What to consider for the billing of your medical practice. 

There are many billing companies out there and they are all looking for your business, but you have to be wise when you make your choice. They are not all equal! 

When doing so three things are very important: 

     1.- Level of service.                       

A)  There are billing companies that offer you full-service billing. With these companies, your doctor/PA/ARNP basically writes down the level of service provided or the procedure performed and writes a diagnosis and the full-service billing company takes it from there. They pick the payable CPT and ICD-10 codes. You don’t worry about anything else. They will bill you a percentage of what is collected and already in you bank account, at the end of each month.

B)   There are also those companies that offer you their “computer program” (EMR) as an enticement.  But be careful. You and your entire staff have to learn how to use it and then do all the billing and work on things that neither you nor your staff know anything about.  Here you not only have to pick the numerical code for the level of service or procedure you provided, but you also have to pick the numerical ICD-10 diagnosis code that is payable for that service. Not all combinations are payable and your claim will be denied if not done correctly!  Are you ready for that? 

 Additionally, you have to deal with provider numbers for each insurance company, sender number, NPI number, clearing house, etc. etc. The result is frustration, delay of claims, rejections of claims, and most importantly interruption in cash flow and increase in account receivables and decreased income. We call these the “electronic medical billing company”. Basically, a farce of a billing company.  They are going in a roundabout way to sell you and EMR. With this set up, you pay a lower percentage of the collected amount because you and your staff do all the billing work without any experience in it. The result is usually terrible with decrease in cash flow, increase frustration and disappointment.

     2.- Accuracy in your billing.

This is another important factor to consider. If your claims go out incorrectly processed, with CPT codes and ICD-10 codes that do not match or are send out in a format not considered  appropriate by the particular insurance company, they will be rejected. Your account receivables are going to increase and your cashflow is going to decrease. And until you correct those claims you are not getting your money! Remember insurance companies make their rules, so you better know them and follow them if you want to get paid.

     3.-Maximazing practice revenue.

The last important factor. When choosing someone to do your billing, remember that maximizing your revenue will only occur when all the steps are done correctly from the time the patient enters your office, to the time your money is in the bank. This includes doing follow ups with the insurance companies. It is not just sending the bill and forgetting about it. Follow ups are vital! Accomplishing all the steps takes a well oil machine with legal advisors, experienced and seasoned certified coders, seasoned billers and a proficient staff sending out your claims and doing the follow ups.

A company we recommend is Stat Medical Office Services. They offer a full-service medical billing package, but additionally they also offer packages with different levels of service at different prices, if you so desire.  They also  do for you the credentialing and enrollment for all the providers in your practice.

Remember that even when factoring in the price difference between Stat Medical Office Services full-service medical billing package and those bargain price "software billing company", where your staff does all the work and puts up with all the frustration, etc., Stat Medical Office Services clients with the full-service medical billing package take home significantly more than theirs.

When considering which way to go, give Stat Medical Office Services a call. Twenty six years of experience does make a difference. Phone (904) 824-4990