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It is only logical then to look for a partner that will relieve you from managing the revenue stream of your practice.It also makes financial sense, as a professional in-house biller costs you around $ 50,000 per annum while a third party team of billers comes at a fraction of this cost.If introducing EHR technology and selecting the right electronic medical record vendor, attesting for meaningful use/PQRS was not enough, physicians must now undertake one of the biggest healthcare reforms in the US to date- the transition to ICD-10.Even if the transition is delayed, there are enough reforms being made to physician reimbursements such as the rise in deductibles, the move towards pay for performance model; that warrant a reform to the way you practice medicine.Thus, all you get with a local vendor is a face but no quality.
Do not select a billing company solely on low rates without considering the risks attached to it Before I get into dissecting each medical billing company, let’s explore some of the options out there for you.
That’s one of the reasons why many physicians have signed contracts with their local vendors.
However, how do you ﬁnd out if things are not going well for your practice?
Many of these companies charge you per claim rather than the standard percentage of collections model used across the industry.
The third option is the one that I personally prefer.