Medical Billing Companies
Choosing a medical billing company to handle your practice’s claims can help you manage your revenue cycle. It can also help you increase your cash flow. A good billing company will educate your staff about new codes and technology that can help you improve your practice. Using an independent medical billing service to process your health insurance claims can help you reduce denied claims and improve your FPAR.
What are red flags in medical billing?
Many medical billing companies provide a variety of services, including the ability to analyze accounts receivable. They can also help you reduce aged receivables and underpaid claims. A good billing company can increase your cash flow by 20-30%.
Before choosing a medical billing company, you should determine what your practice’s main goals are. You should also determine how much support you need. If your practice is a small practice, you may not need as much help with billing. However, if you are a large practice with multiple specialties and states, you will need a more robust team to handle your billing needs.
The first step in the medical billing process is charge entry. This involves preparing patient bills before your doctor visits. During charge entry, the medical biller subtracts the amount covered by insurance from the cost of the procedure. Once the bill is prepared, it is sent to the patient.
The billing process can take weeks. It’s important to have a medical billing company submit claims to insurance companies on time. These companies can also follow up on delinquent accounts.