What Should a Professional Medical Billing Company Do For You?

There are many facets of medical billing, and professional billing companies vary in the services that they provide. These services can range from simply submitting the claim to the insurance carrier on your behalf, to a full service company who will not only submit the claim, but do the necessary follow up to ensure that you are being reimbursed in a timely and efficient manner. These full service companies also manage your receivables, and mail out monthly statements to your patients.

When researching billing companies, make sure you know what they offer, and that the company you choose is a good match for your needs. A reliable billing service will send your insurance claims electronically, follow up on claims that have been rejected by the insurance company, post all insurance payments, send secondary and tertiary claims, and finally send patients statements for any balance that may be due on the claim that they owe. The billing company you choose should also provide your practice with weekly and/or monthly financial reports.

Medical billing companies charge for their services in a variety of ways. Fees can be on a per claim basis as well as a percentage of monies collected. You should consider carefully which fee structure would benefit you most, and maximize your receivables. If a billing service charges its fees via percentage billing, the company would not collect any monies until the claim has run its course and has subsequently been paid by the insurance company. On the other hand, if you pay your billing service fees on a per claim fee basis, you may end up paying before the claim is even reviewed by the insurance company.

Medical billing companies have their own software which may be on a dedicated server in their office or on a web based server. A company which utilizes web based software will be able to let you view all of your patients' claims and information any time you choose. Some providers would prefer to be able to view this information as they see fit; this will ensure that providers can view what is actually being done on their behalf