Medical billing companies are very valuable particularly for small healthcare and medical practices because they are likely to be able to get a higher average return per processed claim. They also allow a small practice to concentrate on the medicine rather than worry about the claims process.
Medical claims can be a complex and sometimes difficult business. Insurance companies can keep enquirers on hold for long periods only to then tell them the claim was never received. Some insurance companies still process data using a paper-based system which adds errors and huge delays. Some claims need to be resubmitted many times, due to disagreements of various types, or errors. Particularly for a small medical or healthcare practice it is often much more efficient to outsource this challenging part of the business.
Using a company rather than doing the work in-house might also result in your practice receiving the money much more rapidly. Using such a service is often very easy, requiring no more than internet access, and can sometimes even be accessed via palm or PDA. Patient satisfaction an also sometimes be better when using such a service, because staff are freed to concentrate on the medical issues.
According to one source, the average fee for using such services is 8.5%, but some leading companies offer a slightly lower rate. A good company will also keep the healthcare or medical practice informed of any changes in compliance and other regulations and relevant data.
Some companies can offer additional services alongside the billing, including coding, transcription, data input, data management, and other relevant functions, all of which can help the medical facility in terms of efficiency and effectiveness in today's competitive business world. Also, the billing company can contact the medical facility if any additional data is needed, and also are sometimes able to store all the records on their own servers, reducing or eliminating the need for data storage at the medical facility.
Some services offer guaranteed results, a proven track record, and good transparency so that you can quickly and easily see the status of data at the company doing your bill submission.
Medical billing companies can offer considerable benefits, particularly to small medical and healthcare businesses, but sometimes to large ones too.