HIPAA 5010 Compliant for Medicare, Medi-Cal, Private Insurances and LA County Mental Health Department
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Comparison
In-House Medical Billing Professional Billing Company
High Turnover
Medical practices lose their employees very often. Average employee tenure is 18-22 months.		 Billing company assumes the responsibility to ensure accuracy, and without time delay. There is no hiring and no employment costs for recruiting, training, and sustaining employees on the practice.
High Cost on IT
Investment in software and hardware is costly - packages can range from $5,000 to $150,000, depending on the size and features required.		 Billing companies are very particular in the billing software they use as a tool to handle their client base. In order to keep clients and maintain a good standing as a submitter, their choice of software must be able to adapt to a changing electronic age and specification demands, as set forth by the insurance marketplace
Findings and studies:
Have shown that the average practice operates on 50-75 percent of “true income”.		 Billing services’ income is generated by their high yield of collections and results
Multi-tasking:
Often, in-house billing staffs are pulled away from billing to assist with other shortages in staffing within an office that are unrelated to billing and collections activities.		 Billing employees are only focused on billing and collection concerns. Employees are not distracted by the external forces present in a medical office.
Errors and mistakes:
Most errors occur at the front office concerning their ability to obtain accurate and complete patient demographic data entry.		 A billing service is required to maintain a low error ratio in order to be an approved vendor.
Control over receivables
When an employee falls behind in collections, he or she leaves the job, practice have void period where they tend to lose control over receivables.		 Ongoing relationship with the billing company to obtain valid and reliable reports. Tracking trends in coding, changes to payer mixes, and aging of receivables on an ongoing basis enables a provider to have a "handle" on his/her practice. With the right billing company, this should be seamless as to where the office ends and the billing companies begin.
Costs
High overhead cost, due to software, IT infrastructure, and high turnover of employees and supplies.
 Cost-effective alternative to reduce overhead costs and increase income. Win-Win situation.