Medical Billing Services Buyer's Guide - Introduction

Published: 04/16/2011

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Introduction

Looking for a way to make your medical practice more efficient? A medical billing service could be the answer. These HIPAA‐approved, professional services companies can take over your entire billing process: submitting claims to claims clearinghouses, following up on rejected claims, and tracking your accounts.

 

 

Medical billing services can take on a wider range of services, too. From collections to scheduling and other practice management services, medical billing companies can provide all kinds of administrative help to medical practices large and small.

 

 

Hiring a billing service should have a net positive impact on your revenues: the reduced costs and increased collections should more than compensate for the fees you pay. In addition, the less time your medical staff has to spend dealing with billing and insurance issues, the more time they can dedicate to working with patients.

 

 

This BuyerZone Medical Billing Services Buyer's Guide will give you everything you need to know to choose the best billing services provider for your practice or office, including how the process works, what services you can expect, how to compare providers, and how much you can expect to pay.

 

 

Once you've got all the information, you can submit a free request for medical billing services quotes and we'll connect you with several leading providers.

 

 

 

 

Table of contents

 

 

Benefits of medical billing services

 

 

How outsourced medical billing works

 

 

Additional billing services

 

 

Comparing medical billing software

 

 

Choosing a medical billing service

 

 

Pricing for medical billing

 

 

 

 

 

Pricing guidelines

 

Actual costs for medical billing services will vary tremendously depending on the average volume of claims, services you require, and turnaround time. Here are a few very rough estimates.

 

 

• Typical pricing: 4% to 8% based on a percentage of total collections

 

 

• Low end: Practices with thousands of dollars in claims or high volumes of patients

 

 

• High end: Practices that see and bill fewer patients

 

 

• Factors increasing rate: Accounts receivable services, faster turnaround, and direct customer support

 

 

• Additional fees: Statements, delinquency notices, data reports