When a doctor owns a medical practice it does not necessarily mean that they have a great deal of money. It is possible for a doctor who owns his own practice to be very wealthy, but on the other hand if the business end of the practice is not handled properly he may not. A physician does not necessarily have the skills required to handle the money part of his medical business. He can be the best doctor but it requires a different set of skills to handle business.
A doctor should understand this and hire the services of a medical billing company to handle the parts of his business that he cannot take care of.
A medical billing company will have a staff that is trained to handle every aspect of a medical practice’s business. They are equipped to deal with the insurance end of the billing and the medical coding end.
Working with an insurance company can prove to be very hard. They tend to deny claims for the flimsiest of reasons and often use reasons that are borderline silly.
When a medical practice handles their own insurance claims will find that the insurance companies tend to deny claims a good deal of the time. When a practice makes use of a medical billing company this doesn’t happen nearly as often.
For a busy medical practice that sees a lot of patients there will be a lot of insurance claims to fill out. Usually one person is required to fill out each and every one of those forms. They will need to write out each form individually and send them to the insurance company. If there is one mistake on the form then the claim will be denied by the insurance company. They will generally send the form back and require it to be filled out again.
Even if the forms are filled out correctly it can still be weeks or months before the insurance company will send the check. For a small practice this can be devastating. This is especially true if there are denied claims in the same period of time.
When a practice hires this service, all of this work is eliminated. The difficulties that are caused by the insurance company can be avoided when a medical billing company is used. Professionals working for this type of company are trained to handle the claims forms and will get them to the insurance company using electronic means. This means that the claims will not have to be filled out manually and sent in through the mail.
The professional at this company will also monitor the claim and make sure that it goes through the process without delays. They are constantly on top of each claim that they send in and will correct any problem that occurs. The success rates are higher than ninety percent.
When a claim is sent to the insurance company by electronic means it will be accepted immediately or denied immediately. The practice will receive their check in a matter of days instead of months.
This helps the smaller practice receive their money faster and will be a benefit to the budget of the small practice. The cost of this type of service is far lower than the cost to the practice that delayed and denied claims are.