What do Billing Services do?
How can a billing service save you time and money?
a. Lost Revenue / Late payments
- Most insurance carriers have a timely filing limit, which as an in-network provider you are required to submit a clean claim within the specified time range. If your biller is unaware of these time limits, it could be costing your practice and resulting in lost revenue.
- Insurance carriers have a contractual agreement to pay you for services rendered within the contracted time frame. You could be losing out on consistent cash flow without proper follow-up on your outstanding claims.
- Did you know that your chances of collecting on an outstanding balance is 30% once the patient leaves their appointment? Properly verifying each patient’s coverage prior to their appointment will ensure that your office captures the patient’s financial responsibility and will help with your cash flow.
- It is estimated that 80% of medical bills contain errors.
- Insurance companies release monthly to quarterly newsletters updating providers of specific changes to their guidelines and rules for medical billing. If your staff is not current on the healthcare industry changes, it could cost your office time and money by staying uninformed.
- Coding errors also cause more time to be spent on claim follow up, appeals, and corrected claims.
- With a billing service, you have a consistent and reliable point of contact. You won’t need to worry about interviewing, hiring and training a new employee and will know you’re in good hands from the start.
- We offer convenient hours to help meet your practice’s needs. We’re here evenings and weekends to give your office the billing attention that can’t always wait until Monday.
- With a qualified medical biller supporting your practice, you won’t have to chase down patient balances, and spend your time with patients discussing balances, claims or insurance issues. We’re here to help alleviate that stress and give you more time to do what your practice needs. Shifting your staff’s focus from scheduling, referrals, authorizations, billing and payments, to just primary patient care will alleviate stress in your office.
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