Believe it or not, almost one fourth of all medical income is lost every year due to under coding, non-reimbursed claims, or claims missed. Millions of dollars is lost yearly owing to improper billing and billing errors. More and more doctors in the US are looking for cost-effective means to handle their medical billings. Nobody can underrate the importance of having error-free and accurate billing reports. An error-prone medical bill can cause you much discomfort and losses. Owing to the increasing demand in medical billing outsourcing, plenty of medical billing companies flourish in the US. A professional physician billing company can bring many benefits to doctors. By outsourcing, physicians can concentrate on their core duty of patient care.
Medical billing for doctors is carried out by experts in the US. It is a good idea to hire an experienced firm in the US that provides medical billing services. Such firms in the US have medical billers who are experts in almost all medical specialties such as anesthesiology, pathology, neurology, orthopedics, podiatry, psychiatry, internal medicine and more. Medical billing services provided by these firms are beneficial for individual physician offices, doctors, hospitals and other healthcare providers.
Common Services of Medical Billing Firms in the US
- Patient scheduling and reminders
- Patient and insurance enrollment
- Insurance verification and authorizations
- Coding and audits
- Billing and reconciling of accounts
- AR management for insurance and patients
- Account analysis and denial management
- Financial management reporting
Benefits of Hiring Medical Billing Companies
- Staff Expertise: Medical coding and billing should be done by expert staffs only. Most US billing companies have a highly professional and trained billing team that is capable of producing flawless reports that facilitate easy reimbursements. They use the latest technologies and billing software to perform the medical billing process.
- Accuracy and quality: Most professional medical billing firms in the US are very keen on producing accurate billing reports. Such firms produce 99 percent accuracy in the billing reports using high end technology and experienced staffs. Leading firms in the US deliver three levels of quality checks to ensure utmost quality to the medical reports.
- Adopts smart accounting practices: Billing firms can enforce payment from insurance companies and patients who do not pay on time.
- HIPAA Compliance: Outstanding billing firms in the US stick on to HIPAA guidelines. They handle medical billing reports in a highly confidential and secure manner. They adopt stringent security measures for keeping documents in a secure way. Most companies employ safe file transfer protocols and FTP.
- Keeping up with time: Billing firms help you to be up-to-date with all new rules and regulations on health care billing.
- Quick turnaround time: Many billing firms deliver services within minimum turnaround time.
- Affordability: Outsourcing medical billing services can bring you a saving of 30 to 40 percent.