Answers to Common Questions concerning
Electronic Filing and Outsourcing to a
Medical Billing Center
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Why Should I Outsource My Billing?
Outsourcing your billing benefits you in many ways. The most important reason is increased revenue. Utilizing a billing service will enable your staff to concentrate on patient care and the daily work of running your office. We handle the hassle of getting the insurance companies to pay, explaining in detail to patients any billing issues, and patient collections. There is also the decrease in overhead, less employees on the payroll, therefore, eliminating taxes or benefits needed for the billers you would have in-house.
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What Are The Benefits of Filing Electronically?
• Increased cash flow
• Reduced outstanding accounts receivable
• Decreased office paperwork
• Lowered supply and postage costs
• Customized reports analyzing your practice
• Patient Account Management by a highly qualified professional
• Your system of Practice Management is not altered
• No need to invest thousands of dollars into a new system
• No need to train your staff on a new and sometimes complicated system
• Option to Access your patient account information via your own computer
• The average rejection rate of the electronic claim is only 2%.
• Electronic claims are considered priority and are paid between 10-14 days in most instances.
• Following up with insurance companies is drastically reduced.
• The electronic claim saves you an average of $7 per claim filed.
• Processors do not need to re-key your claim into their system, thus reducing adjudication errors.
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Are You HIPAA Compliant?
Yes we are! We make sure that we are up to date and compliant with HIPAA regulations. We continue to strive towards keeping compliant as the regulations change from time to time.
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What Is The Turn Around Time On Claims?
We make every effort to have claims billed within 48 business hours of receiving charges from your office. There are times when that may take longer because we are missing critical billing information and/or clarification is needed and has been requested from your staff. As for turn around time from the insurance carriers, it varies depending on the carrier and if the claim can be electronically submitted or has to be sent by paper.
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What Is Happening To My Paper Claims?
Are you seeing a trend towards more and more of a delayed payment of your paper claims? It is
not your imagination! Paper claims carry a mandatory 28 day hold and can only be reimbursed
if the payment reserve has not been exhausted once the claim is eligible for determination.
Electronic claims are adjudicated first and with the growing number of providers jumping on the
Electronic Claims Submission bandwagon, your paper claims are continually being forced to the
back of the reimbursement line!
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How Much Am I Paying For Paper Claims?
You would think the answer to this is simple, but it isn’t. Your paper claim cost is not equivalent
to just the postage, stationary and staff time! A study by the American Medical Association
estimates that it costs physicians between $6 and $12 in labor and overhead to process a paper
claim. Factoring in errors at an average of 25% of all paper claims and the time it takes to
reprocess unpaid claims, the inefficiency and wasted dollars is alarming!
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If Electronic Filing Is The Way To Go… Why Don’t All Doctors Do It?
Many doctors don’t have the time or training to implement a whole new set of office procedures.
They are reluctant to make the financial investment in specialized software and additional
hardware needed. Some doctors are completely satisfied with their system which does not offer
the capability of electronic claims submission; while there are others who simply do not want to
open themselves up to the technicalities involved with electronic claims submission.
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How Long Has Physician's Choice MOS Been Around, And What Kind Of Experience Does The Staff Have?
Physician's Choice MOS has been in business since 2006. Our staff has many years of combined experience in the health care field. We have the proper training necessary in medical record billing and coding to help your practice excel. We pride ourselves in keeping our industry knowledge current and never cease with continued education. We come highly recommended by our current clients, and are more than happy to supply professional references upon request.
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