MEDICAL BILLING SERVICES | XyberMed

 WHAT ARE MEDICAL BILLING SERVICES?

Independent medical billing services are used to process, submit and track medical insurance claims to save your staff time.

These companies employ specially trained staff who know individual payers and can work within each company's specific policies to obtain a higher level of payment in a shorter period of time.

Your medical billing company can also follow up on rejected claims and pursue delinquent accounts.

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MEDICAL BILLING VS. RCM SOLUTION

Medical billing is a different service than medical coding. Coding consists of assigning standard codes to individual services in preparation for claims submission. Medical billing is the processing, submission, and tracking of claims.

Some medical billing companies may offer both services, but many require you to do your own coding.

At XyberMed, we have certified coders to help with coding questions and claim appeals in billing, who can also perform medical coding for your practice.

 WHY DO MEDICAL PRACTICES OUTSOURCE MEDICAL BILLING SERVICES?

The advantages of working with medical billing outsourcing companies include

Improved workflow for practice staff.

Alleviating confusion when dealing with each payer's specific payment policies

Reduced submission errors

Faster claims processing

Improved healthcare revenue cycle management

Access to trained industry specialists

Reduced costs per patient

Improved profitability

Increased patient satisfaction, as claims are processed in a timely fashion

Most importantly, the use of external medical billing companies can reduce overall practice stress levels related to billing complications.

Specifically, at XyberMed, our clients see the following benefits

Customer receivables that are typically outstanding for less than 30 days.

Past due balances of more than 90 days are typically less than 10%.

Delinquency percentages are among the lowest in the industry.

We also update providers with information on national, state, and local rate trends so you can make timely rate adjustments to keep your practice in line with others.

HOW MUCH DO MEDICAL BILLING SERVICES COST?

Costs for medical billing services can be based on the number of claims submitted, an origination fee, a percentage of collection, and/or a monthly service fee. Costs vary widely from company to company.

Contact your prospective service provider for more information on their individual pricing model.

The best option for you may depend on the size of your business. If your practice is small and has fewer claims to process, the cost per claim may be more affordable. However, many practices prefer the percentage of collection model, where in order for the medical billing company to get paid, your practice must get paid first.