Medical Insurance Billing Services Verifying The Sales Pitch With Reference Checks4622548
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Theoretically, a billing service should be able collect more money than a physician's office because it is our core competency. The question is how much more? This is why I focus on how to choose a billing service at the end of this article.
In your next manual, you'll find your instructions for setting up your databases. This is where you will find out how to enter data for doctor files, inventory files, patient files and so on. This section of the manual will usually have diagrams of each data entry screen so the user will know where each field is. Also, a complete description of each field will be included as well. For fields that tie in to medical forms, the manual will also tell the user which forms the field goes to as well as where on the form, such as line number.
2. I am a physician who has absolutely no time or interest in the medical billing aspect of my practice. I am completely reliant upon my office manager and billing staff.
C. A billing service should be able to increase your security levels by creating a system of checks and balances. As a former police officer I can assure you that crime statistics indicate most embezzlement/fraud/theft occurs from within. During an investigation a store manager for Sears and Roebuck Co. once told me," our customers take it out piecemeal but our employees take it out in wheel barrels" This logic also applies to a doctor's office. A billing service can provide an extra layer of protection because there is a system of independent checks and balances. Typically billing services are fairly large businesses with strict internal controls. My organization MediBill Inc. Operates internally similar to a banking institution with the way we handle funds. It is highly unlikely that the ownership of a reputable medical billing firm would risk the consequences of committing fraud against a client.
Use your KPI data. Falling within the industry norms on key measures should certainly be your goal, but its easy to be distracted by the multitude of external challenges that influence your performance. For this reason, recognize the upper limits that is, the OMG (oh, my gosh, for my nontexting friends) factors:
B. A billing service should be able to provide you with a substantial reduction in your daytoday aggravations such as practice management software issues, fewer employees, hassle of hiring competent employees, less health insurance, less training, ECT..ect. Conversely you will however lose some control over your practice. If the billing service does not collect more money your expenses will increase. It's up to you to determine whether or not the increased expense is offset by decreased aggravation.
Although focusing on the over 120 day category is recommended, you can certainly measure your success by evaluating the percent over (or under) any of the aging categories. The key is to choose a category and stick to it.
Use automation. The influence of automation cant be overstated. Improve your cash flow by automating insurance coverage and benefits eligibility verification, charge scrubbing, electronic remittance, funds transfer, remote deposit and the many other technological tools available to the medical billing industry.
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