A medical billing company can be described as a service that manages the billing of healthcare providers. These companies typically offer managed billing services in full or in part. There is no one-size fits all solution for medical billing. It can be challenging to find the right partner who understands your specialty, billing needs, and practice.
Practitioners desire to spend more time with their patients and less time doing administrative work. It doesn’t matter if you are an individual physician or part of large practices, outsourcing part or all of your medical billing is a time-saver. This reduces the time you spend verifying eligibility, reviewing claims, denials, and then following up. The automated scrubber process reduces the chance of errors in coding and saves time fixing them.
Improve the financial performance of your practice
Medical billing is an important part of any private practice. But why is it so crucial? Many reasons exist, but they all boil down to one thing: survival.
Most patients don’t pay full price for private practice visits. While some patients may be able to pay copays with a credit card before leaving your office, most patients will need to bill their insurance company for reimbursement.
Solo practitioners depend heavily on the ability to manage their revenue, submit claims promptly, and receive reimbursement from insurance companies for their survival. It is not unusual for private practitioners to wait weeks, if not months, for reimbursement.
Most medical billing companies charge a percentage of the overall billing collections they generate. Less revenue equals lower profits. It’s that simple.
Specialized medical billing services
Why not have someone hired to code and bill the practice? Many doctors do. Healthcare billing can be complicated today.
Private practices should bill as efficiently and quickly as possible. To keep the office open, and to pay payroll and expenses, revenue must be generated. Even doctors have to be paid a salary. Your services are valuable and you should be compensated.
The overwhelming majority of solo and small physician practices still use in-house billing, with some success. If a doctor wants to be paid, medical billing is essential for a private practice.
In-house medical billing may be more efficient than outsourcing in certain situations. The key is to get the best return on your investment. A medical billing company can help you save money on overheads and employee wages, lower the risk of errors, and offer consistency and transparency.
Your billing company partner will guide you through the data collection process to ensure your long-term success. Your partner in billing will help you understand the requirements on the front-end to streamline your medical billing on the back-end.
Medical billing experts you can trust
A large number of medical billing firms don’t usually work with solo or small practices, which is why many private physicians have difficulty with medical billing. Why is this? These accounts are usually smaller. We don’t believe that is the case. We love working with small- to medium-sized practices.
Merchants Credit Bureau offers outsourced billing services. You get more than billing expertise. You get a partner who is there to help you succeed.