Medical Billing - Frequently Asked Questions
1. Why outsource medical billing?
According to Medical Economics Magazine, they state, "good state-of-the-art software and claims processing is vital to effectively manage your claims in a timely manner". The article states, by having an outside firm handling your medical billing claims, you will provide quality patient care, keep your overhead costs down and your medical billing claims processed in a timely manner. Outsourcing is the way to go.
2. Will a billing service cost me money or make me money?
In most cases, a billing service will be more cost effective than running an in-house billing department. Medworks is efficient by design and is health IT infrastructure ready! This will allow you to reduce or eliminate the need for an in-house computer system which requires recurring investment and staff training. Yes, you will not only make money, but increase cash flow AND reduce office expenses at the same time. Reassigning personnel to other administrative or clinical duties further enhances cash flow.
3. How will we work together so we know the status of billings and collections?
We agree up front on how we move forward and set expectations accordingly. We will strive to meet or exceed your expectations and meet with you regularly to review detailed financial reports. Custom reports are available upon request.
4. How does this eliminate administrative headaches?
You no longer have to worry about managing an in-house billing department. Medworks is responsible for hiring, training and supervision. You don't have to worry about staff turnover and managing significant regulatory changes impacting medical billing. You don't have to worry about computers, software, training, storage, backup and troubleshooting. Medworks takes care of all those details including patient inquiries.
5. How does our service work?
Medworks will work with you as you wish. We can maintain your database on one of our servers, and provide real time access to the database. Alternatively, we can accept claims information from you via email, fax, mail, pickup and delivery. Contact us for more details.
6. Can data from my existing software be transferred and utilized?
This depends on how your existing software handles data exports. If your software can export all its data to an electronic format, we may be able to convert it into our format at an additional one time cost. If electronic data transfer is not feasible, we will enter patient demographics as both existing and new patients are seen. In some instances, this may even be the preferred method because of the inaccuracies that creep into older systems over time. Confirming patient data and entering it fresh eliminates that problem.
7. How much does our service cost?
Our fees are a percentage of collections and vary depending on your specialty, practice size and the services that you wish to have. We don't get paid until you get paid. No matter which services you use, you should experience significant cost savings, increased cash flow and collections, and decreased days in Accounts Receivable. Again, contact us about the Medworks Performance Guarantee.
8. What specialties do you support?
We support most specialties. All specialties are eligible for the Medworks Performance Guarantee.
9. How long does it take to get started?
This depends on whether you want us to convert your existing data. It can be as little as 7 to 14 days.
10. How do claims get submitted?
Although a few insurance companies still do not accept electronic claims, we send every claim possible electronically. Our state-of-the art system "scrubs" your claims prior to transmission which practically eliminates technical errors, as well as a wide variety of clinical errors such as inappropriate coding pairs. After clean claims arrive at the insurance companies, we get status reports back that allow us to pinpoint any further problems much faster than with prior methods. The result is that claims are paid faster and problems resolved more quickly.
11. Is Medworks HIPAA Compliant?
Yes. We also keep track of all new code and regulatory changes and automatically update our software on your behalf. This is particularly important as regulatory changes requiring the use of ANSI-5010 and ICD-10 are looming and carry financial impact for practices that fail to educate their staff or prepare their software.
12. CPT/ICD9 codes carry constant regulatory changes; does our software keep abreast of these changes?
Yes. We keep track of all changes to Codes and regulations and update our software. Whenever changes are made, we update our software.
13. I already do my billing In-House; why should I switch to Medworks?
Please ask about our Performance Guarantee and what it means to your practice's top line, bottom line and overall efficiencies. Depending on your collections, your annual savings could be in the tens of thousands of dollars. If you already have experienced billing staff, you may be able to retain your best people, enjoy significant savings, and increase your collections via the proven Medworks process.
By partnering with Medworks, you receive the following: have your data entry completed and claims scrubbed and submitted on a timely basis. Record and track reimbursements against individual patient ledgers as soon as payments are received. Realize immediate submission of secondary claims and balance billing to patients. Follow up on any claims not paid in a timely fashion, and resolve technical issues. Frequent reporting of receivables activity.
Reduce the number of hours in a day, week or month personnel spend on billing specific tasks. Enable your staff to concentrate on clinical tasks instead of being burdened by data entry, follow-up and patient statements processing. Benefit by having access to a staff of professional medical billing specialists, at a fraction of the cost of hiring and training personnel and investing in Health IT infrastructure. In summary, medical billing and reimbursements are a core competency of Medworks which allows you to focus on what you do best!
14. I already outsource my billing, why should I switch to your service?
Medworks has more than 16 years of medical billing experience servicing the needs of satisfied clients. Our clients understand and appreciate that we are dedicated to long term relationships. We become partners while committing to improve the profitability and overall performance of your practice. Medworks offers a proven process which is backed by the right people. Our staff includes Certified Professional Medical Coders. Our staff is so qualified it enables Medworks to provide medical billing consultation including hands on support and training. Medical billing is what we do; it is our core competency. As stated previously, Medworks is so confident of our expertise, technologies and customer service that we will guarantee our work. Contact us today!