It is hard to find a good healthcare billing company these days. The new ICD-10 has a lot of physicians scratching their heads. It is estimated that healthcare establishments are losing around 20% to 30% of their income due to incorrect or poor billing. Often, claims are rejected or have bad follow ups. A lot of billers simply give up on these 20 to 30% of claims because it is too hard to figure out what is going on. It is time consuming and often not worth the billers time. However, that is still a huge loss of income potential. Medical billing companies often take care of this for the doctor because they are specialists in the field.
Medical billing companies often get you 30% more money than your in house billers do. It is mainly because they are more familiar with the 100,000 different codes that are used on a daily basis for ailments. You need to understand that your company must be 100% HIPPA compliant. They may charge you anywhere from 4% to 16% to use their services. Instead of looking at price, look at your own pockets. If they can make your more money, why not use them? It is a no brainer.
Before signing up with a billing company, makes sure that they follow up on payments constantly. It takes an aggressive attitude to make this happen. Check on their reputation and what they are going to do for you when it comes to working on your service. Insurance companies love to reject claims and often look for any slight error that you may have. The battle between billers and insurance companies is that the insurance companies are always hoping to find a way not to pay you. The problem has gotten so bad that a large percentage of doctors are leaving their private practices and deciding to work for hospitals instead. The reason is because the job is more secure. When you work for yourself, there is no guarantee how often you will get a check and for how much. At least with a job, you know how much to expect each week.
When interviewing the billing company, make sure to ask them if they are HIPPA compliant. If they have no idea what you are talking about, run away fast! After all, the company is handling private information of patients. Hefts fines are given to companies that violate HIPPA. There are also specific time restraints. If the billing company that you are planning to use is so busy, they may forget to submit you're billing information on time. This is becoming a bigger problem with companies that have too many clients at one time.
Lastly, ask if their staff is certified in ICD-10. This is the new coding system that was released on October 1, 2015. If they are not, then don't use them. The medical billing industry is no longer using ICD-9. It is important to know that proper compliance with the law is mandatory. No matter what kind of a deal a business gives you, make sure that they are HIPPA compliant.
Medical billing companies often get you 30% more money than your in house billers do. It is mainly because they are more familiar with the 100,000 different codes that are used on a daily basis for ailments. You need to understand that your company must be 100% HIPPA compliant. They may charge you anywhere from 4% to 16% to use their services. Instead of looking at price, look at your own pockets. If they can make your more money, why not use them? It is a no brainer.
Before signing up with a billing company, makes sure that they follow up on payments constantly. It takes an aggressive attitude to make this happen. Check on their reputation and what they are going to do for you when it comes to working on your service. Insurance companies love to reject claims and often look for any slight error that you may have. The battle between billers and insurance companies is that the insurance companies are always hoping to find a way not to pay you. The problem has gotten so bad that a large percentage of doctors are leaving their private practices and deciding to work for hospitals instead. The reason is because the job is more secure. When you work for yourself, there is no guarantee how often you will get a check and for how much. At least with a job, you know how much to expect each week.
When interviewing the billing company, make sure to ask them if they are HIPPA compliant. If they have no idea what you are talking about, run away fast! After all, the company is handling private information of patients. Hefts fines are given to companies that violate HIPPA. There are also specific time restraints. If the billing company that you are planning to use is so busy, they may forget to submit you're billing information on time. This is becoming a bigger problem with companies that have too many clients at one time.
Lastly, ask if their staff is certified in ICD-10. This is the new coding system that was released on October 1, 2015. If they are not, then don't use them. The medical billing industry is no longer using ICD-9. It is important to know that proper compliance with the law is mandatory. No matter what kind of a deal a business gives you, make sure that they are HIPPA compliant.
About the Author:
Our organization has advanced medical billing techniques for our clients. We do ICD-10 coding and have been doing it for many years. We do a lot of behavioral health billing for our clients in Pennsylvania, New York and California. We take billing seriously and our clients often see a 30% revenue increase. We work with clients in the USA and welcome new clients as well.
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