No matter the size of your practice, someone has to make sure you are paid. Some practices handle this in-house, but many outsource their medical billing to a physician billing service.  These medical billing companies come in all shapes and sizes and its important to select the right medical billing company for your business.

 

Practice management companies. These are larger firms, usually with over 100 employees.  They also manage more than billing for their clients-including marketing, scheduling, and staffing. This may be a pro for your business, but they may not place their emphasis on collecting your money.

Home-based billing companies. These small businesses often consist of a single employee or small group working from home. They vary widely in quality and experience.  The smaller ones often only take one or two clients, which ensures that your medical billing firm will be very focused on your needs. Cons include a lack of ability to provide more sophisticated services due to lack of resources, and possible disruptions in billing if your single-employee provider takes a week off.

Professional medical billing firms. These mid-sized firms tend to be more flexible than the larger options, with more available resources than home-based billers. They typically have a dozen or more employees, with the capability to cover your account if one of their employees goes on vacation.

When you are choosing a medical billing firm for your business, you should make sure that the firm or individual you are hiring offers the following basic services:

Claim generation. This entails transcribing patient records including demographics, insurance information, and medical information into software used for medical billing. Claim submission, which should be included, involves submitting the information to the insurance carrier either via paper or electronically. Although this can be done with software, it should be thoroughly checked for mistakes by a professional.

Follow-up with the insurance company. Your medical billing service should be experienced in chasing down non-paying accounts and ensuring that they pay. Follow-up is a necessary part of any successful practice, as there can often be delays or problems with carriers.

Practice reports. An experienced and qualified medical billing company should be able to generate reports on the fiscal health of your practice monthly, with suggestions on how to improve profitability.

Invoicing and customer support. Your medical billing company should be able to send invoices and statements to customers and to handle questions about bills when your customers have them.

 

The WorkSmart MD Billing Difference

A medical billing firm is an essential partner for any successful practice.  While there may be many companies that offer medical billing services  WorkSmart MD Billing stands out as the clear leader. Our web-based software, in conjunction with our industry leading billing experts, allows us to demonstrate collection rates of 95%+