In today’s medical landscape, efficient medical billing practices are more important than ever. Insurance reimbursement rates are declining, and the cost of operating a practice has gone up, leaving many physicians and practices with less profit and less time to focus on patient care and what they need to do to plan where the practice needs to be in the next three years and how they can get there.
While many practices choose to handle their own billing, others have found that outside billing and coding solutions provide a much-needed set of services that allow physicians to concentrate a higher percentage of their office space and payroll on revenue producing activities.
Why Hire a Medical Billing Consultant?
For many medical practices, change is difficult. But, there comes a point when each physician and practice administrator must ask: “Do we continue doing what we’ve always done, or is there a better way to manage medical billing operations?” As complex as this question may be, it is crucial to financial success.
For practices that do not wish to manage an in-house administrative team, outsourced medical billing services are often the most practical solution. A National Healthcare Exchange report explained that doctor’s offices frequently spend up to 14% of total practice revenue on claim reimbursement. That is significantly higher than the cost of an outsourced billing service.
With the help of the Medical Consultants Group, physicians and practices can recover 90 percent of outstanding insurance accounts receivable within 60 days. We also manage patient accounts. We send out statements and make calls.
MEDICAL BILLING INTERVIEW
See why Frank Martin, owner of Medical Consultants Group, believes outsourcing your medical billing could increase your practice revenue. Listen to his interview on Business Radio X below.
How To Choose the Best Medical Billing Service
Once your practice has decided to hire an outside medical billing service, the next step is choosing the best provider available. The following questions will help you determine which billing service is right for your practice, and who will handle this crucial and complex aspect of your financial success.
How much does each potential billing service charge?
Has this medical billing consultant worked with practices similar to yours? Can they provide references?
Will you retain ownership of your medical billing data?
Does this medical billing service adhere to the ICD-10 compliance protocol?
Frequently Asked Questions About Medical Billing Services
For practices that typically rely on in-house administrative and billing staff, the decision to hire an outside medical billing service comes with many questions.
Since your practice is looking to collect more revenue and cut collection costs, it makes sense to think carefully before hiring a medical billing consultant. Most services charge a percentage of collected charges—which is a much better option than a flat rate. This means that both your practice and your medical billing group both profit from collecting more.
The Medical Consultants Group charges less than what the Medical Group Management Association reports as an average cost. The exact percentage may vary depending on the size of the practice.
Outsourcing your practice’s medical billing needs can help cut down on in-house administrative costs and non-revenue producing space. With the Medical Consultants Group, you won’t have to worry about paying salaries, benefits, or losing productivity when employees are out of the office—you’ll only pay a percentage of your collections.
Yes—if you decide to hire the Medical Consultants Group to handle your medical billing, all associated billing data will still belong to your practice. All revenue will come directly to your practice’s billing account.
Our team of highly experienced medical billing specialists are certified and use the most up-to-date systems and resources available today. They are also fully prepared to handle the upcoming ICD-10 coding changes.
Yes—we also keep a close eye on all new codes and changes in regulation. Our software is automatically updated to reflect these changes.
The Medical Consultants Group provides medical billing services to a variety of specialties, including pediatrics, internal medicine, orthopedics, obstetrics and gynecology, and more.
Is your practice ready to hire an outsourced medical billing service? Call (404) 272-4883 or fill out our online contact form to schedule your free billing analysis with the Medical Consultants Group in Atlanta, Georgia.