It’s the medical biller’s job to negotiate and arrange for payment between these three parties. Specifically, the biller ensures that the healthcare provider is compensated for their services by billing both patients and payers. Healthcare providers need to be compensated for the services they perform and also need the freedom of mind to attend to their patients and better utilize their valuable time. The function of our medical billing companies is to streamline your medical practice and free medical practices of the paperwork that detracts from their ability to provide medical services. Our local and national medical billing companies and providers can offer the lowest rates on medical billing services, highest collection rates and best customer service to your patients.
Most medical billing companies charge a percentage of collections. Typical rates are between 5% to 10%, although it is possible for rates to be 4% to 15%. This is a major earning incentive that will make you more money. When you are choosing a medical billing company you will eb comparing both rates they charge as well as the rate at which they collect histocially. How much money you make for your work depends on medical billing rates and how successfully they can collect. They don't get paid unless you get paid. Some medical billing companies may request a higher percentage of profits but their performance and higher rate of success will often mean more total revenue for your practice. The resulting increased revenue may quickly account for the difference of paying that slightly higher rate. Compare the lowest rates, collection track records and fees of the top medical billing companies now.
Most medical billing companies offer small committment arrangements as a means of competiing with one another. Simple 30 or 60 day contracts that renew automatically are common. There may in some cases and programs be a small upfront setup cost when you first start using a mdeical billing provider. But, the service is yours until you choose to cancel and generally has no fee for canceling. Cancellation policies will often request that you provide some notice. Typical cancelation notice expectations may be 30 or 60 days. Longer-term contract, anywhere from 1-3 years. Sometimes the provider will assume the setup costs and offer lower rates for your commitment.
As a person who runs or owns your own medical practice you know that logistics and lack of organization is costing you money. For one reason or another, not collecting co-pays, co-insurance, or deductibles directly from patients is the same of having worked for free. Medical billing is about adding a specialist to the collection and billing portion of your revenue cycle. Someone laser focused on only one thing is always the best approach in business for efficiency. Negligence, inexperience, sloppiness of in house billing staff like having un-submitted claims, coding errors, under-coding insurance forms, and lack of proper follow up on denied claims all lead to losses which defeats the purpose of your practice and draws time and energy away from you and your patients. Compare the top rated and best priced medical billing providers in our network now and see how much more efficient and profitable your practice can be.
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