Reasons to choose a Medical Billing Service Advantages & Misconceptions
The decision to use a medical billing services company can be a critical one, with far-reaching implications. Should you handle your medical coding and billing in-house, or should you hire an outside company? Below are the pros and cons of using a medical billing services company, such as MpowerMed.
Advantages To Using A Medical Billing Services Company
Less Headaches: With ICD-9-CM, there are 17,000 medical billing codes, a number that’s expected to rise to 140,000, when ICD-10 is implemented. The complexities of medical billing and coding grow by the day, and if you use MpowerMed, you won’t have to worry about any of that. On a weekly basis, we monitor changes in healthcare laws and regulations, and we also update our proprietary EMR and EHR software as needed (and never charge you for those updates).
Less Overhead: To perform your own medical coding and billing effectively, you’ll need to hire a trained specialist and pay a fixed cost of salary and benefits, regardless of the ups and downs of your business. You could also invest upwards of $40,000 in EMR /EHR (Electronic Medical Records / Electronic Health Records) and medical billing software. When you partner with us, there is no overhead or prohibitive upfront fees.
More Money In Your Pocket: Even factoring in the percentage that we charge on the money we collect for you, you’ll still come out way ahead at the end of the year. We’ll bill higher fees (thanks to our accurate coding), and we’ll collect higher percentages (thanks to our persistent collection efforts).
Faster Collection Rate: In an era in which banks have virtually stopped lending money and cash flow is key, the speed with which you collect money can dramatically affect the operations of your medical practice. We collect greater that 80% of claims processed within 30 days.
Higher Collection Rate: Because medical billing and collections is our area of expertise, we have a higher collection rate than physicians, clinics, groups, and hospitals who attempt collections on their own. In fact, we collect 98% of claims processed, which is one of the best in the industry.
Misconceptions of Using a Medical Billing Services Company
Stay in Control: If you’re accustomed to controlling all of the variables in your medical practice and walking across the office and speaking to the person in charge of medical billing, switching to an outside company can seem like an enormous shift. At some point, though, you may want to acknowledge that medical billing isn’t your core competency or interest, and that it’s time to take a leap of faith and hire a company. At MpowerMed, we have over 15 years experience in medical billing, and we’ll be there to take care of you when you’re ready to make that leap.
Change is Positive: Any major change that you make in your medical practice has the potential to backfire, making a bad situation worse. Outsourcing your medical billing will require a change in your employees’ duties, new software, and different processes. At MpowerMed, we understand what a big undertaking this can be, and we have the professionalism and experience to help make the move as smooth as possible.
No Privacy Concerns: You may be struggling with medical billing, but are holding onto it because you’re embarrassed about your financial situation and/or concerned about privacy issues. We can assure you that you’re not alone in this. Many physicians, clinics, and groups that hire us to perform their medical billing are in a tight spot, with mild to severe cash flow issues. We can provide the same service for you as we’ve done for them – work with you closely to make the changeover as painless as possible and improve your cash flow as quickly as possible.