26 Apr Medical Coding and Billing Companies – What They Provide
You may have your medical coding and billing being handled in-house. There are numerous benefits associated with having such services located within your office. Those include immediate communication, ease in sharing data, and an ability to secure confidential patient information. But employing medical coding and billing professionals in your office also involves the need to provide adequate space and equipment to process all claims and bills, the expense associated with such, and the cost of hiring those professionals as employees.
If your medical coding and billing activities are presently in-house, you may want to consider outsourcing their tasks. Doing so does have numerous benefits, as independent coding and billing companies are able to provide medical practices with expert services at reduced costs.
Going with a medical billing and coding company gives you access to expert knowledge. This is due to the fact that a company that is solely focused on handling billing, insurance claims, and payments has the staff that possesses the experience, depth, and most current information related to the entire industry. As opposed to a few individuals who would be earnestly working in your office, you have access to an entire company of specialists.
Checks and Balances
The medical coding and billing company will have a series or checks and balances involving your practice and their enterprise. This will help ensure that medical claim forms are completed and submitted on the correct manner each and every time. If you do run into problems, the billing company will strive to identify and correct them as soon as possible, as their fiscal health depends upon their ability to serve you efficiently and effectively.
Most medical coding and billing companies are paid when you get paid. That’s not true for those coders and billers that you might employ individually. Thus, if you outsource your medical invoicing, you will pay when the billing company is successful, which allows for much better cash flow and supports the fiscal solvency of your medical practice.
When you hire out your medical billing a buffer effect is created. That means that your office won’t have to handle phone calls from patients, insurers, and others related to a bill or a claim. That buffer effect allows you and your staff to focus on what they do best, which is provide medical services. In essence, you’ll be communicating on coding and billing with one entity, the outsourced company that’s handling those tasks. The company will be handling the queries from others, which means that they take on the brunt of the volume.
Imagine the costs savings when you hire a medical coding and billing company? As noted, you’ll save on space, equipment, and salaries. Plus, there are savings on employee benefits, overtime, and costs associated with supplies needed for processing.
In addition, working with a solid medical coding and billing company should save precious time and money associated with rejected claims and appeals. Finally, the possibility of a costly audit should also be reduced.
Does It Work for You?
Ask yourself if outsourcing your medical coding and billing will offer you the benefits as noted above. If so, take some time to shop around for the company that’s right for you. Consider the services they offer, how they charge and how much they charge, and what guarantees they offer.
Ask questions regarding communication, how appeals work, what protection they offer regarding audits and such, and anything else that might affect your decision. Outsourcing your medical coding and billing makes a lot of sense for many practices and doctors.