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How Medical Practice Can Increase Their Insurance Claims Acceptance Rate
Throughout the country, busy medical practices are turning more and more toward medical billing companies because of the level of service they provide.
Any type of medical practice can use medical billing. It is a cost effective way to run the business end of your medical practice.
Small medical practices often take on the task of medical billing in order to cut corners and to save money. This can be devastating to the financial stability of the medical practice especially if it relies on the repayment from insurance companies to meet its financial obligations.
When medical personnel manually fill out the paperwork for billing, it can take long tedious hours just to make sure it is done correctly.
It is mailed to the insurance company where it is sorted in the mailroom and then makes it way to the desk of the claims department where it sits in stack of medical claims waiting to be processed.
You are not guaranteed a speedy turnaround time and often it can take several months to see your return. If by chance there is a mistake on your claim, it is rejected and you have to start the process all over again.
It can be quite maddening to have to wait for a return that is not coming, and tracking a payment can be as frustrating as the rejection itself.
This is why medical billing is so critical to any medical practice. It takes all of the frustration out of the billing process because the highly trained professionals do all of the work for you.
As with any business, medical billing companies charge a fee for each claim that they process. Many people feel that the fee is not worth paying, however, when you stop and think about the service that you are paying for, you may find that it is worth the cost.
Medical billing companies provide a level of service that is second to none. The medical billing specialist code and send your medical claims electronically to insurance companies.
What this means is that the claim is sent directly to the insurance company computers where it is accepted or reject immediately and the billing service is notified within minutes. Once the claim is accepted, your payment is sent within days instead of weeks or months.
Medical billing companies also track each claim from the time it is submitted to the time you receive your check.
This is what medical billing services offer their clients. An added benefit to using a medical billing company is that their acceptance rate of claims is over ninety percent meaning that the rejection rate is less than ten percent.
It just makes sense to use a medical billing company because of the advantages. The fast turnaround time is well worth the cost of the service.
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