Myths and Facts about Medical Coding and Billing
Whether you have heard only good things or only bad things about medical billing companies, what you may think you know could actually be a myth. Allow us to dispel some of these myths and present you with the truth.
Every set of experiences is different and we encourage you to see the truth for yourself before you discount a reputable company like our own. STAT MEDICAL CONSULTING, Inc. focuses on maximizing your reimbursement as quickly as possible so you can focus on patient care. From verifying patient files to following up on denied claims, we never drop the ball on medical billing and coding services.
Myths and Facts about Billing Companies
Myth: You lose control of the income.
Fact: More so than your own employee, a billing company has their eye on your income. Our billing company gets paid based off of the income you take in and that means we are heavily invested in the project. We help you learn how to participate in getting accurate and complete billing information.
Myth: All billing companies are the same.
Fact: Not all billing companies are the same. We have more than 20 years of experience and are more than willing to present you with references we have dealt with in the past. Our professionals strictly adhere to HIPAA rules and regulations with a proven track record of success. We are available 24/7 and bill within 24-hours of submitting a claim.
Myth: You have to have experience in my medical specialty.
Fact: Since we have over 20 years of experience, we have the resources needed to excel with any specialty. We work with companies of all sizes including large hospitals. Your relationship with us is built on trust so if you have any concerns, we are more than happy to address them.
Myth: Past experiences have not met my expectations.
Fact: No billing company should say they can guarantee payment within 4 days or any unrealistic promise like this because they are guaranteeing something beyond their control. Reputable companies like ours make promises like submitting every bill within 24 hours of the medical service. We promise clean and accurate submissions.
A billing company is completely separate from every insurance company and has no control over when a claim is paid. We follow through by verifying and tracking all submissions but after that the reimbursement of the claim rests on the insurance company. Of course, if something is underpaid, we follow through and find the reason behind the denial.
How a Professional Billing Company Can Help You
There are many reasons why a professional billing company is recommended to medical practices of all sizes. We give you the opportunity to save money in overhead costs while also increasing your reimbursement numbers by never missing a line item. Whether you need our help for consulting or for consistent billing services, a professional billing company comes out ahead when compared to doing billing in-house. No matter the type of medicine you practice or the size of your business, professional billing compares to completing the work on your own as follows:
- In-House: Tough to find good help.
- Professional: Experts work on your behalf and don’t require training.
- In-House: High turnover.
- Professional: No hiring or employment costs associated with new employees.
- In-House: Investment in necessary software is expensive.
- Professional: Our billing company uses the right software as a tool to handle the client base. This means everything is orderly at all times.
- In-House: Missed income opportunities because details slip through the cracks.
- Professional: A billing company generates higher income for you.
- In-House: Multi-tasking leads employees into performing non-billing related tasks.
- Professional: Our employees only focus on billing and collection concerns. We never get distracted.
- In-House: Common errors in obtaining patient demographic information.
- Professional: We maintain a low error ratio and catch them quickly.
- In-House: Responsibility to run reports concerning receivables.
- Professional: Our company tracks trends in a range of factors including coding, payer mixes, and aging of receivables.
- In-House: Overhead costs increase with every new billing employee you have to hire.
- Professional: You can reduce overhead costs by providing this alternative that is cost-effective and increases your income.
Get the truth about how medical billing and coding companies work by contacting us today and dispelling any myths you may believe as true. We are able to assist practices nationwide but are located in Encino, CA.