Medical billing may be considered a bridge linking the spheres of medical practices and health insurance. The functionality of medical billing comes into play when patients pay their doctors a visit. Whenever a physician delivers any sort of treatment to their patient, it’s the responsibility of the medical biller to correspond with the relevant insurance company, file the claims to be reimbursed by the insurance provider and handle any unusual complications which may arise during the billing process. Every time a claim is made, an acknowledgement or receipt is collected from the insurer as well.
Most medical providers nowadays have made use of innovative billing software in order to enhance their billing processes. Through the help of modern software, medical billing processes which previously required a lot of time from beginning to end of one cycle can now be processed much more swiftly in comparison. To tap the full potential of this software however, professional medical billers are required to handle the billing and coding process. The medical billing software is designed to minimize any discrepancies which may cause unwarranted concerns to all parties involved such insurers, clearing houses etc.
Professional billers can either be hired in-house or practices have the option of outsourcing their billing to a medical billing service. One might think that having an in-house medical biller would be more beneficial. On the contrary, most clinicians prefer to outsource their billing to a medical billing service due to benefits offered by them.
There are numerous advantages to opt for a specialized billing service over an in-house resource. For one, hiring a full time in-house professional may prove to be costly. Having just one professional biller may be fine for smaller practices, but for larger practices it’s not a suitable option. On the other hand, most medical billing service organizations charge you for a small percentage of the claims they make; meaning they will make money only if you as a provider make money. After carrying out a cost benefit analysis, outsourcing your billing to a specialist organization makes more sense for the majority of practices.