Medical billing outsourcing is becoming rather popular today. There is an overwhelming amount of billing that goes on in the United States on a day to day basis. It is estimated that nearly 25% of all healthcare companies will outsource their billing within the next ten years. It is not shock since physicians are now seeing the tough decisions that go into ICD-10 billing. Today, a biller has to be ICD-10 certified and know a lot about utilization management, revenue cycle management and benefit verification.
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.
I can tell you that coding in ICD-10 is difficult. You must have a good understanding of the English language and be able to write down specific treatments before an insurance company will pay you anything on your claim. Many claims today are being sent back 2, 5 and 10 times. You may not see payment for 90 days or more. Sometimes you will never see payment if the claim is not submitted correctly. You must have knowledgeable people working on your claims that have a good foundation of ICD-10.
ICD-10 certification training is often taught in Universities. Many billers today have their certification and master's degrees in this field. Make sure that you check all of the credentials of the workers that will be working on your claims. You must obey all HIPAA laws. If you choose to work with an overseas company, make sure that you ask them if all of their workers are ICD-10 certified. They may say that some of them are or I think that they are. United States law requires all billers to have their ICD-10 certification if they are working on a USA physicians billing. Check with your attorney before outsourcing your billing. Many countries have their own sets of laws.
The most popular overseas companies are in India. You may receive a phone call at some point of someone offering you savings of 40% to 50%. However, will this come at a price? You must take into fact a lot of important decisions. They will have access to your patient's records and company affairs. You must also see what he international laws are concerning their responsibilities if something should go wrong? Could you sue them? When it comes to medical billing, the laws must be obeyed at all times. Many overseas companies do not care about USA laws since they live under a different set of laws in their own country.
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.
I can tell you that coding in ICD-10 is difficult. You must have a good understanding of the English language and be able to write down specific treatments before an insurance company will pay you anything on your claim. Many claims today are being sent back 2, 5 and 10 times. You may not see payment for 90 days or more. Sometimes you will never see payment if the claim is not submitted correctly. You must have knowledgeable people working on your claims that have a good foundation of ICD-10.
ICD-10 certification training is often taught in Universities. Many billers today have their certification and master's degrees in this field. Make sure that you check all of the credentials of the workers that will be working on your claims. You must obey all HIPAA laws. If you choose to work with an overseas company, make sure that you ask them if all of their workers are ICD-10 certified. They may say that some of them are or I think that they are. United States law requires all billers to have their ICD-10 certification if they are working on a USA physicians billing. Check with your attorney before outsourcing your billing. Many countries have their own sets of laws.
The most popular overseas companies are in India. You may receive a phone call at some point of someone offering you savings of 40% to 50%. However, will this come at a price? You must take into fact a lot of important decisions. They will have access to your patient's records and company affairs. You must also see what he international laws are concerning their responsibilities if something should go wrong? Could you sue them? When it comes to medical billing, the laws must be obeyed at all times. Many overseas companies do not care about USA laws since they live under a different set of laws in their own country.
About the Author:
Ideal Billing Solutions offers medical coding services to organizations in all fifty states. We are ICD-10 certified and have many years of experience associating with doctors, treatment centers and all kinds of medical businesses. Hiring a medical coding service takes time because you have to find one that works best for your practice.
Thanks for sharing. Billing indeed is serious task considering it involves money. Which is also why to outsource dental billing services may be the best move. Companies that offer billing services have highly skilled people who were trained just for that tasks.
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