What services a medical billing company offers?
Services offered by a medical billing company
The main objective of any medical billing company is to process and submit health insurance claims and follow up on those claims and handle delinquent accounts.
The staff of these billing providers is certified and well-trained to work with individual payers. In short, medical billing companies handle all coding and billing for you by submitting error-free bills and insurance claims on time to manage your revenue cycle.
Types of medical billing companies:
There are various types of medical billing companies and if you are not having firsthand information about these companies this should be a must-read article for you. Let’s understand each type in the following brief.
Light service medical billing companies
Various software vendors are dominating this area of billing company type which include handling of coding validation and working rejections due to authorizations, eligibility, and patient demographics. However, someone on-staff from the practice is needed who is familiar with the front end of the billing process as vendor assistance is very limited and staff must be capable of getting claims out the door and accepted by the payer.
Full-service medical billing companies
Full-service is common amongst software vendors and most traditional billing services providers. This type of company provides technology tools and training for demographics, card issuance information, and eligibility verification that plays a crucial role during the check-in process.
Moreover, you should not worry about claims denials as the company offers insights on claim management as well as the claim avoidance process such as various mistakes that lead to claim denial.
This type of company can help you to work on rejected claims hence you are not required to have skilled billing staff members to work on rejected claims in-house.
Boutique medical billing companies
This type of service is offered by smaller, privately, or locally-run billing companies which provide more specific assistance to your specialized practice.
For example, “Boutique” billing companies go above and beyond simple claims submission, payment posting, and follow-up of accounts receivables. However, this type of company charged higher due to their unique customized approach to medical billing.
Now, you have better clarity of the outsourcing landscape of medical billing, and this is a nice framework for evaluating the various medical billing companies. Each one provides a different set of expertise to grow your practice and you must be clear about the differences of various types of billing companies while choosing one that will work best for you.