ClaimCare Medical Billing Service Can Lower - Often Dramatically Lower - Your Medical Billing Costs
The majority of medical practices are paying too much for their medical billing. It is quite likely that your practice is overpaying by a significant margin.
If you outsource already you may have a medical billing service that lacks scale and doesn't understand your specialty. In situations like this, the medical billing service will often charge you what "seems" right to them but is actually double what a medical billing service with the proper scale and expertise in your specialty would charge. In addition, your medical billing service may not offer a full suite of medical billing functions and forces you to retain medical billing employees. For instance, perhaps they expect your office to enter the demographic and charge data, correct claims errors, take patient phone calls and/or perform claims follow-up. If you add the costs of performing this work to what the medical billing service charges, you will find you are paying too much for your medical billing outsourcing.
If you have your billing in-house you likely have a billing office that is overstaffed. This can be driven by old and cumbersome billing software; a disorganized and chaotic medical billing process; ineffective billing staff or billing supervision; or high employee turnover which prevents you from ever reaching "steady state" operations and efficiency. No matter the cause, your practice can easily find itself with one or more medical billers for each provider. If this is the case, you are paying too much internally.
In addition to the labor costs of internal medical billing, there are many "hidden" costs of billing. For instance:
- System maintenance,
- Supplies and forms,
- Clearinghouse costs,
- Phone calls to payers and patients,
- Coding and billing books,
- Occupancy costs (the space you are using for your billing department that could be used for other purposes),
- Management focus (spending time managing the billing process instead of expanding the practice)
These costs can easily equal 20% of your labor costs (i.e., if you spend $10,000 for billing employees each month you are likely spending at least an additional $2,000 each month on the costs outlined above).
The costs outlined above are the direct and indirect costs of performing in-house medical billing. These do not take into account the lost revenue that typically occurs from in-house billing. These sources include:
- Claims that are denied for timely filing,
- Claims that are submitted, "lost" by payers and never pursued by the billing department,
- Claims that are underpaid,
- Claims that are never submitted,
- Money lost due to poor patient follow-up, and
- Secondary claims that are never submitted or pursued.
This lost revenue can easily be costing your practice 10% to 20% of your potential revenue. For most practices, this lost revenue more than doubles the actual cost of billing (i.e., continuing the example from above, if the labor and non-labor costs of internal medical billing are $12,000 per month, then the lost revenue is likely at least an additional $12,000 per month - for this example, the true cost of internal billing is at least $24,000 per month).
ClaimCare Medical Billing Service offers the most competitive billing rates in the industry. We also provide the best quality. In most cases our cost will be lower than your direct cost (the labor and non-labor costs outlined above). When you include the lost revenue we will recover for your practice, the costs savings becomes enormous. We can do your billing for less than you pay today and yes... we can do it better:
Here is what we offer:
- 96% of claims paid upon first submission
- 15 to 25% more revenue per case
- Average days in AR under 45 days
- Only written Service Level Guarantee in the industry.
To learn more about how ClaimCare Medical Billing Service can save your money and recover your lost revenue please fill out the form at the top of this page or call a local ClaimCare office.