Many new business owners or experienced physicians looking to upgrade their business administration wonder whether outsourcing to a medical billing service is the right thing to do. Does outsourcing to a third party make more sense financially than doing it in house? Before you decide to take on the task of doing all the work in-house, you should understand the differences in costs that come from using a medical biller versus getting the job done by a member of your staff. If you use a medical billing service, your practice could expect an increase in the amount you collect. Outsourcing billing is favorable to doing the work in house for so many reasons. Why?… Read on!
In-house you would have to pay for the salary of your billing employees, plus healthcare, training costs, taxes, paper and office supplies, office space, not to mention the software and hardware costs and clearing house fees for claims. Your billing process may be inefficient, and when one goes on vacation you have to wait to have any claims processed until their return, you could have staff turnover and have to start over, your staff could just not be tech savvy, you’re a new doctor or an older practice with changing insurance or just updating the system, or maybe you just have other more important priorities (like your patients!). That’s quite enough reasons to use a medical billing service! A medical billing service has a staff of employees that just handle medical billing. Data entry and claims are processed, rejected or delinquent claims are followed up on. Accuracy is improved with a medical billing service. The medical billing experts are trained and savvy and when one goes on vacation, the claims still get processed, because there is a team of people that do just this work . All of your claims will be processed and any issues can be worked out, while you can focus on your patients!
Don’t assume that a billing service has a high collection rate on claims – because this is not always the case! However, medical billing companies can charge fees that vary widely. A medical billing service will typically charge a perfect of the amount collected as their fee. In other words, a medical billing company will take care of a number of claims per year, and so would charge a percentage of that direct claim collected as the fee for the service. Clearing house fees for a provider submitting 20,000 claims per year would be approximately $300 per month. Outsourcing to a third party biller would typically mean that you would get charged for a percentage of the amount you were to collect from those claims.
Medical billing companies can charge fees that vary widely but not Advanced Billing Concepts. Advanced Billing Concepts will pay the clearing house fees for you, and if that wasn’t enough, we do not charge to send out patient statements. A medical billing service will file more claims per day, more claims per year, getting them processed faster, thereby getting you your money faster. Getting paid faster means a larger return on your investment. You can take on more patients, increase your take home pay, take a vacation, upgrade office equipment or give your practice a facelift – even expanding it. These are just some of the things you can do when you use a medical billing service to do your dirty work!
At Advanced Billing Concepts we price based on your needs, your specialty, your number of providers and number of claims in a certain period.
Look for a medical billing advocate to help you if you have any questions or uncertainties. Advanced Billing Concepts is certified and can ensure you receive fair and reasonable prices. We will quote you honestly and accurately and best of all we have NO hidden fees!