Medical Billing Services
- Custom superbill for each medical office
- Creating and submitting electronic claims on a daily basis
- Following up on denied and down-coded claims
- Preparing and mailing appeal letters
- Prompt posting of all payments received and monitoring reimbursement (all payments will be received by your office directly from insurance carriers)
- Submitting claims for further processing to secondary and tertiary carriers when applicable
- Creating and mailing patient statements
- Managing patient inquiries and interactions
- Analysis and consultation of fee structuring
- Providing your practice with monthly financial reports
So, you want medical billing services at 5%...
"The bitter taste of poor quality remains long after the sweet taste of a cheap price is gone"
It is a common theme for medical practices to find the cheapest billing solution available to save money. In most cases, this ends up costing the medical practice a lot more money in the long run.
We are not the cheapest medical billing company on the market and our clients know that, but we are very confident that we are the best medical billing company on the market.
From Roxana Peeke - "I am constantly approached by doctors that think cheap medical billing is the best way to go. Before going that route I always ask a doctor to consider a few things, starting with this: Price is what you pay, value is what you get."
Lets take the following scenario:
Doctor A & Doctor B both submit the same amount of billing claims, but Doctor B uses Millennium Medical Billing and has a much higher net profit than Doctor A.
See below to find out why.
|-submits billing of $50k/month
||-submits billing of $50k/month
||-receives billing of $45k/month
|-billing fees 5% ($30k x 5% = $1500)
||-billing fees 7% ($45K x 7% = $3150)
|-Net Profit $28,500 ($30,000 - $1500)
||-Net Profit $41,850 ($45k - $3150)
|-follow up is done irregularly
||-follow up is done regularly and by properly trained personnel
|-dozens of claims are being returned to the medical practice because of "doctor's handwriting" or unspecified diagnosis
||-appeal letters are done regularly and properly by experienced personnel at the billing company
|-patients as well as medical practice's staff are frustrated by language barriers experienced by offshore labor
||-patients are called only by US based staff
|-software support calls are not returned on time - turnaround time if work is outsourced is anywhere between 5 to 12 business days
|-HCFA claims submitted to secondary carriers, No Fault carriers or Workmans Comp carriers must be printed and mailed with attachments by the medical practice, not the billing company
||-HCFA claims submitted to secondary carriers, No Fault carriers or Workmans Comp carriers are mailed with attachments by the billing company
|-medical practice will have to pay for postage, envelopes, paper, printer & toner so that patient invoices can be mailed to patients
||-costs for postage, envelopes, paper, toner for all patient invoices are absorbed by the billing company
- -Doctor B is making over $13,000 more than Doctor A
- -Doctor B pays more for medical billing services but also makes more money because the billing service is comprehensive and more effective.
Just like hiring a contractor to build a house, you might get a wide range of price estimates. One contractor might be very confident, have excellent references and higher prices, another might be less experienced, use untrained labor and offer lower prices. In the end, it is your house that will be built, what kind of house do you want to live in?
Just like building a house, a doctor must build a medical practice. That medical practice becomes the house for the doctors' career, if you are that doctor that is building a house for your career, what kind of house do you want to live in?
At Millennium Medical Billing we have saved numerous practices that came to us from a cheaper billing service, or in-house billing, that did a poor job. We have also lost clients that were pleased with our services but wanted to find a cheaper solution, some of them came back.