Is your in-house biller providing the following services?
- Contract negotiations — If not done properly, you will always receive lower payments. The more often you accept lower payments the more you will be subjected to a relentless cycle of lower payment receipts.
- Credentialing — Inaccuracy will result in delayed and/or rejected claims.
- Coding — The accurate level of service must be captured based on documentation. Claim submissions — If not done in a timely manner, the result will be non-payment.
- Collection and follow-up — No money should ever be left on the table, especially with new changes stemming from the Accountable Care Act, where patients are responsible for co-pays, higher deductibles and co-insurance.
- Benchmarking payments — Ensure you are being paid comparatively to other providers of the same services.
- Ongoing education — From ICD-10, obsolete codes to new local and federal mandate changes, continued education means always being on the forefront of the aforementioned.
- Financial analysis and reporting — In-depth review and reports of where collection of payments are not occurring, as well as compliance reports, are essential for the financial health of the practice.
Convinced but concerned about the cost of outsourcing? The average salary of a full time medical biller is $5,000 a month. Outsourcing your billing not only will cost less but you will receive fully comprehensive expert services. Not to mention your billing will never suffer due to employee turnover rates, vacation or personal leaves.