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Medical Billing
Learn more about medical billing and coding
Written by Steve Thompson
Medical billing and coding has undergone numerous changes over the last few years thanks to new technological developments. Where much of the calculations were once done by hand, they can now be handled electronically.
Overview of medical billing and coding
There are two basic ways in which a medical professional can handle billing and coding: take care of it in-house with employees and software or hire an independent billing and coding service to handle these tasks. Either option is acceptable, but professionals must consider the specifics of their own practices before making a decision.
Software programs must be learned by billing and coding administrative personnel. There are different products on the market, and switching packages will mean retraining employees. However, this means more control over your practice, plus you don't have to worry about hidden fees and red tape when your own employees are responsible for it.
A medical billing and coding service, on the other hand, takes your office out of the equation. You hand over the necessary data, and it handles all of the administrative work for you. This usually means remitting a monthly fee based on volume and other factors, but you don't have to worry about paying salaries or benefits.
Price ranges
What you pay for medical billing and coding will depend on which route you take, how many patients you tend to, and the complexity of your claims. For example, when you use an outsourced service, paper claims often cost more than electronic ones because they take longer.
In addition, there are different types of software packages available. For example, you might simply need an electronic medical records (EMR) package while other practices need practice management software, which is a more comprehensive program. The prices for these packages can range from $300 for a single-user basic coding application to more than $3,000 for multiple applications.
Medical billing and coding services, on the other hand, will generally charge a monthly fee that ranges from $200 to more than $1,000. Again, it depends on the volume and complexity of your billing and coding needs. These fees are usually a percentage of the total claims amounts processed in a given month.
Choosing a provider
If you are going to hire a medical billing and coding service, there are several things you should consider. First, determine your monthly volume to figure out whether it will be more cost-effective to pay a fee based on percentage, or a flat fee per claim. A physician who serves a greater number of patients at lower prices per claim would do better with the former option.
Regardless of whether you use software or a service, make sure you check out the provider carefully. Can they each provide customer testimonials? Will the provider give you references to check? Look at several different providers and compare their prices, reputations, and what you get for your money before making your decision.
Are you ready to purchase medical billing and coding? Submit a free request for price quotes and get matched to multiple dealers who will try to get you the best deal for your business.