Everyone needs assistance at some point. A growing healthcare facility requires efficient billing support so that medical professionals have time to focus on providing services to their clients.
The payer can be an individual or a health insurance company. Medical billing considers all testing, treatment, and procedures procured by patients.
Several billing companies are offering Medical Coding Solutions to hospitals and healthcare facilities. However, they are not one-size-fits-all service providers. Billing companies vary from one provider to another. There are three categories of medical billing companies. Therefore, it is crucial to know your need and settle for the best fit for your hospital.
There are three types of medical billing companies, namely:
- Small-scale medical billing companies
- Full-service medical billing companies
- Boutique medical billing services
- Small-scale medical billing services
Small-scale medical billing services are also known as light medical billing firms. This category offers billing software to healthcare facilities. And because their sole purpose is to sell the software, the target client needs to have someone familiar with such software.
The in-house medical billing staff handles the front-end billing process. Light billing software vendors’ services include the management of coding validation and reworking of denied claims. An insurer can reject claims due to eligibility checks, authorizations, and patient’s demographic issues.
- Full-service medical billing services
These are the traditional medical billing firms that engaged your hospital in the initial stage in the revenue cycle. They provide the technological tools required in billing. They also provide the training needed to carry out eligibility and client demographics. It is also their responsibility to equip the client with insurance card information during the check-in stage.
The billing firm also gives information on ways of managing rejections and denials. They furnish the in-house staff with crucial feedback on avoiding errors that lead to possible rejections and denials. This category does not require the in-house personnel to have prior skills to work on rejected insurance claims.
Full-Service medical billing firms can handle almost all medical billing concerns in a health facility. Their prowess makes the best choice for most medium to large healthcare facilities whose aim is to focus on core operations.
- Boutique medical billing firms
If you are the kind of client who needs more specific billing assistance, this is the category you should consider procuring. A boutique type of medical billing firm is ideal for healthcare facilities with a niche in a limited number of specialties.
This category gives keen oversight to the specified area. The boutique billing entities go beyond claim submission, management, payment postings, and follow-up on all receivables from accounts.
Procuring such kind of customized service comes at a premium fee. Therefore, it is best suited for hospitals that aim to have all aspects of their business run by the billing company.
Conducting an evaluation of your healthcare facility will enable you to make an informed decision on the firm that will give you the best medical coding solutions.