Medical billing is complex and constantly changing. Handling your practice’s own billing can be time-consuming and costly, reducing the amount of quality time you and your staff can spend engaging with patients and taking away resources that could be applied to patient care and staff development and compensation. That is why it is so vital to get a medical billing assessment and to utilize an independent third party to handle your medical billing needs. Have questions about medical billing service questions? Here are some answers!
Why is it so important to get a medical billing assessment?
Boosting performance and increasing revenue are sure ways to enhance your practice. Conducting a billing assessment allows your medical practice to keep up with the changing medical billing landscape. By assessing your current billing system, you can identify areas that need reform or attention and receive recommendations and guidance to enhance your systems and make them more efficient, which ultimately help reduce errors and increase patient satisfaction.
Why should I hire an outside company to do my medical billing?
By hiring a skilled medical billing and collections company, you can eliminate the time, frustration, and cost associated with staffing, documentation, and record-keeping. This helps save you and your staff time so you can devote more quality time to building relationships with your patients. After all, patients who feel valued and appreciated will be loyal patients to your practice.
What kinds of services does a medical billing company provide?
A medical billing company offers timely charge posting, collection, and detailed monthly billing and collection reports. Billing and collection services should include charge capture, claims scrubbing and submission, insurance payment posting, denial management, insurance claims follow-up, patient statements, and reporting/analysis.
How can a medical billing company help with collections?
If you hire a company with expertise at managing medical practices, then their billing and collection services are done from an operations perspective. The combination of expertise in practice operations and certified coding medical billers results in outstanding collection performance on behalf of clients.
Are there standards a medical billing company should follow?
Yes! A reputable medical billing company should use Medical Group Management Association (MGMA) industry key performance indicators to monitor internal performance to ensure that desired outcomes are achieved and that there is a high “first pass” claims submission success rate.
How long does it take to get up and running?
The industry standard of a reputable and reliable company to have your company up and running is usually two to three weeks. However, companies like ProMD exceed that standard and will have you up and running within seven days of implementation.
How much of a revenue increase can I expect by hiring a medical billing service?
Outsourcing your medical billing services should increase your revenue from 10-15%, however, a more experienced company can increase revenue even more than that. For example, with ProMD, you can expect to increase your revenues by 20% or more within 90 days.
The certified billing and collections experts at ProMD Practice Management are committed to your medical practice’s success. They not only take the burden of handling billing functions, but they also help you pinpoint financial opportunities to drive practice revenue. For answers to all of your medical billing questions or to learn more about how they can help boost your medical practice’s profitability, call (844) 236-5488 or fill out the online form.