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Average Revenue Increase
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Medical billing for private practices depends upon several factors. Small practices medical billing and coding are difficult to manage inhouse and should explore to outsource medical billing.
Front office tasks such as appointment scheduling, prior authorizations, patient check-in, collecting co-pays have a significant impact on the practice revenue. A streamlined process can increase practice revenue by upto 15%
The clinical process require taking proper notes about the patient encounter. It also need properly coding as per ICD guidelines and using the appropriate modifiers which could be challenging because the ICD codes change every year.
The back-end process to follow-up on Insurance AR and patient AR, to manage insurance denials, and to post the payments and reconcile with the bank are all very complex and critical processes to increase your practice revenue.
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Outsourcing medical billing can help optimize revenue cycle management workflow, improve coding, bring focus on practice performance through analytics and help use technology and tools to improve efficiency of medical billing.
Medical billing companies perform billing for many clients and therefore due to vast experience they can help your practice streamline end to end revenue cycle management workflow including front office, clinical processes, and back-end processes.
Excellent medical billing service companies proactively advise their clients on medical coding. They provide practice management advice, and ideas to improve patient experience, perform AR analytics and denial analytics that help increase your practice revenue.
Medical billing companies will help fine tune the set-up on EMR system and PM system. They can recommend and deploy HIPAA compliant tool for document management systems, set-up electronic payments and improve patient payments.
While evaluating medical billing company, to get the top quality at low price, focus on size of medical billing company, depth of billing and coding expertise and delivered results for the clients.
1. A mid-size medical billing company with 100-200 clients is a good option because they are large enough to be experts and small enough to provide personalized attention. Small companies may lack resources while large one may not provide lack in providing attention.
2. Depth in billing and coding can be determined looking at the breath of services and diversity of clients. This not only determines the experience and expertise of the staff, but also demonstrate the learnability of the team members.
3. Delivered results can be measured by denial%, AR and increase in practice revenue. The denial % should be in 5% range, 90+ days AR should be less than 20% and a high quality billing company can help increase revenue by up to 15%.
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Medical Billing Compare helped us find a top medical billing company at very reasonable price. Medical billing outsourcing has helped us increase our revenue and save money.
Pamela J
Practice Administrator, Ophthalmology Practice
Initially I was skeptical about outsourcing medical billing. But now I am glad that I filled the form on Medical Billing Compare. We found the right medical billing service partner.
Chuck Q
Practice Manager, Internal Medicine
Ours was a small medical practice. We were missing a lot of revenue during medical billing. Now we have a medical billing company doing a good job. I would high recommend Medical Billing Compare to find the right medical billing company
Henna B
Owner, NP
Have Any Questions?
FAQ's
1. What are the benefits of outsourcing medical billing?
Outsourcing medical billing offers several benefits, including cost savings by eliminating the need for in-house billing staff and reducing errors for faster reimbursements. It provides access to specialized expertise in billing processes, industry regulations, and payer guidelines. Additionally, outsourcing allows healthcare providers to focus on core competencies, enhance productivity, and improve patient satisfaction.
2. Will I save money by outsourcing medical billing?
Outsourcing medical billing has the potential to save you money in several ways. By outsourcing, you can reduce costs associated with hiring and training in-house billing staff, purchasing billing software, and maintaining infrastructure. Additionally, outsourcing allows you to benefit from the expertise and efficiency of specialized billing companies, leading to higher claim accuracy, faster reimbursements, and reduced claim denials. Overall, outsourcing medical billing can result in significant cost savings and improved revenue cycle management.
3. How medical billing compare help you to find right billing partner?
Medical billing compare can be a valuable resource in helping you find the right billing partner. By connecting you with multiple medical billing companies, it allows you to compare their services, pricing models, expertise, and customer reviews. MBC enables you to make an informed decision by evaluating the strengths and capabilities of different billing providers, ensuring that you select the one that best aligns with your specific needs and requirements.
4. Should I look for local or national medical billing company?
When deciding between a local or national medical billing company, opting for a national provider offers several advantages. National billing companies often have extensive resources, advanced technology platforms, and expertise in dealing with a higher volume of claims. Additionally, they may provide cost-saving benefits through economies of scale and have a broader understanding of payer requirements and regulations across different regions.
5. How to choose right medical billing company?
To choose the right medical billing company, assess your billing needs, research and compare companies based on experience and reputation, evaluate their expertise and technology capabilities, and consider pricing and customer support.