Off-site billing is when a third party (outsourced) company is responsible for all of your billing/claims. Outsourced billing will eliminate the time spent submitting claims and chasing payments. It will also reduce your rent and payroll because you will not need a large space for a billing department. Instead, you will have a company that focuses on ensuring your billing will be done properly.
Fees associated with Off-site Billing:
Majority of the billing companies charge a percentage of the collections. This percentage can range anywhere from 4%-8%. This method ensures that the billing company is effectively assisting you. Therefore, they will not get paid until you do. Factors that are dependent on the collection percentage rate include: Practice Size, Current Account Receivable collections, Specialty.
Does your practice need off-site (outsourced) billing?
You should consider off-site billing if your practice has any of these concerns:
- Insufficient Follow Up
- Weak Billing Process Control
- Too Much Manual Work
- Too Many Disparate Systems
Two examples of outsourced billing companies are:
- Affinity Billing