We see so many medical billing ads. To earn a lot of money! Work from home! No experience necessary! The ads say that anyone can make a lot of money from medical bills, but is it really true?
Health insurance billing has become much more complicated in recent years. If a doctor is to be paid well for his services, the insurance bill is a very large part of his practice.
Medical billing is much more than just filing a claim with an insurance company and sitting back to wait for payment. Every company has its own rules and to get paid we need to know and follow them. How do you learn about these rules and where can you go for information about medical bills?
Because it has become so complicated, it has become increasingly difficult to find employees who can handle this time-consuming job. A doctor’s office is a busy place and his associate may not have half an hour to stand on hold checking a claim before a customer service representative tells her that the claim is “not on file.”
Because their income, and ultimately the success of their office, depends so heavily on effective billing, physicians have found it increasingly cheaper to outsource their medical billing to professionals who can focus solely on their billing. If the billing service is paid based on their results, the doctor is more likely to maximize their advances.
The medical billing service will focus their efforts on getting each claim paid when the service is paid based on their results, while an office billing clerk is more likely to say on a busy day, “Forget it. This claim isn’t worth another call!!” Unfortunately, this claim is written off in most offices and the doctor will never know.
There’s so much that goes into billing that most people, including the doctors, don’t even realize. The expense claims must be submitted correctly and on time on the correct forms.
If claims are submitted electronically, reports must be read and followed up. When payments are received, they must be analyzed to ensure they have been processed correctly and then posted.
If there is a patient accountability after payment is made, a patient statement must be sent. If the claim is rejected or not properly paid, it must be dealt with quickly. If immediate action is not taken on the refusal or incorrect payment, you may not be able to correct it.
Some companies only allow a certain amount of time to request a chargeback. Aging reports should be done regularly to make sure nothing else is slipping through the cracks. Most firms lose thousands of dollars a year as claims slip through the cracks; incorrectly processed/rejected, or not processed at all. If you don’t work on your aging reports, you’re losing money!
But the Medical Billing Services are not getting rich like the advertisements show. There is no simple easy way to do medical billing that the doctor’s office doesn’t know about.
There is still plenty of work to do to file and get the medical claims paid. Don’t expect to be able to start this business without any background or education. There is a lot of medical billing information that you need to know to successfully run a billing business.
Medical billing is not a get rich quick scheme. If you are considering starting such a business, you must have a keen interest in the field and be willing to learn a lot more.
As with any other business you would consider starting, do your homework. Research the field, read as much medical billing information as possible, and make sure you know what you’re getting into. After all, it takes much more than a computer and a kitchen table to do a good job and run a successful business. Make sure you understand what is required of you.
There is a lot of medical billing information available. Make sure the information you get comes from a reliable source. Unfortunately, with a growing field like this, there are also many scammers out there trying to sell you information that is worthless.