It is important to learn more about outsourcing your medical billing before you do so. I say this because many companies are choosing to outsource for specific reasons. Most companies are choosing to outsource because they want to save money. However, they often do not understand the laws behind medical billing and why it must be 100% United States law compliant.
Before a claim is sent out to an insurance company, it has to be perfect. If the claim is not perfect, the insurance companies will return your claim to you unpaid. Many doctors are seeing this happening with 20 to 30% of their claims. This is a high loss of revenues for the year. Outsourcing your billing to a company is a good idea because these companies do their billing 24/7. Day in and day out, they do billing and focus on your claims. They don't have to deal with patients, managing a physician's office or anything of that nature. Most billers do their job well and get paid well at the same time.
Outsourcing your company requires important decisions. If you choose to outsource your billing, you will see success because these billers have been studying the field long before ICD-10 was release. Is it ever a good idea to outsource your billing to an overseas company? The answer to this question is hard to answer since you must look at several factors.
Many outsourced companies in India promise you larger returns on your claims and a 40% savings on your overhead costs. This may be true. However, if their service does not comply with the law, then it will not even be worth your time. Before choosing to work with an overseas medical billing company, make sure that you hire an attorney. Have the attorney check on all applicable laws. There must be a strong contract that will be honored by both countries should someone's privacy be violated. You can face some serious fines and possibly lose your practice if you violate HIPAA law.
It is important to have someone check out the laws of the country in reference to medical billing before choosing to work with them. Some countries offer you cheaper prices but do not comply with USA law. Their software is often not legally built. The software must comply with all HIPAA laws as well. These are important things to think about when you outsource your billing. In the end, will you really be saving money or possibly putting your patient's records at risk?
Before a claim is sent out to an insurance company, it has to be perfect. If the claim is not perfect, the insurance companies will return your claim to you unpaid. Many doctors are seeing this happening with 20 to 30% of their claims. This is a high loss of revenues for the year. Outsourcing your billing to a company is a good idea because these companies do their billing 24/7. Day in and day out, they do billing and focus on your claims. They don't have to deal with patients, managing a physician's office or anything of that nature. Most billers do their job well and get paid well at the same time.
Outsourcing your company requires important decisions. If you choose to outsource your billing, you will see success because these billers have been studying the field long before ICD-10 was release. Is it ever a good idea to outsource your billing to an overseas company? The answer to this question is hard to answer since you must look at several factors.
Many outsourced companies in India promise you larger returns on your claims and a 40% savings on your overhead costs. This may be true. However, if their service does not comply with the law, then it will not even be worth your time. Before choosing to work with an overseas medical billing company, make sure that you hire an attorney. Have the attorney check on all applicable laws. There must be a strong contract that will be honored by both countries should someone's privacy be violated. You can face some serious fines and possibly lose your practice if you violate HIPAA law.
It is important to have someone check out the laws of the country in reference to medical billing before choosing to work with them. Some countries offer you cheaper prices but do not comply with USA law. Their software is often not legally built. The software must comply with all HIPAA laws as well. These are important things to think about when you outsource your billing. In the end, will you really be saving money or possibly putting your patient's records at risk?
About the Author:
Ideal Billing Solutions offers medical coding services to organizations in all 50 states. We are ICD-10 certified and have many years of experience working with doctors, rehabilitation centers and all kinds of medical practices. Hiring a medical coding service takes time because you have to find one that works best for your practice.
Outsourcing medical billing is really a good idea!
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