What is Medical Billing and Coding Service, Cost, and what Reason to Outsource Medical Billing?
The busy medical practices must maintain a high standard of patient care while completing the necessary administrative tasks to keep doors open.
Medical billing can consume lots of time. It’s also challenging to locate and train staff to perform this important job. Additionally, if claims are not processed properly or on time, they could negatively affect your practice revenues.
Many practices use third-party medical billing firms to manage their claims.
WHAT IS MEDICAL BILLING SERVICE?
The independent medical billing service is utilized to submit, process, and monitor health insurance claims to reduce the amount of time spent by your staff.
These companies employ highly trained employees that understand specific customers to get a better payment rate in a short amount of time.
In addition, any medical billing service you choose can follow up with denied claims and seek to recover delinquent accounts.
WHAT IS MEDICAL CODING SERVICE?
The primary responsibility of medical coders is to examine clinical claims and assign codes standard by using CPT (r), ICD-10-CM, and HCPCS Level II classification systems. On the other hand, medical billers manage claims made to health insurance companies to ensure reimbursement of services.
Medical coders and billers could be the same person or work together to ensure that invoices are properly paid. To understand what the coding process looks like, check out this article, ” What Does a Medical Coder Do?“
MEDICAL BILLING VS MEDICAL CODING SERVICES
Medical billing refers to a specific service that is different from medical coding. Coding is assigning a standard code to particular services before submitting claims. Medical billing involves the process of submitting and following up on claims.
Most medical billing companies require you to write your code; however, some offer both.
If you have questions about billing or coding, our certified coders can assist you. They also help with medical codes for your clinic.
WHY DO MEDICAL PRACTICES OUTSOURCE MEDICAL BILLING SERVICES?
The advantages of working with companies that outsource medical billing are:
· Improvements in workflow for practices Office staff
· Eliminating any confusion regarding the specific payment policies of each payer
· Reduction in submission errors
· More rapid claims processing
· Improved Healthcare Revenue Cycle Management
· Access to skilled industry specialists
· Lower costs per patient
· Profitability increases
· Patient satisfaction is improved as claims are processed promptly
The main reason third-party medical billing companies are important is that they reduce stress for practitioners concerning billing issues.
Scribe Align LLC clients enjoy the following benefits as a result of our services:
· 100% HIPAA complaint process
· 98% claims payment on the first submission
· Increased efficiency owing to the certified coding team
· Shortest turnaround time and faster reimbursements Cycle management by billing specialists
· Reduced staffing issues and operating costs
· Denial follow-up and resolution by industry experts
· You will save almost 70% on operating costs
· No headache with staff training or update
· Quick response and answers to any billing query
· Dedicated practice manager for every practice to ensure streamlined communication
· Continuous and rigorous follow-ups on denied and pending claims
We also provide providers with current information about local, state, and national local fee trends so that you can adjust your fees on time to ensure your practice is on the same page as other practices.
HOW MUCH DO MEDICAL BILLING SERVICES COST?
Costs for medical billing services are determined by the number of claim submissions, a setup fee, a percentage of collection, or a monthly service fee. The costs vary widely between businesses.
Contact the prospective service provider to learn more about their specific pricing structure.
The best choice for you will be based on your company. For example, if you’re a small-sized practice with fewer claims to be processed, the cost per claim might be cost-effective. Many methods, however, prefer the model of a collection percentage, which means that to allow the billing firm to be paid, the practice has to be paid first.
Are you unsure about the medical billing service we offer? Feel Free to Contact Us at any time!
We at Scribe Align LLC are experts in medical billing and coding enrollment management services, including credentialing for your staff to ensure they have the right credentials necessary when it comes time for care coordination or insurance verification. We also provide claim denial/ acceptance processes as well as business intelligence reporting across various departments within our practice so that you can stay up-to-date on all aspects of running a successful clinic!