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How Small Medical Practices Can Become Financially Devastated
Many people believe that just because a person owns a medical practice they have a lot of money. In some instances this can be true however, many times a physician can own a medical practice and still have very little money to show for it. This is not because he or she is not a good physician, most often it is because he or she lacks the skills to run the business end of their practice efficiently.
More and more physicians are finding that using a medical billing service actually helps them to run a more efficient office.
A medical billing company has trained professionals that will handle all of the billing needs from coding to submission to the insurance companies.
Many insurance companies today have reputations of being notorious for denying claims that have been submitted for the most ridiculous reasons.
A busy medical practice that submits their claims on their own is more likely to have those claims denied than if a medical billing service was used.
If a medical practice sees fifty patients a day, then fifty medical claim forms must be filled out and submitted. This means that the person who fills out the claims manually must go through the entire process fifty times a day manually and mail it to the insurance company where it will sit in stacks of thousands of other claims waiting to be entered into the insurance company computers. If there is one mistake, the claim will be rejected and sent back to the medical practice to be filled out properly.
This means that the person who fills out the medical claims will have more work than he or she can handle. It can be very frustrating.
Even if the claims are filled out correctly, it can take several weeks to several months to receive a check from the insurance company. For a small medical practice, it can be devastating if several claims are denied at the same time.
A medical billing service takes all of the headaches and frustration away because they handle every aspect of medical billing. Trained professionals code the claims and submit them to the insurance companies electronically, eliminating the process of manually entering them at the insurance company.
Another benefit is that a medical billing company offers is that they will follow the claim from beginning to end, making sure that there are no problems. They also have an excellent acceptance rate of over ninety percent.
When a claim is submitted electronically, it is either accepted or rejected immediately. When it is accepted, a reimbursement check is sent out within days and not weeks or months.
For small medical practices that rely on the insurance reimbursement checks to operate their business, a medical billing company is a godsend. Many think that the cost of a medical billing company is more than they can pay; however when you look at what you could lose, the cost is really quite reasonable.
Medical billing companies are available to everyone in the medical industry no matter what their specialty is.
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