If you run or manage a medical business, you already have a lot to do. Dealing with billing and insurance shouldn't have to be one of them. Luckily, you can choose a medical billing company to handle the paperwork for you. If you would like to know more, keep reading.
1. You'll Save Time
Running any business takes a lot of work, but medical billing can eat up a lot of time that is better spent elsewhere. By partnering with a medical billing company, you may actually improve your bottom line because employees can do more important tasks instead of focusing on billing. In addition, you don't have to worry about learning the proper codes for procedures and diagnoses.
2. Billing Companies Know the Regulations
A medical billing company specializes in the industry, so they better understand the rules and regulations associated with billing. They may also have a better database that stores all the necessary information. Finally, because medical billing is their specialty, they take the time to learn the ever-changing world of medical billing. For example, they:
- Stay up to date on current CPT and ICD codes
- Comply with HIPPA regulations
They may also be able to get bills to insurance carriers faster for quicker payments since employees are only focused on medical billing. Depending on the company, they may also have longer hours.
3. Billing Companies May Better Understand Insurance
Insurance carriers have a lot of rules regarding the information provided on medical claims. Some may require unique identification numbers while others use social security numbers. Some may fully deny claims if the CPT or ICD codes are wrong. Many carriers may require medical notes to justify certain procedures.
On top of that, the regulations can vary drastically for each insurance carrier and individual policy. For example, one insurance carrier may cover some procedures at 100 percent, but another carrier may only cover 75 percent. You'll also need to find out if the insurance carrier allows you to bill the patient for that remaining amount.
The billing companies frequently work with different insurance carriers, so they better understand what to include. This reduces the chances of having the claim sent back or rejected, so the office gets paid faster.
Medical billing is incredibly important, but it also involves a lot of numbers and regulations. If you're sick of struggling with it yourself, let a medical billing company take over.
For more info, contact a company like Altos, Inc.Share