Medical Billing Services

The benefits of using a medical billing service

Medical Billing Services

Contracting out your practice's accounts receivable to a medical billing service can result in significant savings in time and money. It is estimated that medical billing specialists can actually boost a clinic's revenue by 30 percent. The more efficient billing systems offered by such a service means faster receivables and better cash management, as well.

Streamline Your Administration

Medical billing companies offer many more services besides simple bill collection. Most can also perform related functions such as insurance eligibility verification, electronic prescription checking and automated appointment reminders. All of these services save you money by eliminating the need for in-house personnel to perform these tasks, as well as the associated overhead. Your staff can focus on more pertinent aspects of patient care.

Even more compelling is that many medical billing services can act as consultants, helping you to streamline your in-house administrative processes. A medical billing company can also help you to convert your paper-based records to an electronic system, which takes up much less room (saving on storage costs) and is much more efficient to use (improving productivity). What's more, the federal government will soon be offering financial incentives to health care providers who use electronic records.

How to Choose a Medical Billing Service

Look for a medical billing company that has experience working with clients in your medical field. Their staff should be familiar with the procedures and services you bill for.

Ask the company about the personnel who will be assigned to your account. How many employees will be working on your account? How much experience do they have, and are they credentialed? In the end, the quality of service you receive will depend on who is providing it.

Remember that legal compliance with billing regulations is your responsibility, even if you outsource collections to a medical billing service. Be sure that the company and its employees are up to date on current regulations. Ask about the compliance procedures staff are required to follow, and how staff are informed of changes to government regulations. Ask if the company has ever been involved in a claims review or compliance charge.

Finally, review the company's customer service policies. Their personnel will be dealing directly with your patients, representing your practice. Choose a medical billing business that will reflect positively on your image.

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