Billing
Billing and claims are vital elements to keep your medical practice generating revenue. They are tools that facilitate the automated creation of the SuperBill, claims processing and collection support.
There are two different types of billing: Onsite and Offsite
Off-site:
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:
1. Insufficient Follow Up
2. Weak Billing Process Control
3. Too Much Manual Work
4. Too Many Disparate Systems
Two examples of outsourced billing companies are:
Affinity Billing
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