MBA-RCMNow – Medical Business Association

What is Medical Billing?

It is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider. Medical billing translates a healthcare service into a billing claim. The responsibility of the medical biller in a healthcare facility is to follow the claim to ensure the practice receives reimbursement for the work the providers perform. A knowledgeable biller can optimize revenue performance for the practice.

Why is Medical Billing Important?

The financial health of a practice largely depends on the performance of the billing office. Increasing demands on providers with decreasing reimbursement requires healthcare offices to have highly skilled medical billers. Understanding of medical insurance, the claims process, the appeals process, and the impact on the practice’s revenue gives the medical biller the tools to successfully optimize and maximize a practice’s revenue performance.

Why is HIPAA Important for Healthcare Organizations?

HIPAA introduced a number of important benefits for the healthcare industry to help with the transition from paper records to electronic copies of health information. HIPAA has helped to streamline administrative healthcare functions, improve efficiency in the healthcare industry, and ensure protected health information is shared securely.

The standards for recording health data and electronic transactions ensure everyone is singing from the same hymn sheet. Since all HIPAA-covered entities must use the same code sets and nationally recognized identifiers, this helps enormously with the transfer of electronic health information between healthcare providers, health plans, and other entities.

Cost to Hire In-House

TOTAL

$55,100

Cost to outsource

$36000

Estimated Fee structure of 5-7% of collected revenue $600,000 @ 6%

Outsourcing Medical Billing benefits:

Our firm becomes focused on driving your revenue
You'll have a better understanding of your cash-flow
Reduce the cost of equipment, software, staff size, and employee expenses.
Reduce the cost of equipment, software, staff size, and employee expenses.
Free up your time to focus more on patient care

With our years of experience, we can also provide any practice a wide range of services, such as:

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