A Detailed Guide on Medical Billing Outsourcing

1. Gone are the days when the organizations used to rely on their in-house employees as the people driving the business’s success, and the same is the story for medical practices. Despite their talent, capability, and skills, they often fall short in managing the time and keeping up-to-date with the frequent changes in the healthcare industry, mainly the medical billing and coding system. Hence, a comprehensive plan for the practice must be put in place to warrant the successful financial growth of the organization. One of the best ways to ensure that efficient and effective medical billing processing is done with the assurance of 100% reimbursement is by outsourcing medical billing and coding.  However, the idea of giving the responsibility by the practices of such an integral part of the healthcare system to an off-shore medical billing and coding company can be pretty daunting. But if you follow this detailed guide on why and how to outsource medical billing properly to a third party, you can definitely ensure the financial health of your practice with other benefits A Detailed Guide on Medical Billing Outsourcing info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

2. Medical Billing Outsourcing – A Percentage Pricing Model  When a medical practice considers outsource medical billing and collection, the percentage pricing model becomes an area of concern.  The core reason behind such concern is that the practice is already dependent on their in-house staff for all the medical billing and collection activities; they often fail to understand the model of ‘success fee’ and its benefits. The other concern that plagues the practice when considering the percentage pricing model is the knowledge of the covered services for medical billing and coding.  info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

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4. What Is the Percentage Pricing Model? The model is also referred as the ‘success fee’ model because the outsourced company gets a percentage from the successful collection they have made. The collection generally includes a portion from the gross collection of payments received from payers, patients, and self-pay categories.  This model is one of the best in the healthcare industry since the outsourced medical billing company gets paid only for successful collection. Hence the onus is on the outsourced billing and coding company to increase their collection rate for the practice to enjoy better revenue for their business.  info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

5. Services Covered •  Revenue cycle management, under which the following services will be processed • Demographic entry  • Coding • Charge entry  • Claims transmission • Taking care of transmission rejection  • Payment posting  • Denials management  • AR follow-up  • Credentialing  • Insurance benefit verification  • Patient calling • However, the services can also include an extra fee or within the scope of service: • Patient statement charges  • Software purchase • Software set-up  • Document management  • EHR/PMS • Contact negotiation with payers • The percentage fee can change since none of these services are set in stone and can be customized as per the practice and the outsourced billing company. As a result, there are no standard rate cards since the pricing percentage also changes based on specialties, software provided, and collection. 

6. Why Outsource The Medical Billing?  • A successful medical practice can only happen when you offer the best patient care. In addition, it is possible when you have a healthy cash flow. Unfortunately, many medical practices fail to provide the best patient satisfaction because of the failure to have a comprehensive revenue management system. Also, the other factor that impedes success is changes like ICD-10 implementation, the need to upgrade the software and technology, and regular staff training. All of these eventually eat into the revenue of the practice. info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

7. Latest Technology & Software Most outsourced medical billing makes their name in the market by offering the latest state-of-the-art software and technology. Since most of these constantly get upgrades to suit the changing environment of the healthcare system, the cost involved in buying and upgrading it can be quite a lot. On the other hand, when you outsource the billing system, you can enjoy all these latest technologies much more cost-effectively. This is because most third-party companies charge for the software and the technology for once and then offer their service and up-gradation for a minimal cost, which is way less than installing your software.  info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

8. Claim Denial Reduction • Often the in-house staff members fail to get regular and adequate training regarding the continuous healthcare billing and compliance updates. However, when you partner with a reputed billing and collection organization, you do not have to worry about training your staff to follow the current standards. Instead, the outsourced organization brings in its pool of well-trained staff, which are up-to-date with the latest technology, software, and billing procedures to ensure no claim denials. info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

9. Integrating with EHR • Any in-house medical billing team will tell that electronic health records (EHR) are frustrating and nightmarish and a time-consuming process. However, when you outsource the service to a reputed partner, they have experience working with major EHR systems and can integrate easily. You no longer have to worry about the technical issues that often arise on the HER system’s billing side info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

10. How to Select Your Outsourced Medical Billing Partner?  • As mentioned above, there are quite a few reasons you should consider outsourcing the medical billing system. But you can only reap the benefits when the provider is equipped enough to warrant your need, irrespective of the size of the practice.  info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

11. How fast will they process the insurance claims once they partner with you? • Generally, a company should be able to begin the service within a couple of months. However, it is not a hard and fast rule since the timeline can change depending on your requirement. For example, if there is a need to overhaul the practice management software and the partner is well-versed with it, the transition should be quick.  • But if the practice management is not the same and the data needs to be exported, manually entered, or imported, then the turnaround time can change. Also, a partner will need time to set up the required electronic connection, leading to a longer implementation time.  • The best way to ensure you are getting a good deal is by asking for references and the reviews the customers offer. info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

12. 24/7 Medical Billing Services- The Expert in Medical Billing! • 24/7 Medical Billing Services has to spend 14+ years tailoring the medical billing and coding services with a pool of talented and experienced teams. We ensure that our experts can assist in outsourcing medical billing and maximize the potential of the management while retaining more revenue.  • As a medical billing outsourced company with work with most EHR and provide a holistic billing service. Moreover, depending on the practice and the requirement, we offer our services, ranging from complete revenue cycle management to putting the practice on track or helping them with contract management and credentialing.  • 24/7 Medical Billing Services is dedicated to empowering your medical practice no matter what the service is, so why not benefit from our knowledge and scale your business and make it future-ready. To know more, contact us today.  • Read more: Medical Billing Outsourcing – Common Myths Busted info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

13. About us • We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. • Our company was founded in 2005 and is now a leading organization of highly motivated and certified coders & billers in the US medical billing industry. Our current employee strength is 500+ and we have ambitious plans to grow more rapidly. • As a leading Medical Billing Outsourcing Company we take care of the complete setup & enrolment in about one to four weeks time depending on the complexity of the project. We have certified trainers with 10+ years of experience to train the newcomers so they can get acquainted with the specialty jargons & stay updated with the recent coding developments. info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537

14. Contact us 24/7 Medical Billing Services 16192 Coastal Hwy, Lewes, DE – 19958 USA Phone no : +1 888-502-0537 Email Address : info@247medicalbillingservices.com info@247medicalbillingservices.com https://www.247medicalbillingservices.com/ 888-502-0537