Physicians that have been in private practice for a long time probably remember when medical billing could be done between seeing patients. In the past, claim denials were infrequent and regulations were much steadier. Those things have changed and the world of medical billing is not what it once was. Physicians who do not have billing experts on staff, or a billing service handling their revenue cycle, may be losing money, and not just a little.
One approach to getting your billing under control is to hire in-house staff to manage it. Finding a good medical biller that is a good fit for your practice will not be a simple matter. There is currently of shortage of capable medical billers available. The truth is you want someone who is more than capable. You want someone who is a highly effective medical biller. Medical billing is a technical field requiring yearly re-certification. An effective medical biller is a driven, knowledgeable professional who has experience, keeps up to date on industry changes, gets clean claims out the door on time, and fights payors on denials. Furthermore, you are going to want someone who is extremely trustworthy.
It may be difficult to find the right candidate, but not impossible. Before searching for that employee, consider if this is the right approach for your practice. Smaller and new practices, and some specialists, may not have the need for a full time medical biller or billing team. Staff is expensive, especially if there is not enough for them to do. There is another option.
Using the services of a medical billing company can be compared to hiring an entire billing staff, but without paying those salaries. In most cases, a good medical billing company will increase profits for a medical practice by raising collection rates. Medical billing companies rely on client cash flow for their own success. If the medical practices they service do not make money, neither do they. They have a vested interest in getting their clients claims filed in a timely matter and appealing denials aggressively.
Here are some of the pros of contracting a medical billing company:
Timely Filing of Claims
Not only are claims filed on times, but everything is documented with details. That can prove invaluable in case of a denial of the claim by the insurance company.
Effective Denial Appeals
The majority of denied insurance claims are never appealed. Medical billing companies understand the importance of pursuing payment on initially denied claims. Expect multiple appeals on denied claims which greatly increases the chances of payment.
Up to Date on Industry Standards
Medical billing regulations change often. Medical billing company staff remain current on all the changes that can affect your revenue.
Insurance Company Familiarity
Providing billing services for a variety of clients means ongoing relationships with insurance companies. With a billing service company, your advocate will be familiar with your payors and their claim processing rules.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.