How to Determine Medical Billing Services Fees Rates and Quotes
Medical Billing | Feb 27, 2017
Medical Billing Services Fees
Revenue of physician practices is dependent on the reimbursements of their medical bills. This is why, almost all practices, small or large; give immense importance to an efficient management of their finances, medical billing, account receivables and overall revenue cycle management. Medical billing is a specialized field and hiring the right human resources to manage this burdensome task for your practice involves huge cost and management skills. Therefore, most of the physician practices outsource their billing management to a medical billing company.
There are a lot of medical billing companies that offer their services at different scale. Some companies would charge a certain percentage of the overall collections and some may offer their services on a flat rate. An all inclusive feature rich medical billing service may cost you a higher percentage but eventually the service provider would enhance your collections and lend peace of mind.
How to decide on what should be the medical services fee? It can be as simple as to as for price quotation from different medical billing service providers, compare their quotes, check their experience and reach a medical billing service agreement. You can also decide by calculating the overall cost of your organization to manage billing and choose an outsourced billing company that can best handle it but charging you the same.
A full service medical billing company should cover:
- Medical Coding
- Entering patient demographics
- Patient Eligibility & Benefit Verification
- Claims Scrubbing
- Claims Submission
- Payment follow-ups and appeals
- Denial Management
- Monthly Reports
- Posting insurance and patient payments
- Clearing House Management
- EOBs & ERAs
Medical companies also offer some additional services other than the base billing service. Such as, the billing service provider may also help you out in provider credentialing & contracting, manage your front office and assist you in handling of clinical technologies.
Outsourcing the medical billing is beneficial in many ways. A full-service medical billing company would enter the clinical data and ICD/CPT codes, would take care of all your billing data. Although it involves a small medical billing service fee but over the course of time you would learn about all those weighty tasks that only a medical billing company can perform well and that would ultimately save you a lot of energies and time to focus on improving the patient care. Similarly, if the same service provider manages your practice management system that would help to eliminate any redundancy in the process and would positively impact your collections. This unilateral handling of clinical processes is also necessary to avoid any errors that can occur if managed by different resources.
There are different types of contracts or medical billing service agreements. Some medical billing companies involve upfront setup fee and sign a renewable agreement for a few months or it can be for a longer term ranging from 1 to 3 years.
Sybrid MD is leading medical billing company that is helping practices get paid faster and easier. The billing company charges 4% to 7% of practice collection (based on volume & specialty). Medical billing experts working for the company have got years of experience working with a number of physician practices, managing their EHR, Practice Management and Billing software applications. Within 48-hours of receipt of patient encounter forms (either in paper or electronically), billing experts scrub the claims to ensure that all relevant information for processing is included and only then submit the claims to the insurance company. Periodically, the certified billing experts enter all explanation of benefits, patient payments, and insurance payments and maintain accurate accounts receivable.