06 Sep Five Ways a Medical and Billing Coding Company Saves Practices Money
If presently you are performing medical billing and coding duties in-house, you may want to investigate contracting an outside provider for such services. Doing so can save your practice money, while affording you the power that comes with hiring an organization that specializes in and is heavily invested in medical billing and coding. Here are five ways in which a medical billing and coding company can save your medical practice money.
Contracting Services Versus Employees
It is usually less expensive to contract medical billing and coding services than to hire someone in-house to do the same job. First, you are no longer paying certain payroll taxes and insurance costs. The company you have contracted handles these expenses, as they have their own employees. Thus, you are, in essence, paying for the work that they perform, which includes a small percentage of any such payroll and employee expenses, which are divided up amongst the company’s various clients and are included in the fee they charge.
Fewer Denials and Resubmissions
A medical billing and coding company is composed of professionals focused very specifically on making sure that they are current and up-to-date on every aspect of their field. Personnel undergo ongoing training, have immediate access to all new information, and possess the ability to focus on specific claim areas. This makes for medical billers and coders who can spot problems with claims before they are submitted, make fewer mistakes, and have fewer claims rejected.
Those working for a company that specializes in medical billing and coding have certain procedures that they follow to assure maximum efficiency in submitting claims. Additionally, there is a company structure predicated on smoothly facilitating billing and in interacting with payers and clients in an effective manner. The more efficient they are the more beneficial it is to you and them.
Software and Technical Training
Although you and your staff will still need to be involved in some aspect of technical training, the complexity of insurance forms, billing and coding procedures to implement payment, and major software purchases will be curtailed, saving you money.
Flexibility of the Marketplace
As someone who now has the ability to choose from a wide range of medical billing and coding companies, you can fully utilize the marketplace and find the company that best meets your needs and that does so at the right price. There are a lot of very fine medical billing companies from which you may choose. Plus, if for some reason the one you do contract does not perform to expectations, you can always switch to another service provider.
Defining Your Needs and Goals
Prior to shopping for a medical billing and coding company, it is important to define your needs and your goals. What do you want and expect from a company? Does your practice have any sort of special concerns, distinct features, or atypical challenges? How much are you willing to spend?
Interview various companies to find out how they work, what their procedures are, what their denial rates stand at, how they price their services, and in what manner they are handling the new ICD-10 coding system. Will their efficiency, services, and knowledge save you money by offering faster turnaround and more first-time payments on claims? Are they a good fit with you and your practice? With some effort and time, you will find the medical billing and coding company that is right for you.