A medical billing company handles a healthcare practice’s revenue cycle management. Rather than hiring in-house staff to handle the task, many practices opt to use third-party vendors. These businesses range in price and service offering, but most medical billing companies near me will provide some combination of charge entry and coding, insurance follow-up, accounts receivable, and denials management.
What is billing process?
A good medical billing company should also offer a rules engine, which automatically checks claims for errors that payers commonly look for to deny or reject them. This feature can save a practice valuable time and money by helping prevent denied or rejected claims before they even hit the payer’s desk.
Often, a medical billing company’s fee will be based on some percentage of a practice’s monthly collection, and the company should clearly outline this arrangement in its contract. The contract should also spell out any extra services that the biller promises to provide to the client, and make sure that these are clear in writing.
Lastly, a good medical billing company should be compatible with your EMR and PM system. If you choose a billing service that integrates with your practice’s software, the front office and clinical teams will remain on the same page throughout the RCM process to reduce rejections and denials and expedite reimbursements. A good billing service will also include the cost of clearinghouse fees in its monthly fee. Those that don’t include them may still be able to provide these services at an additional charge.