The web based medical billing service as offered by off-shore company's saves clinics 30% to 40% on costs in comparison to the clinics in-house service, for instance a clinic that hires an in-house billing professional pays $15.00 an hour as wages or $ 28,800 annually, other costs that include are, Medicare & Social security @ $ 2,150 è 401(k) retirement savings plan $ 1097 è Disability allowance $ 724 è Healthcare allowance $ 5,430 è Leave allowance $ 3173 è TOTAL COST $ 41,374.
Many clinics do not receive full reimbursements of claims they rightly deserve from insurance companies, the inefficiency of the billing staff is squarely to be blamed for this.
The medical billing service whether in-house or offshore should have billing experts which have the ability to analyze accurate codes that relate to classification of diseases and related health problems, a wrong analysis can mean no reimbursements at all or partial payments.
The electronic claim submissions helps save cost and time, no matter what practice a clinic specializes in. The software's that are used such as Medic, IDX, Medisoft, Medical Manager, Kareo etc. for medical billing make it easier for filing claims directly to insurance companies.
The clinics that deal with more than two insurance companies have the option of using a clearinghouse, this enables billing service providers to use a single interface for submitting claims, and besides billing service the EMR applications are built with features that do not require the physician to re-enter patient information time and again.
The patient data consisting of patient charts or scheduling are displayed in a single interface which is also used for billing. The applications also have provisions for entering data related to reconciliation of payments received from insurance companies, the details of checks and EOBs do not have to be manually entered into the system.
The web based medical billing service as offered by off-shore company's saves clinics 30% to 40% on costs in comparison to the clinics in-house service, for instance a clinic that hires an in-house billing professional pays $15.00 an hour as wages or $ 28,800 annually, other costs that include are, Medicare & Social security @ $ 2,150 è 401(k) retirement savings plan $ 1097 è Disability allowance $ 724 è Healthcare allowance $ 5,430 è Leave allowance $ 3173 è TOTAL COST $ 41,374.
The billing software/hardware cost $ 6,750 and assuming an upgrade may not be required for three years, the annual cost is $ 2,250 è Stationary & Postage cost $ 600 è Clearing House charges $ 700 è Electricity & other overhead cost $ 600 è TOTAL $ 4,150. Adding both the labor and material charges cost the clinic $45,524.
The billing service providers either charge clinics a flat fee on every claim documented by them or about 8% on the collections reimbursed by insurance companies. If a clinic provides healthcare services to 25 patient's everyday, and each encounter entails a reimbursement of $ 70, the receivables billed everyday will account for $ 1,750, the annual receivables will be $ 420,000, if 8% is paid to the billing service provider it will cost the clinic $ 33,600.
OThe clinics save $ 11,924, and with billing services outsourced the clinics are able to offer better patient care, with the task of receivables entrusted to the offshore company that does the follows-up to ensure quick reimbursements
The medical billing company uses the billing software Kareo, and if a clinic provides login access to their existing web-based EMR, the coding and billing staff of the company can take care of the billing tasks of the clinic using different applications such as Medic, IDX, Medisoft, Medical Manager etc.
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