The financial health of your practice is defined by how you manage your resources and money. One big part of that is medical billing, along with patient accounting and accounts receivable management. Fail to manage these areas correctly and you could be losing a lot of money and time.
Many healthcare practices handle this in-house, to the detriment of their bottom line. That’s because they often assign medical billing tasks to existing personnel with other job descriptions, which means medical billing gets a low priority.
As a result, you may experience low payment turnarounds, low collection rates and low satisfaction rates. You need someone who can lead your company in this area in order to maintain clear records, keep patient satisfaction high, get those payments coming in fuller and faster, and submitting timely insurance claims. More specifically, you need an outsourced firm that specializes in medical billing so that you can get peace of mind knowing it’s getting done right.
When it comes to medical billing costs, keep in mind that most such companies charge a percentage of collections, with rates that range from five to 10 percent. However, that range can shift by company, to between four and 15 percent. Some medical billing companies charge a flat fee per claim, with fees hovering between $1 and $8, with most charging medical billing costs of between $4 and $6. When shopping around, ask if the company separates the cost of inpatient and outpatient claims.
Don’t just look at the bottom line, however. Just because a company charges cheap rates doesn’t mean they won’t want a higher percentage of your profits. Always get it in writing and ask for a full outline of medical billing costs.
Did you know the #1 reason medical practices lose money is because they fail to collect co-pays, co-insurance or deductibles right from patients at the time of service? Other reasons you may be losing money include the failure to collect on non-covered services due to incorrect billing, as well as employee theft.
This is why you need a reputable medical billing company to handle your accounts. We can offer you an affordable medical billing cost that will be in in line with your budget, whether you have one or 25 licensed practitioners on staff. Request a free custom quote today to see just how low the medical billing cost to you can be.