If you think it will cost too much to outsource your medical billing needs, think again. In fact, it’s much more affordable than you think. Typical medical billing rates are based on a percentage of the amount you receive from both insurance companies and patients. The amount you pay will largely depend on the specific services you need as well as how many licensed practitioners you have on staff. Our services can accommodate providers with between one and 25 doctors on staff, or even more.
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In addition to basic medical billing services, you can also add on other items such as practice management software and medical coding services. The industry standard for medical billing rates is between five and seven percent of the amount you receive, plus any extra services you check off. To find out which of our plans fits your budget, request a quote on our online form today and be prepared to be pleasantly surprised at how affordable our medical billing rates actually are.
Medical billing rates are not always cut and dried. You really have to research the costs of each company you consider, as many companies charge in different ways. Always get costs outlined in writing so you can clearly see the breakdown of where your money is going. Some companies offer dirt cheap per-claim rates but they want a bigger percentage of your profits, which can negate all the initial savings.
Some companies offer contracts in 30 or 60-day increments, with upfront set-up costs and the ability to cancel at any time with a month or two notice. Other companies offer long-term contracts that can range from one to three years; in this case, the medical billing company may absorb those setup costs. We believe your business needs a check-up every once in awhile to determine its financial health. You could be losing money on medical billing and you don’t even realize it. If you currently manage patient accounts and billing in-house, assigning tasks to existing personnel with other job descriptions, you’re doing a number on your bottom line. This can equate to low payment turnarounds, low collection rates and low satisfaction rates.
Instead, you need an outsourced firm that specializes in medical billing for healthcare providers. This way, you can maintain clear records, keep patient satisfaction high, get those payments coming in fuller and faster, and submit timely insurance claims. When it comes to medical billing rates, keep in mind that most such companies charge a percentage of collections, with rates ranging between five and 10 percent. Depending on where you live or what kinds of services you want, those rates can range from four to 15 percent.
If you choose a medical billing company that charges a flat fee per claim, you’re looking at pricing between $1 and $8, or an average of between $4 and $6. Some companies even separate the cost of inpatient and outpatient claims, so be sure to ask. The top reason medical practices lose money is due to the failure to collect co-pays, co-insurance or deductibles right from patients at the time of service. Another reason could be employee theft and yet another reason could be due to non-collection on uncovered services stemming from incorrect billing.
Choosing a reputable medical billing company can help turn your situation around. From chiropractic to specialty to dental, we cater to all kinds of healthcare providers, accommodating between one and 25 licensed practitioners. To find out just how affordable medical billing rates can be, request a free custom quote today.