Large billing companies turnover millions of dollars a week. Ask me how I know. In so doing, your small surgical list is more of an irritation rather than a task that requires their attention. Your aged debtors are not a priority for them. They are busy receipting the easy claims and leaving the exceptions or workers compensation claims in the too hard basket until you contact them for follow up, and even then, they have to find the staff time to allocate to this task.
Delayed response times, can result in unanswered inquiries, difficulty reaching a designated contact person, and a general lack of personalized attention. Such communication gaps can lead to misunderstandings, errors, and delays in resolving billing issues. This can negatively impact both the healthcare provider and the patients.
Another pitfall of relying on a large medical billing service is the potential for decreased control and transparency. When outsourcing billing to a large service, healthcare providers may have limited visibility into the billing process and lack direct control over critical aspects of revenue management. This lack of control can make it difficult to monitor and address billing errors, track reimbursements, or identify potential issues in a timely manner. Additionally, large billing services often have complex systems and processes in place, which can be challenging for healthcare providers to navigate and understand fully. As a result, providers may feel disconnected from the billing process and face difficulties in obtaining accurate and transparent financial information. This can lead to potential financial losses and administrative inefficiencies.
A small billing agency can provide a medical consultant with several advantages over larger counterparts. One significant advantage is the personalized attention and dedicated support that a small agency can offer. With a smaller client base, these agencies can prioritize individualized care and establish a closer working relationship with the medical consultant. This means that the consultant is more likely to have direct access to a designated contact person who is familiar with their specific billing needs and can provide prompt and tailored assistance. The personalized attention enables better communication, faster issue resolution, and a deeper understanding of the consultant’s unique billing requirements.
Unlike larger services that may have rigid systems and standardized processes, smaller agencies are typically more adaptable and can tailor their services to meet the specific needs of the medical consultant. They can customize their billing software, reporting systems, and workflows to align with the consultant’s preferences and practice requirements. This level of flexibility allows for efficient integration with existing practice management systems. They can address unique billing challenges effectively within your practice. By having a more personalized and customized approach, a small billing agency can provide a medical consultant with a competitive edge and better support their financial goals.
Billing companies can be a great alternative for larger and medium practices who have trouble finding and retaining qualified staff. Medical billing is a specialised skill set and those who can undertake it well, are highly sought after and employed well.
It is enticing to go where your colleagues go and use the same service, but this is not always a great idea lest you all end up in a leaky boat with aged debtors out over 120 days.
At Virtually A Practice, I offer a completely different individualised approach to your accounts and debtor management. I only take on a limited number of clients so that my level of service is high across all practices I attend to.
I like to have all accounts settled within 60 days. For large insurance claims, this is not always possible, but I will have contacted the funds to find out what is taking so long.