To get the best financial results from your health care facility, there are a lot of moving parts to take care of. Medical billing services can help you manage your daily accounts while you focus on treating your patients. Having your patient accounting, medical billing, and accounts receivable management handled by a dedicated team will be instrumental in boosting your earnings.
A good billing service will be able to raise your revenue by at least 10%. Many clinics, private practices, and hospitals are beginning to use medical billing services. These services have proven to be more effective than billing in-house. There are some special billing services like urology medical billing services. So, hiring a well qualified, professional, and accountable billing service is crucial to making the best out of finances. If you need more information about Medical Billing Services, check this out.
Reasons why medical practices lose money
There are so many reasons why practices lose money. In his section, we will be covering some of the top reasons why practices lose money.
- Failing to collect co-insurance, deductibles from patients, and co-pay.
- Negligence or inexperience from your in-house billing staff. For example, unsubmitted claims, under coding insurance forms, and not following up on denied claims.
- Incorrect bills for services rendered and insurance contract exclusions.
- Unpaid services bills by patients.
These are just some of the major reasons why practices lose money. To combat these losses there’s a need to tighten the methods of handling all these processes. Getting efficient with your billing process is what prompts most hospitals to use Medical billing services.
Average Costs of Medical Billing Services
There are different methods of Medical Billing Services use in making revenue. Some companies charge between 5% to 10% while others charge around 4% to 15%. The best thing about these services is that they only get paid when your practice gets paid. This serves as an incentive to ensure your practice gets the best out of your Medical billing service.
Some services charge a flat rate per claim. These fees vary from $1 up to $8 and the most common fees paid are between $4 and $6. Before signing with any agency make sure the cost for inpatients and outpatients claims is separated. When considering a billing service, check how much percentage of your profits they would be sharing.
Other tasks outside basic claims processing are usually charged upfront as a licensing fee or on a monthly basis. Before picking any agency, make sure you discuss all their fees so that you know exactly how much the services would cost you. Look around for the best available rates before committing.
Conclusion
There are many factors that affect the price of medical billing. Ensure to get the best terms for your practice before signing up. The billing services all charge using different percentages. We hope this article has been helpful. Please share with others who might need this information.