Medical practices lose money each and every day (often over 20 percent of their realizable income) because they are not employing medical billing specialists, technologies, processes and management that can stand toe-to-toe with the insurance companies.
Outsourcing medical billing is growing in popularity as an approach for addressing this tremendous loss of practice income. The range of outsourcing options runs from extremely large organizations to individual freelancers who work from home to provide medical billing services.
In thinking through the billing options available, it is crucial to understand that medical billing is complicated and requires deep expertise and broad experience. When a specialty is involved, such as surgical billing, the requirements for success become even harder to achieve. Success requires that the medical billing company have a team that is well versed with the complex rules utilized by insurance companies to adjudicate surgical medical claims.
The choice of an experience billing provider has become all the more important for surgeons as they watch their cost rocket upwards. With their margins shrinking they must be confident that their surgical billing service is collecting every dollar the surgeon is owed. Selecting the proper medical billing service is made all the more difficult by the fact that many companies claiming to be experts in billing for surgeons actually do not do the billing themselves, but outsource the work to other vendors that are based in India or work from their homes.
One of the major drawbacks of hiring a company that does not specialize in surgical billing is their lack of familiarity with the procedures and the terminologies used. Even if the medical billing company serves one or two surgeons, they will lack the depth and breadth of expertise required for successful surgery billing. Moreover if the hired company does not specialize in billing for surgeons, then they will not have the expertise to effectively appeal denied claims or answer questions raised by the insurance companies.
A typical sort-coming with medical billing services that do not specialize in surgery billing is the inability to properly track and pursue insurance underpayments. These underpayments cost most surgeons about 10% of their potential income. If a medical billing company does not understand the mult-procedure rules and have a system that can track underpayments (and does not flag every payment on a second procedure as underpaid), they will find it difficult to capture this lost revenue is a systematic manner.
The surgery-driven difficulties of medical billing encompass patient billing also. A surgeon’s patient balance process is more challenging because most of the balances are quite sizeable. Coupling this with the difficulties of explaining to a patient their complicated Explanation Of Benefits and the surgical terminology on their bills drives the need for patient collection specialists that have a strong expertise in surgical billing. If patient are not handles with care surgeons will see their patient collections fall and their patient complains rise - not a good combination.
The bottom-line is that is not worth the risk for a surgeon to use a billing company that is not as focused as he or she is on surgery. Just as a patient should not go to a family doctor for surgery, a surgeon should not go to a generalist billing company for medical billing.
Copyright 2008 by Carl Mays II
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