Most small medical practices, wonder what medical billing services are and how they can help them. Medical billing services can assist with various time-consuming tasks, such as claims processing, payments, and patient collections.
In addition to above, they can keep track of your patient’s medical records and bills so providers can focus on seeing patients and providing quality care.
This article, we will explore medical billing services and how they can benefit small practices.
Medical Billing Services for Small Practices
Medical billing services for small practices process and submit insurance claims on behalf of healthcare providers along with billing patients for their portion of the medical bill. Physicians, clinics, and other medical practices that do not have in-house billing departments will typically use them.
These companies handle all aspects of the claim cycle, from submitting claims to insurance companies to following up on unpaid claims. They also provide detailed reports on practices so that providers can track their revenue.
Billing services can also be called Revenue Cycle Management Companies, usually charge a percentage of the total amount of money they collect on behalf of a practice. The fee will vary depending on the size and complexity of the practice, as well as the number of claims that need to be processed and number of providers
There are so many benefits to using a professional medical billing service, including an increase of cash flow, improved claim accuracy and processing, and a reduction of administrative costs. In addition, billing services can often provide valuable insight into a practice financial health and areas where improvements can be made.
Why Use a Medical Billing Service?
When you have a small medical practice, you have a lot of responsibilities. You are the doctor, the nurse, the administrator, and the receptionist. According to studies, the average physician spends approximately 49.2% of their time on clerical and administrative work. That is a lot of time spent on paperwork instead of focusing on your patient’s health. The best way to free up time is to outsource your medical and patient billing to a professional service. Below are three reasons why it would make sense to use a medical billing service for your small practice:
1. Increased Revenue and Faster Payments
With a medical billing service or Revenue Cycle Management company, you’ll get paid faster because all claims will be submitted electronically, and claims will be tracked until they are paid. They will also follow up on any claims that are denied, so you don’t have to waste your time doing it.
2. Spend Less Time on Billing
By outsourcing your medical billing, you’ll spend less time on billing and more time with your patients and their health. This is because a medical billing service handles all the billing for you, so you don’t have to worry this function.
3. Medical Billing Services Provide Expertise for providers
When you use a medical billing service, you will get the expertise and experience that you need to get paid fast that you may not have in-house. This is especially true with most medical billing services, as they can provide a much more tailored experience and ensure that your claims are processed correctly.
What Size Medical Billing Service or Revenue Cycle Management Company Should I Choose?
The world of medical billing and coding is large and service providers come in all shapes and sizes. When choosing a medical billing and coding service, how do you know if a large service is right for you, or if a smaller, more intimate service is a better fit?
Here are a few major differences between large and small medical billing services to help you make the best decision for your needs.
Price Differences
For starters, large medical billing services tend to have larger percentage rates and are more expensive than smaller ones. They have more overhead costs and may require you to sign a long-term contract. Smaller medical billing services are flexible and can customize their services to your specific needs.
Customer Service
Customer service with a small medical billing service tends to be more personable and responsive to issues than larger companies. When you have a question or concern, you are likely to get a quick response from a smaller service. Large services may have a dedicated customer service team, but they are often backlogged with requests and may take days or even weeks to get you a response.
Experience
Another key difference is the level of experience and expertise you can expect from a small versus large medical billing service. Large companies may have a team of coders who are experts in a variety of coding systems, but they are likely to have less experience with your specific systems. Smaller providers may not have as many coders on staff, but they’re likely to have a deep understanding of and is willing to master your system and optimize it for billing purposes.
Adaptability
Finally, small medical billing services are often willing to implement new processes rather than large companies when it comes to implementing new technologies. Large services may have a team of developers working on new features or integrations, but they are often slow to roll out new updates. Smaller services can quickly adopt new technologies and put them into action for their clients.
If your small practice is looking for a partner to help you with the ever-changing world of healthcare, give MindParcs, Inc a call! We have been providing exceptional service for over 20 years.
Our team of experts have a wealth of experience and knowledge across all specialties and areas of medical practice management! Contact us today at www.mindparcs.com or call 800-258-7150.
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