21 Aug Important Features To Look For In A Medical Billing Company
Both new and established medical practices may make the decision to hire a medical billing company to take care of filing insurance claims and billing their patients for any charges they owe. A physician who is just getting started with a new practice can find it more than a little difficult to find the qualified employees to maintain in-house billing at a time when these qualifications are highly in demand. An established medical practice that has in-house billing may make the transition to a medical billing company avoid the costs of training their existing employees to keep them current with changes in the healthcare laws.
Making the decision to hire an outside company for your billing needs is just the first step towards getting the best claim payment rate for your business. Although being current on the coding requirements for insurance is an important feature for the company responsible for your insurance claims, there are also a number of other factors that will make a difference in how satisfied you are with the service you receive.
Just as the requirements for medical billing do not remain consistent, neither do the services provided by the medical billing company. Their approach to pricing should be related to current market conditions, the amount of input the medical facility will have on the process and the overall income of the medical facility. The effort that the company must make and the amount of time they put into filing your claims should be reflected in the price they charge.
There are also differences between those practices that have only one or two medical providers in comparison to a facility where a team of specialists sees patients, either within the same area of specialty or several. Each area of medical specialty has specific requirements that must be considered for each claim made to the insurance company.
Coding According to AAPC Standards
The ability to meet the standards of coding is one reason that many practices are outsourcing their billing to a third party billing company. While coders are not required to be certified under law, certification ensures that the people handling your insurance claims have an in-depth understanding of current coding procedures so that you get fewer denials.
Medical Billing Software
For many practices, implementing medical billing software into their current electronics system is a compromise between in-house and outsourcing their billing. Today’s medical billing software is highly advanced with the flexibility to customize it to the specific practice and the unique needs of the health care providers. A system that can be integrated into your electronic records will make it fast and easy to submit your claims without the time required to manually address each claim the way they were in the past.
Regardless of whether you determine that billing software or the comprehensive services of a medical billing company are the best choice for your needs, you must consider whether they will provide a full range of solutions for your practice from the initial claim filing to the managing of accounts receivable. The most valuable resource will be the one that meets your needs and improves the profit margin for your practice.