Medical billing companies today can expect to receive higher revenues than they ever did before. The reason for this is that 2016 allows you to work with ICD-10 coding. This coding was released on October 1, 2015. Before ICD-10, most of the billing world understood ICD-9. Today, it is a whole different story. These codes often have 100,000 codes to become familiar with. It is clear that medical billing in 2016 is going to be tougher. A lot of healthcare providers will lose big profits for doing incorrect in house billing.
It is clear that billing in 2016 is going to get a lot harder and billing companies are going to reap the rewards of their hard work. For years, medical billing companies had to battle for business against stay at home medical billers. With the new ICD-10, it is a lot harder and 9 out of 10 times, home billers do not have the right software to work with professional healthcare establishments. This makes medical billing a lucrative and great industry to be involved in.
The reason why medical billing companies are doing so well today is because they are showing that outsourcing gets you higher revenues. When you have a professional billing business doing something 100% correct, you don't have to worry about the money part. If you have a good revenue cycle management program and utilization management, the MD's are going to say, "I should work with you because I want to receive excellent results."
There are a lot of medical doctors today that earn low revenues because their in house billing team has messed things up. They have messed things up so bad that everyone else around them is hurting financially. Did you know that a poor in house billing plan can cause a doctor to lose 20% to over 40% of their yearly revenue? Sometimes claims get rejected so many times that doctors give up on them altogether.
It is clear that your business will have to stand out to doctors this year. We did away with ICD-9 in 2015. Now is the time to recruit new doctors to come and work with you. Many doctors don't know what to do right now. They are scratching their heads and wondering why the insurance companies are "trying to get them financially." In actuality, it has nothing to do with the insurance companies. It has to do with doing ICD-10 coding correctly. Most doctors don't understand how much of an expert you have to be in billing today. However, they are beginning to get that message loud and clear.
There is no golden rule, but I think that you should always meet face to face with a potential client. When you get the initial phone call, it is best to ask them if you can meet with them in person. It is best to say, "Can I meet with you in person?" If the client lives out of state, you are going to have to fly to their location. Remember, these types of clients are big deals. They don't come around often and doctors that make good money in their practice are hard to find.
It is clear that billing in 2016 is going to get a lot harder and billing companies are going to reap the rewards of their hard work. For years, medical billing companies had to battle for business against stay at home medical billers. With the new ICD-10, it is a lot harder and 9 out of 10 times, home billers do not have the right software to work with professional healthcare establishments. This makes medical billing a lucrative and great industry to be involved in.
The reason why medical billing companies are doing so well today is because they are showing that outsourcing gets you higher revenues. When you have a professional billing business doing something 100% correct, you don't have to worry about the money part. If you have a good revenue cycle management program and utilization management, the MD's are going to say, "I should work with you because I want to receive excellent results."
There are a lot of medical doctors today that earn low revenues because their in house billing team has messed things up. They have messed things up so bad that everyone else around them is hurting financially. Did you know that a poor in house billing plan can cause a doctor to lose 20% to over 40% of their yearly revenue? Sometimes claims get rejected so many times that doctors give up on them altogether.
It is clear that your business will have to stand out to doctors this year. We did away with ICD-9 in 2015. Now is the time to recruit new doctors to come and work with you. Many doctors don't know what to do right now. They are scratching their heads and wondering why the insurance companies are "trying to get them financially." In actuality, it has nothing to do with the insurance companies. It has to do with doing ICD-10 coding correctly. Most doctors don't understand how much of an expert you have to be in billing today. However, they are beginning to get that message loud and clear.
There is no golden rule, but I think that you should always meet face to face with a potential client. When you get the initial phone call, it is best to ask them if you can meet with them in person. It is best to say, "Can I meet with you in person?" If the client lives out of state, you are going to have to fly to their location. Remember, these types of clients are big deals. They don't come around often and doctors that make good money in their practice are hard to find.
About the Author:
Ideal Billing Solutions is one of the best medical billing service companies in Florida. We examine your present revenues and get them higher. We have an excellent track record of getting more dollars for our customers. There are a lot of medical billing company names that you can choose from. We hope that you will choose us.
