Outsource Billing
Outsource Billing can Increase Your Collections
Outsource Billing is a great way to increase your collections and reduce your overhead.
Outsource Billing refers to the process of a company using external providers to manage its billing.
Contracting a home-based billing company can relieve you of alot of nagging paperwork so you can tend to the treatment of your patients. It also costs about half or less of what you would pay
an in-house billing clerk for a salary. You must, however, make sure to entrust an honest, competent and experienced Outsource Billing Company, like Millin Medical of New York, so you can feel comfortable that all the proper work is being done accurately and in a timely manner.
In it's simplest form, an outsource billing company will pick up all the paperwork on a weekly basis,
or have it transmitted to them electronically by networking with the practice's computer and software with its own. This way the doctor can view all of the billing and data. Insurance checks go to a bank account in your name and EOB statements got to the company and post payments
and submit the claims to payers via a medical billing software program. It will usually bill large insurers and medicare electronically through a clearinghouse. Most outsource billing companies charge
8 to 13 percentage of what they collect. Specialists are normally charged a smaller percent,
because they are usually for larger amounts of money. Some outsource billing companies
charge a flat fee per claim, regardless of what type of claim it is.
Some good questions to ask, before choosing you outsource billing company, are;
Is the company using the latest version of its billing software?,
Does the company specialize in your branch of medicine or have experts that do?,
Do they have enough staff to facilitate a 24 or at least 48 hour turn-around time?,
Are the company's Billers Certified and have they attended
the latest coding seminars, so their skills are up to date?,
Are they collecting at least 95% of adjusted charges and getting paid within an average of 60 days?, Does the company generate all the same A/R Reports
(daily, 30 days, 31-60 days, etc, age A/R by payer) that you would in-house?,
Are they accurate with their coding?,
Are they determined to recover funds or lazy?,
Are the Insurance payments sent to a lock box or received by the
billing company who then deposits them into your account?,
Are they HIPAA Compliant or do they submit claims with a clearing house that is?,
Are they backing up data and storing a copy off-site?,
Are they using a firewall for protection from hackers?,
etc.
The best way to find a good outsource billing company is to ask your colleagues for referrals.
One highly recommended outsource billing company located on Long Island in New York is
Millin Medical Associates. They have a great reputation and a long list of satisfied
clients, from medical clinics to large medical centers for whom they provide outsource billing.
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