Medical Billing FAQs
We have tried to answer the most common questions asked by established physician practices as well as new starts. Hopefully they will answer any question you have in regards to outsourcing revenue cycle management.
For more information just call 800-933-5190 to get started today
or send us a message!
Why Should I outsource my practice's medical billing to a medical billing company?
Outsourcing the very complex medical billing process significantly increases a physician’s confidence that billing is handled accurately and efficiently and in most cases a medical billing company should increase reimbursements. Using a medical billing service eliminates the time, frustration and expense associated with building and maintaining the skilled workforce needed to achieve optimal reimbursement in the ever-changing and very challenging insurance industry. Staffing, documentation, record keeping, and space for in-office billing can cost 10 to 15 percent of monthly revenue and still not provide the level of expertise required to ensure submission of compliant claims that produce timely accounts receivable recovery. A billing company should bring its clients extraordinary expertise that enables physicians to focus on the most essential element of a practice – patient care.
I am currently researching medical billing services. What makes yours stand out from the rest?
As a medical billing company we are dedicated to our customers and their success. After all, our success depends on yours. Here are some facts about Consolidated MD and our services that you might find interesting.
- We offer complete practice management system for FREE that allows YOU to monitor OUR performance 24/7
- We offer a FREE electronic health records to help keep your practice more efficient
- We are electronically connected to over 4,000 payers, and have some of the best reimbursement time frames
- We assign a dedicated account manager and team to work on your electronic medical billing
- We offer highly competitive rates
- NO Start-up Cost
- We also offer medical consulting services to help your practice run smoother
- We DO NOT OUTSOURCE overseas and hire only within United States
How about start-up costs? What hidden cost should I expect?
Relax, Consolidated MD never charges you for set-up fees, supplies, or any other start-up costs associated with our excellent medical billing services.
Do you comply with HIPAA?
Absolutely! Consolidated MD meets all HIPAA requirements.
How quickly can I get up and running?
Our goal is to get the entire medical billing process in place for you within one week.
My practice currently has a lot of problems with rejected claims. What can you do for us?
Glad you asked! The average number of rejected claims for a medical practice is 30 percent, and only 50 percent of these claims are ever resubmitted. We work these claims very diligently. We pursue all disputed and unpaid medical insurance claims with aggressive follow-up until there is a resolution.
Do you work with all kinds of specialties or just a select few?
As one of the larger medical billing companies, we work with all specialties in all locations, across the country.
How can I ensure fast insurance payout?
Our daily electronic claims submission leads to immediate carrier response. We offer among the fastest payouts in the industry – most within 10 to 14 days. Our FREE practice management software also allows you to see how timely electronic claims are being processed.
Should I pay a medical billing company on all money I collect in my practice?
No, you should only pay a medical billing company on money they collect.
What if you are not able to collect? Do we still have to pay for your efforts?
Here’s the beauty of working with our medical billing services. Our success is directly tied to your success. We only charge you a percentage of the collections that result directly from our billing service. We’ll clearly establish an appropriate rate for your practice right from the very start.
Why is a medical billing company more efffective than in-house billing?
A medical billing service should be more efficient and effective at medical billing then your own office. A medical billing company should let you and your personnel focus on practicing medicine. Whether you have private or faculty practice or you are a primary care physician or a specialty practice like surgery, cardiology, dermatology, or orthopedics your medical billing service can make your practice more profitable.
Will a medical billing service help me reduce cost?
The New England Journal of Medicine states that a typical doctor’s overhead and billing expenses account for 43.7% of his/her gross income. This translates into an average of about one and a half clerical workers per doctor at an average annual cost of $51,564. This does not include the hidden costs like vacation time, insurance, and the like.
How does reducing my A/R days outstanding help my bottom line?
According to the MGMA, the average medical office has 52.32 days receivables outstanding, with 20 percent of A/R balances days past due. There is only a 50 percent recovery rate of the gross charge when an account has not paid within 90 days. That’s a lot of money to leave on the table! Our medical billing company will do everything in our power to collect that money and improve your A/R.
I am starting a new medical practice and expect to have little volume to start with. Am I going to get the same level of service as established practices?
Every client, regardless of size, works with a dedicated account manager and a dedicated medical billing team. The client and our staff work on the same practice management and billing system which ensures that every client receives the same quality of service. We welcome working with new medical practices because it gives us an opportunity to help you grow your practice, and we hope the relationship we build will translate into many years of business relationship.
We are extremely busy setting up our new office. How quicly can we start billing through Consolidated MD?
We can setup your account within 2-3 days. Once it is setup you can start entering visits right away, and we can start submitting them for reimbursement within 1 week (if your payer credentials are available). We also offer data entry services and remote scheduling in case you don’t have an office staff.
Wouldn't I save money by doing billing in-house?
That’s a common misconception. Actually, it can end up costing you far more money. Consider all your expenses with an in-house staff: salaries, benefits, taxes, hardware and software technology, continual training to keep up with the latest Medicare and insurance changes, retraining when the person you’ve come to rely on moves on from your practice. In the long run – and even the short run – you can often save more by outsourcing.
I've heard that it's expensive to outsource medical billing. Why not just keep my billing in-house?
All too many practices just look at the bottom line without analyzing all the real costs of keeping billing in-house as opposed to outsourcing. The reality is, you could actually save significantly while increasing your collectibles. If you do in-house billing, salary is generally only about 70% to 75% of your employee costs – adding in payroll taxes, FICA and insurance. You pay for your specialists sick days, vacation days, and family leave days. You pay for their training and re-training. You pay for turnover costs when they leave your practice, which most inevitably do. And, when your staff is under pressure during busy times, you also could pay for inadvertent medical billing and coding errors that leave money on the table. Consolidated MD provides a dedicated team of experts and we charge a small percentage only for what we collect on your behalf. When you add up the numbers,Consolidated MD makes sense.
I am happy with my current staff. Will I need to let them go in order to work with you?
Not necessarily. You can switch their focus to supporting you with patient care – or with data entry — while we handle all your billing and collections. Of course, if saving costs is important to you, you can, indeed, let some of your staff go.
We already have a system in place for billing. Can we still use our system?
In many cases, we can. We always work with your practice to come up with the best solution for processing your medical claims.
What is the start-up costs to switch billing from in-house to you?
In most cases there are no start-up cost. We’ve performed the EDI set-up many times and know exactly what information is needed. We take care of the entire process and make certain there is no revenue interruption. On the contrary, the vast majority of our clients see a revenue increase after they’ve switched billing to Consolidated MD based on the speed and accuracy of our process.
I have been working with another medical billing service for years. I'm not 100% satisfied. Is it really worth it to switch?
That’s up to you to decide, of course, but we believe the answer is an emphatic yes! Ask yourself these questions: do you know when your claims are sent and even if they’ve been sent? Can you check on the status of your claims online day or night, or do you need to wait for a cumbersome monthly report? Do they handle patient invoicing and collections? Are they communicating effectively with you? How fast are their collection times? Consolidated MD is an expert in getting your claims paid fast and to aggressively fight denials, with our highly-trained medical billing specialists. At a time when insurance carriers are using data mining to create virtually millions of edits to reduce payments and deny claims, you can’t afford anything less than the best in making sure you leave no money on the table. A very brief transition period can end up saving you tens of thousands of dollars down the line
What about our Medicare and Medicaid payments? How does that work during the switch?
First, we file an EDI application, which usually takes two to three weeks to process. In the meantime, you can enter charges into our system right away. Once we receive a confirmation of the EDI set-up, we release all the accumulated claims at once to the payer for fast payment.
What is the start-up cost to switch billing from them to you?
There are no start-up cost. There are no other maintenance, support, or ongoing fees. We’ve performed the EDI set-up many times and know exactly what information is needed. We take care of the entire process and make certain there is no revenue interruption. On the contrary, the vast majority of our clients see a revenue increase after they’ve switched billing to Consolidated MD based on the speed and accuracy of our process.