The main reasons to choose a medical billing service are all centered around saving money. In the long run, hiring a billing service should lead to a greater bottom line for your practice.
The most direct cost savings come from eliminating much of the time office staff spend processing your claims. When you consider the costs of a full-time employee, including salary, health care, training, and insurance, you'll find it can be significantly cheaper to outsource your billing. Having a billing service also allows your staff members to focus on other activities.
Medical billing services do a better job than in-house staff in several areas. For instance, billing services constantly work to keep their staff up to date on changing codes and insurance regulations, which reduce rejected and denied claims. Keeping up with these changes can be difficult for a busy practice.
Also, when claims are returned from the clearinghouse, ElectroBills works to correct and resubmit those claims as soon as possible. In-house staff juggling several roles are unable to deliver this turnaround time.
In addition, medical billing services have a greater incentive to increase collections, since they are paid based on a percentage of the money they bring in. In-house employees are typically paid the same salary regardless of the amount they collect.
Finally, because they process high claim volumes, billing services get faster turnaround from clearinghouses than individual doctors: you may start seeing insurance payments in 14 to 21 days, instead of a month or two.