Medical Billing FAQ
Medical billing can be a sore spot for many providers, but it doesn’t have to be. Here are answers to some of the basic questions that will help you to start thinking about medical claims billing and outsourcing.
What is medical billing
The process of submitting medical CPT and diagnostic codes for reimbursement from client’s medical benefit plan is commonly know as Medical Billing.
What are the benefits of outsourcing?
5T Practice Management can help with lowering your medical billing costs by reducing the turnaround reimbursement time through fast and accurate claims submittals, and excellent customer service. So you have more time to take care of your patients.
How much does outsourcing your medical billing cost?
Medical billing is usually priced based on your monthly claims billing amount. The range for most medical billing is between 2%-10%. Some medical billing firms have a base monthly rate in addition to the percentage.
What are some of the benefits to outsourcing?
One of the most important benefits is that it helps you stay compliant with the healthcare industry. It takes the stress off of your administrative team and puts it on your professional biller. We stay up to date with the ever changing ICD-9 & ICD-10 in addition to the billing regulations.
Second, and this is my favorite, we help increase your revenue by saving you money! We decrease your overhead costs and can help to increase the productivity of your administrative staff. We make sure that we send out “clean claims” the first time which optimizes the claims process and gets you paid faster.
Will I loose control over the medical billing?
With 5T Practice Management we are in constant communication with our providers and their staff. Consequently this ensures that you have better control over the billing process.
In addition, we have an EHR to submit your claims or we are also willing use your EHR system. There is no need to switch your current EHR program unless you want to.
Is it secure and HIPPA compliant?
Absolutely, when you outsource to a trusted medical billing company. 5T practice Management uses 100% HIPPA compliant programs and tools to send information. In addition, our billing experts are trained to be HIPPA-compliant to help protect your client’s information against cyber threats.
Still have questions? Call us at 385-402-9015 or drop us an email.
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