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Medical Billing Services
Get your medical billing services taken care of by the best mpm companies around
Written by Steve Thompson
Medical billing services can greatly increase the efficiency and productivity of any health care organization. Physicians, clinics, hospitals, charity groups, and other health care givers can hire such services to process claims, collect payments, and keep track of pertinent financial data. This eliminates the need for in-house billing specialists.
Overview of medical billing services
Such services are designed to remove the burden of accounting from a medical office. They often use electronic billing programs to process your claims digitally, which means filing claims by computer as well as sending automated follow-up notices on past-due bills. Since the services employ industry experts, this can also improve accuracy for a health care provider in any type of practice.
Some of these services are practice-specific, which means they work only with professionals in your health specialty. This is often the best way to go, particularly if you work in a highly-specialized field where the minutiae of billing and coding is considerably more complicated.
Important features
If you’re going to pay for medical billing services, make sure you’re getting the most for your money. The point of the service is to actually increase your revenue with accuracy in billing and enhanced collection practices. If they aren't doing that, your money is wasted.
Look for companies that offer features such as patient insurance validation, Medicare and Medicaid billing, automatic remittance, regular financial reports, claims verification, and automatic error correction. If you have to pay extra for these services or if they aren't included, you’re better off looking someplace else.
Typical medical billing service prices
The cost of medical billing services vary and the pricing structure can sometimes get confusing. Some services bill per claim which means you are charged a flat fee for each claim they process. Some will charge a percentage of the total claims made, while others charge a monthly fee, sometimes with a smaller per-claim charge tacked on.
Expect to pay between $0.15 and $1.75 per claim. If you’re paying on a monthly basis, you’ll pay anywhere from $50 to $2,000 per month. Your fee will also depend on the number of physicians using the service, the number of claims processed per month, and the average number of claims you submit.
Things to consider
When reviewing medical billing services, find out if you’ll have to pay set-up fees again if you decide to upgrade your services, or how much extra you’ll have to spend should you add another physician to your practice. Ask about the security employed by the company to protect your records, and whether you can enjoy a discount if you prepay for services at the beginning of each month.
Are you ready to purchase medical billing services? 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.