With each passing year, the rules, regulations, practices, and standards of paying for healthcare in the United States changes. The healthcare reform act of 2010 has made many changes in insurance and billing procedures. Keeping upon on the latest billing requirements can be a complex, full-time job. Many small clinics and doctor’s offices are finding it advantageous to outsource their billing to a medical billing software company.
What is a Medical Billing Software Company?
A medical billing software company is one that takes care of all your medical billing needs. They will bill the insurance companies. They keep track of the contractual arrangements you have with them about service fees and bill your patients based on those agreements. They will bill the patients and follow up with collections as necessary. The software companies store the data for you. They make back-ups of your records and give you reports of cash flow, delinquencies, and fully paid accounts. They track all aspects of your accounts receivables.
Why Use a Medical Billing Company?
There are many benefits associated with outsourcing your medical billing.
• It allows you to spend more time with your patients.
• You can reduce the number of office staff you employ.
• Your business can focus on giving medical attention to your patients rather than on the paper work required to get paid.
• You don’t need to keep extra computers and storage space for billing records
• You don’t handle collections.
How do Collections Work with a Medical Billing Company
A medical billing software company will bill your patients and keep track of their payments. If payments get too far behind, they will initiate contact with the patients to collect the funds. Following up on collections takes a lot of time and energy to track down patients and work with their bills. This is time and energy that could be better spent serving your current patients and growing your practice.