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How Medical Practices Reduce Their Financial Burden
Medical practices are opting to use medical billing services more and more because of the convenience of having someone else doing the paperwork. They are able to focus more on other aspect of their practice.
Medical billing is a very tedious and frustrating part of any medical practice. Coding alone can take a very long time, and filling out the paperwork can be just as long. It can be maddening if the insurance company rejects your claims and you have to start all over again. Add to that the existing claims that need to be filed and the person doing the work may find themselves in need of medication. It is a responsibility that most office personnel decline.
Many small practices feel that they cannot afford the cost of medical billing services, however when you consider the time it takes to fill out the forms by staff members, the time it takes for the insurance company to accept or reject the claim and then send the check, you are talking about several months with no income into the medical practice. For some, it is a financial burden that can cause great hardship. Using this type of service is very cost effective for any medical practice.
When a medical practice bills insurance companies on their own, they have to manually code and send each claim to the insurance company where they are combined with millions of other claims. They sit in piles on the desks of overworked employees waiting to be processed. It can take several weeks to several months for a claim to be processed manually.
If the claim is rejected it is sent back to the practice where the whole process starts all over again.
There are many advantages to using a medical billing company. Before a claim can be processed, it has to be coded. Coding the claim is done quickly and efficiently by specially trained professionals. Because all claims submitted electronically, more than ninety percent of all claims are accepted. Each claim is followed from the time it is submitted to the time it is paid. The repayment time for claims is reduced to a couple of days instead of several months.
Medical billing companies are available to every type of medical service. No matter the size of the practice, this type of service can benefit everyone.
Perhaps the greatest benefit is that the physician is able to reduce office expenses while being able to spend more time with patients. They know that their financial status is taken care of and that the insurance rebates will be forthcoming. This is very important to all practices, however those who have small medical practices find it extremely cost effective because they depend on the rebate to meet the financial obligations.
Physicians who have debated whether or not to use a billing service have found that by using it has given them the freedom to enjoy other things instead of sitting at a desk filling out paperwork. They have seen an increase in their funds and are better able to meet their financial obligations faster and easily.
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