Do you want to get faster payments from insurance claims with fewer errors? Medical billing services can provide exactly that – and a lower cost than hiring and training in-house staffers. Whether you're a solo practitioner or part of a 10 doctor practice, a medical billing service can improve your collections and relieve you of some administrative burdens.
Modern billing services do away with paper if at all possible. They'll set you up with a front-end billing system that makes it easy to enter all the information the insurance clearinghouse needs to submit a claim to the payer: patient demographics, insurance details, and diagnosis and procedure codes.
Once you enter the information, the service checks it before they pass it on to the clearinghouse. Billing services spend considerable time and effort staying up to date on diagnosis codes and insurance regulations, so they can help catch errors and omissions that would have caused rejections or delays in payment.
Most services will work with you to set up an electronic lockbox, which allows payments to be automatically deposited into your account, while they get the details from the explanation of benefits statements so they can track their progress.
The biggest benefit of medical billing services is their dedication to followup on rejected and denied claims. The service you choose should demonstrate that they're dedicated to ferreting out mistakes, tracking down insurance problems, and generally resolving any billing problems to help maximize your collections.
You'll also find that many services can provide additional services, such as appointment scheduling and integrated electronic medical records software. And you'll get good insight into the financial health of your practice thanks to detailed monthly reports that list out your claims, collections, rejections and denials, and more.
