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What you need to know about third-party medical billing companies

Merchants Credit Bureau is a full-service credit reporting, debt collection, tenant and employee screening and medical billing company based in Augusta, GA.

Third-party medical billing is a great option for medical practices as it can save them valuable time. It can be difficult to train and find people who can handle complex billing and coding issues. Also, claims that are not processed correctly or in a timely manner can have a negative impact on your practice’s revenues.

Even the most professional environment can make mistakes. Your staff may not be able to suggest a better way of handling billing errors.

Many other reasons and benefits have pushed almost all doctors, hospitals, and health professionals to use 3rd-party billing companies.

Let’s understand what third-party medical billing is

Third-party medical billing refers to a form of billing in which third-party billing companies act as intermediaries and manage all aspects of billing between patients and doctors, hospitals, and other health professionals.

Benefits of third-party medical billing

Medical Billing companies will make far fewer mistakes and be able to fix them faster than your team members. This is because a medical billing company spends all its time coding codes and their staff is skilled in both billing and coding.

Third-party medical billing saves time and money. It also allows patients to get accurate and timely billing at their own convenience.

It takes a lot of time and effort to track who has been paid and who is behind. Outsourcing billing to a third party can reduce costs.

You can spend less time on overseeing payments, from the time of service to reminders until finally being compensated, so you can use more of your resources for other, more important items like a new piece of equipment.

What can third-party billing companies offer?

Third-party medical billing can help increase revenue generation by reducing overheads like salaries, office assets and electricity.

It can be difficult to keep up with the regulations in the Healthcare industry. You will be denied Medicare and Medicaid compensation if you don’t adhere to the most recent rules regarding patient privacy.

Because they have staff that resemble full-time compliance officers, third-party medical billing can take care of all compliances and help you get reimbursements timely and efficiently.

Nearly all of the top service providers are compliant with the Health Insurance Portability and Accountability Act of 1995 (HIPAA). They also have an encrypted and 100% secure layer billing process. This protects your system from hackers and malware attacks.

A patient must contact an office administrator if they hope to understand and pay for the necessary medical procedures.  With a medical billing company they can often answer those questions thoroughly and serve as an additional customer service and administrative staff person. It is important to engage 3rd party medical billing because they provide a friendly and knowledgeable staff to handle billing issues and make it easy and enjoyable for patients.

Choose Merchants Credit Bureau for your Medical Billing

Do you want to reap the benefits of third party medical billing? We are happy to help you with medical billing and coding to increase your revenue. Call us at 706-823-6000 to book a free consultation.

The post What you need to know about third-party medical billing companies appeared first on Merchants Credit Bureau.

Originally published here: https://www.mcbusa.com/what-you-need-to-know-about-third-party-medical-billing-companies-2/

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Medical Billing Services - Choose Wisely

It's not news nowadays that healthcare providers are heavily outsourcing their medical billing services to professional companies to look after their medical billing and collections. A number of physicians, hospitals, nursing homes, urgent care centers, laboratories, DME companies, and other entities associated with the healthcare industry have realized the need for professional handling to regain focus on revenue recovery mainly through the reduction in operational costs.

There lies another challenge ahead - to find out the proper medical billing service, which can provide you with the solution you are looking at your budget. It is extremely important to research rigorously by self-defined parameters for selecting the desired service. However, some common factors that can be broadly considered essential for most healthcare providers can be discussed:

Points to Ponder

Some basic points that cannot be overlooked in your search for the desired medical billing assistance will include the following:

• Accurate and efficient service: Go for the medical billing services that can take the onus of all your billing collections - accurate, complete, and timely payment from the third party payers and patients through latest technology to attain maximum efficiency in the system.

Read More: Medical Billing Services - Choose Wisely