How Medical Billing Services For Small Practices Can Help You
How Medical Billing Services For Small Practices Can Help You
If you are a small medical practice, you may be wondering what medical billing services are and how they can help you. Medical billing services can assist with various time-consuming tasks, such as claims processing, payments, and collections.
Additionally, they can keep track of your patient’s medical records and bills so you can focus on seeing patients and providing quality care.
In this article, we will explore medical billing services and how they can benefit small practices.
What Are Medical Billing Services For Small Practices?
Medical billing services for small practices are businesses that process and submit insurance claims on behalf of healthcare providers. Doctors, clinics, and other medical practices that do not have in-house billing departments typically use them.
These services handle all aspects of the claims process, from submitting claims to insurance companies to following up on unpaid claims. Additionally, they provide detailed reports to practices so that providers can track their income and expenses.
Billing services usually charge a percentage of the total amount of money they collect on behalf of a practice. This fee can vary depending on the size and complexity of the practice, as well as the number of claims that need to be processed.
There are many benefits to using medical billing services, including increased cash flow, improved claim accuracy, and reduced administrative costs. In addition, billing services can often provide valuable insights into a practice’s financial health and areas where improvements can be made.
Why Use A Medical Billing Service For Small Practices?
When you run a small medical practice, you wear a lot of hats. You are the doctor, the nurse, the administrator, and the receptionist. According to a 430-hour study by the American Medical Association, the average physician spends approximately 49.2% of their time on clerical work. That’s a lot of time spent on paperwork instead of focusing on your patients.
One way to free up time is to outsource your medical billing to a professional service. Here are three reasons why it makes sense to use a medical billing service for your small practice:
- Faster Payments
With a medical billing service, you’ll get paid faster because they will submit your claims electronically and track them until they are paid. They will also follow up on any claims that are denied, so you don’t have to waste your time doing it.
- Spend Less Time on Billing
By outsourcing your medical billing, you’ll spend less time on billing and more time with your patients. This is because a medical billing service will handle all the billing for you, so you don’t have to worry about it.
- Small Medical Billing Services Provide Expertise
When you use a medical billing service, you’ll get expertise and experience that you may not have in-house. This is especially true with smaller medical billing services, as they can provide a much more tailored experience and ensure that your claims are processed correctly.
What Size Medical Billing Service Should I Choose?
The world of medical billing and coding is vast, and service providers come in all shapes and sizes. So when choosing a medical billing service, how do you know if a large provider is right for you, or if a smaller, more intimate service is a better fit?
Here are a few key differences between large and small medical billing services to help you make the best decision for your needs.
For starters, large medical billing services tend to be more expensive than smaller ones. They have more overhead costs and may require you to sign a long-term contract. Smaller medical billing services are more nimble and can custom-tailor their services to your specific needs.
In terms of customer service, small medical billing services tend to be more personable and responsive than their large counterparts. When you have a question or concern, you’re likely to get a quick response from a small service. Large services may have a dedicated customer service team, but they’re often bogged down with requests and may take days or even weeks to get back to you.
Another key difference is the level of experience and expertise you can expect from a small versus large medical billing service. Large providers may have a team of coders who are experts in a variety of coding systems, but they’re likely to have less experience with your specific electronic health record (EHR) system. Smaller providers may not have as many coders on staff, but they’re likely to have a deep understanding of your EHR system and how to optimize it for billing purposes.
Finally, small medical billing services are often more nimble than large ones when it comes to implementing new technologies. Large providers may have a team of developers working on new features or integrations, but they’re often slow to roll out new updates. Smaller providers can quickly adopt new technologies and put them into action for their clients.
If you are looking for a partner to help you navigate the ever-changing world of healthcare, look no further than PMN! Since 2000, we have been providing personalized service and tailored solutions to small medical practices just like yours.
Our team of experts have a wealth of experience in all areas of medical practice management, from billing and coding audits to patient collection management! Visit us today at Laguna Hills, Orange County, California, or contact us at (949) 215-5055.
What types of services does PMN provide?
At PMN, we are trained in a range of medical billing services, but some areas we specialize in include:
- Pain Management
- Internal / Family Medicine
Why Would Small Practices Need Medical Billing Services?
There are a number of reasons why a small practice might outsource their billing to a third-party service. Maybe the practice doesn’t have the staff to handle billing in-house, or maybe they want to focus on providing care and leave the billing to someone else.
In any case, medical billing services can save a practice time and money by taking on the hassles of insurance claims.