Medical billing is an essential component of the healthcare industry. It needs to be done accurately and properly with utmost safety and efficiency to avoid delays. These days outsourcing the services has become quite common as the medical billing services fee has become affordable. The cost is mostly determined on a percentage basis according to the revenue earned. So it depends on the size of the organisation, size of operations and the revenue earned.
What is medical billing?
Medical billing is the process of preparing the bills for the services offered by the medical practitioners to each patient. There are specific universal codes for each service provided to the patient. While preparing the bills, the correct codes are assigned to the services and bills are prepared which needs to the sent to the insurance company for reimbursement. Any delays or wrong codes can result in the rejection of the bills leading to loss of revenue for the medical provider. Outsourcing the services to experts ensure that correct bills are prepared promptly so that the medical practitioners can concentrate on treating the patients while ensuring smooth revenue cycles.
Medical billing cost in 2020
Medical billing services can ensure that the insurance claims are not denied and all the payments are made. While preparing the medical bills, specific universal codes are assigned for the medical diagnosis, procedures and services. The medical practitioners have truckloads of work every day. By outsourcing, they can ensure that the time is saved and errors are avoided.
The medical billing services fees consists of three components- set-up fees, administrative fees and billing fees. The prices vary according to the size of the organisation and the type of claims received.
•Set-up fees: This is a one-time payment which is charged from the new clients to cover the cost of taking a new client. On an average it costs somewhere between $300-$350 per physician. This fee is however optional. All the billing companies do not charge this fee.
•Administrative fees: These are charged by every company for maintaining the software and to cover the costs involved in the billing process. It is meant to cover all the administrative work for the billing process.
•Billing fees: These are the charges for the actual billing. It depends on the size of the firm and the revenue earned.
Companies can either charge on a percentage basis for each claim or can charge a flat fee for all the claims. In the percentage basis, there is a specific percentage for the claims received. Some companies also go for a hybrid system where some part is fixed and the rest is done as a percentage.
But availing the billing services can considerably increase your revenue as it lowers the chances of your bill being denied by the insurance companies.
Medical billing services fees at Medeye services
The medical billing services fees at Medeye is quite transparent, flexible and affordable. They charge on a percentage basis of the monthly collection done by the clients. For collections up to $100,000 a commission of 5% is charged. It decreases as the revenue increases. For collections over 1,000,001, a commission of 3% is charged. So it varies between 3%-5% at Medeye. They provide comprehensive services to meet the needs of all the medical providers.