Medical Billing Services - An Analysis

NEW YORK - Dec. 6, 2017 - PRLog -- Running of a medical or healthcare practice is a combination of a number of factors. The services it provides and the service quality is as important as the billing operations because your medical practice is also your business and it needs to earn revenue to survive. In this context, medical billing services have started playing a big role as conventional in-house billing is losing the plot to the demand of the practice.

Medical billing is a complicated process with a lot of technicalities that make it very error prone. The in-house billing executives have to take a lot of responsibilities including coding errors, processing prior authorization requests, dealing with insurance companies, account receivables, etc. Medical practices, especially small to mid-sized ones are fast opting for professional medical billing service.

So, why do these medical providers are casting their votes for the outsourced medical billing services and not anymore relying on the conventional in-house billing? Let's find out by contrasting the services of the two types.

Medical billing has today gone to the next level with the usage of EMR and EHR being an absolute necessity. To bring a practice under the complete electronic platform is an absolutely necessity and the need for practice management software to keep track of patients' balances and send bills to payers. The practices have to employ a certified medical coder on staff only to oversee the operation, responsible for responding to any rejections or denied claims. This demands a lot of responsibilities and the persons involved in this should be a dedicated one. So, to keep such a staff member, the practice will have spent more. Even if they want to train an existing employee the cost of training and the time involved will be a considerable one. Then as CD-10 coding has largely been implemented across the industry, the billing executives are required to be experienced and efficient coders. It's crucial to stay updated on the ever-changing regulatory framework and new policies. All these become too demanding for a regular billing executive, which in turn may result in loss of time and money. The best way is to get help from a professional medical billing service who will provide dedicated billing personnel to take care of the entire or part of all the billing processes.

If you think it might increase your expenses, you are mostly wrong as some of the trusted medical billing service companies offer service charges as low as $5 per case. Some of these companies offer to take care of your revenue cycle management and practice management and provide a holistic billing remedy. A good medical billing service helps you increase your collection rate, reduce rejections, provide accounts receivable assistance, and more. They keep you in the loop through regular on-demand reports and view your daily finances through the company's software as well. The outsourced medical billing services can result in more money for the providers by saving the in-house own staff from coding and billing and set them free for other important tasks. It's in all probability a win-win situation for a medical provider.

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