If you are looking to start a medical billing company or have one, then 2016 is a great year for you. You will start to notice that many healthcare providers are looking for a professional billing company to represent them. They are looking for a billing company to save them both time and money. You will stand out if you know ICD-10 coding and have a history of getting higher returns.
It is clear that billing in 2016 is going to get a lot harder and billing companies are going to reap the rewards of their hard work. For years, medical billing companies had to battle for business against stay at home medical billers. With the new ICD-10, it is a lot harder and 9 out of 10 times, home billers do not have the right software to work with professional healthcare establishments. This makes medical billing a lucrative and great industry to be involved in.
The reason why medical billing companies are doing so well today is because they are showing that outsourcing gets you higher revenues. When you have a professional billing business doing something 100% correct, you don't have to worry about the money part. If you have a good revenue cycle management program and utilization management, the MD's are going to say, "I should work with you because I want to receive excellent results."
In order to stand out, you are going to have to provide services such as: utilization management, billing and collections, benefit verification and revenue cycle management. Medical doctors today want their billing company to be an all in one package. You may be expected to perform duties that are not in your contract. It may seem like the doctor is getting some free services out of you. However, remember that you are the one that is going to keep him/her as a client.
It is clear that your business will have to stand out to doctors this year. We did away with ICD-9 in 2015. Now is the time to recruit new doctors to come and work with you. Many doctors don't know what to do right now. They are scratching their heads and wondering why the insurance companies are "trying to get them financially." In actuality, it has nothing to do with the insurance companies. It has to do with doing ICD-10 coding correctly. Most doctors don't understand how much of an expert you have to be in billing today. However, they are beginning to get that message loud and clear.
Acting like an aggressive collector in front of your client is often good. When a client sees that you care about their business, they are more prone to work with you. Many billing businesses will suffer if they cannot do a better job than an in house biller can. Set the business up to be professional. Don't set up a home office. Most doctors frown upon working with stay at home billers. Instead, rent out some office space.
It is clear that billing in 2016 is going to get a lot harder and billing companies are going to reap the rewards of their hard work. For years, medical billing companies had to battle for business against stay at home medical billers. With the new ICD-10, it is a lot harder and 9 out of 10 times, home billers do not have the right software to work with professional healthcare establishments. This makes medical billing a lucrative and great industry to be involved in.
The reason why medical billing companies are doing so well today is because they are showing that outsourcing gets you higher revenues. When you have a professional billing business doing something 100% correct, you don't have to worry about the money part. If you have a good revenue cycle management program and utilization management, the MD's are going to say, "I should work with you because I want to receive excellent results."
In order to stand out, you are going to have to provide services such as: utilization management, billing and collections, benefit verification and revenue cycle management. Medical doctors today want their billing company to be an all in one package. You may be expected to perform duties that are not in your contract. It may seem like the doctor is getting some free services out of you. However, remember that you are the one that is going to keep him/her as a client.
It is clear that your business will have to stand out to doctors this year. We did away with ICD-9 in 2015. Now is the time to recruit new doctors to come and work with you. Many doctors don't know what to do right now. They are scratching their heads and wondering why the insurance companies are "trying to get them financially." In actuality, it has nothing to do with the insurance companies. It has to do with doing ICD-10 coding correctly. Most doctors don't understand how much of an expert you have to be in billing today. However, they are beginning to get that message loud and clear.
Acting like an aggressive collector in front of your client is often good. When a client sees that you care about their business, they are more prone to work with you. Many billing businesses will suffer if they cannot do a better job than an in house biller can. Set the business up to be professional. Don't set up a home office. Most doctors frown upon working with stay at home billers. Instead, rent out some office space.
About the Author:
Ideal Billing Solutions is one of the top medical billing service companies in Florida. We look at your present revenues and get them higher. We have an excellent track record of getting more money for our clients. There are a lot of medical billing company names that you can choose from. We hope that you will choose us.
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