Medical billing is an essential part of any medical practice. It can be a daunting task for some healthcare providers. Without efficient back-end staff, practices will suffer financially from the loss in revenue due to missed payments and improper coding for services rendered or provided without accurate accountings filed with government agencies like Medicare or Medicaid Service.
This is where medical billing companies can help. These companies specialize in handling all the paperwork and ensuring that your bills are paid on time. So how much does it cost to outsource medical billing, and what should you look for when choosing a company that offers medical billing services? Read on for answers to these questions and more!
Medical Billing Service Cost
The cost of hiring a medical billing company is usually expensive. It could come as monthly fees or an upfront, one-time payment, or a mix of both. Administrative fees, set-up fees, training, licensing, and more can be included in these fees. They could also cover software subscriptions or collection charges. This could be done on a percentage basis or a flat rate.
Different vendors charge varying medical billing service costs. The one-time subscription fee for small offices could cost around $300 per physician. However, the medical billing cost for larger offices with many physicians may be cheaper. Some billing companies may charge a flat fee of $1,000 or more per office. The flat fee for different vendors is usually higher than the SaaS platforms.
A medical billing service cost may be set up as a recurring fee. Administrative fees charged monthly or yearly is an example. They can also be billing fees charged on a per claim basis. Both recurring fees can be charged at a flat rate or percentage. The administrative fees could cost as little as $25 to $125 monthly. But it can increase up to $3,000 to $6,000 yearly for higher-end SaaS solutions or on-site vendors.
In general, medical billing service rates could range from $4 to $6 per claim. It could also be charged at 5 to 10 percent of collection per claim. This is in addition to the setup and administrative fees of $870 to over $10,000.
For the best medical billing services rates, contact us today. Our team of experts is ready to attend to your needs while exceeding your expectations. We will also offer you free quotes to help you estimate the billing cost for your firm.
Benefits of Outsourcing Medical Billing Services
Medical billing services are a necessary evil in the medical world. They provide healthcare providers with more time to focus on their patients and less paperwork. However, they can be difficult for those not familiar with navigating insurance payment processes or submitting claims correctly. Luckily, an outsourced option will take care of all your needs! There are many benefits to outsourcing medical billing services.
Most times, medical practices charge insurance companies incorrectly. In some cases, they don’t collect co-pays or deductibles. It could also be because they under-code the insurance forms or don’t follow up on denied direct claims. Using third-party billing operations solves these problems.
Third-party billing operations ensure that your company’s finances and accounts receivable are in good order. Experience in this field and access to experts who know how best to handle finance matters will make the difference. This allows you to maximize revenue appropriately without worry or stress!
Provides Better Support
Employing medical billing companies provides better support. This is due to diversity in the medical practice. These different medical practices have different billing systems. It is often challenging to staff internal billing departments for this purpose adequately.
The operational costs of hiring and training are also expensive. It is even more challenging for small practices with few medical professionals. This makes outsourcing your billing services an attractive option that can save you time in both ease-of-access as well as operational costs!
Cheaper Than In-House Billing
Medical billing services can be costly, yet it still beats the in-house billing department. Internal medical billing service charges cover several areas. This includes salaries, employee healthcare, training, taxes, and new medical equipment. But with independent medical practice, you don’t pay for all that. The billing operations are only entitled to the agreed fee.
Why Practice With Ease?
Quality Medical Billing Services
Practice With Ease has provided quality services for decades, and our experts are always available to meet your needs. We have serviced thousands of healthcare providers across the country – we know what it takes to make an accurate claim!
Transparent Medical Billing Processes
At Practice With Ease, our medical billing service is top-notch. Billing processes are transparent and give our customers control. Outsourcing your billing to us means you can focus on what you do best – providing quality healthcare.
Excellent Customer Service
All healthcare providers we serve are presented with dedicated partners. These dedicated partners provide customer service to ensure billing accuracy and compliance while representing the provider’s best interests. Outsourcing medical billing with Practice With Ease means you can focus on your patients and leave the rest to us.
Essential Business Growth Enabler
When medical billing is outsourced to a professional medical billing company, it takes the hassle of dealing with insurance companies and their paperwork. This means that offices can spend more time caring for patients and less time on the phone trying to get medical claims paid. In addition, outsourcing medical billing frees up office staff to work on other vital tasks in the medical office.
Contact us today to learn more about how medical billing services can benefit your medical practice! We offer a wide variety of customizable services to meet your specific needs. Let us take the hassle out of medical billing for you. Focus on what you do best and Practice with Ease!