The cost of hiring a medical billing company varies based on several factors. Some practices aren’t able to afford the upgrade, or they simply lack the necessary funds to secure a better billing system. Other practices simply lack the appropriate security or resources to do so. Whatever the reasons, it’s important to choose the right medical billing company to take care of your paperwork. Below are a few factors to consider when choosing a medical billing company.
Depending On Your Needs And Budget
First, determine what the startup costs are going to be. Medical billing software typically costs upwards of $1,000, with the cost rising over time. However, medical billing software has many processes outside of billing itself. Many companies provide training free of charge. In addition, they may have a dedicated account manager or online training resources to guide you through the setup process. Make sure you find a company that offers free training and is well-established to avoid getting stuck in an expensive learning curve.
Next, consider the experience of the billing team. While medical coding requires some knowledge of a physician’s notes, this skill will help you avoid wasting money on inaccurate coding. Also, a company with experience in ICD-10 coding is essential for accuracy and timely payments. Ensure your billing team is up to date with the latest rules in medical reimbursement. A reliable medical billing company will have a highly qualified staff and use advanced billing software and technology.