Medical Billing Companies Can Be Profitable

When your company starts to grow, you'll envision ways to make an even greater profit. This is what all business must do to stay not only solvent, but competitive in the marketplace. Some types of industries are just more profitable than others. If you're looking for ways to improve the profitability of your medical billing company, then you can follow the example of other larger companies within your industry and others.

For example, one way to improve profits is to cut costs. This sounds simple, but over time, bad habits and poor systems can lead you to a place where finding areas to cut can be difficult. Do you cut employees and downsize to be a more 'lean and mean' force, cut your rent and other utility expenses or other flexible spending areas? For that matter, is cutting costs in these areas the best way to be more profitable at all?

If there is one comment that can be made about medical billing companies it is that personnel is key. In other words, having just a few great employees is better than having many lesser productive ones. Medical billing specialists you might call them.

When it comes to this industry, your clients - mostly HR and CFO employees of larger companies - are looking for ways to make their medical billing more efficient and error free. This is what will make them more money in the end as well. Their profit is your profit as you'll likely be paid on a percentage of fees collected or some other arrangement where you will benefit from filing very accurate and timely claims.

Since the future is always here when it comes to electronic means, filling this way also saves costs and can reduce error rates. By having an electronic billing software program, you can cut your personnel issues with having to process manually. This is really the key to managing costs, reducing errors and exceeding your customer's expectations when it comes to medical billing companies.

Medical Billing and Coding Service - Do You Know All the Services You Can Expect From Them?

Medical billing services are a blessing to medical practitioners that are hard-pressed for time and resources. They take over the burden of billing and related administrative tasks from the healthcare provider and increase their revenue. Medical billing services are quickly becoming the industry standard because of the many advantages they offer.

Medical billing services offer both claim submissions and comprehensive practice management solutions. Generally, small organizations that are either home-based or small scale offer only simple billing services. Larger practice management companies offer comprehensive packages that promise long-term benefits for the practice. These services can offer anything from advertising to scheduling assistance, and much more.

Depending on your organizational needs you can hire a provider who offers suitable services. The services are broadly categorized into standard services, extended services and practice management services.

Standard billing services

These are the minimum any medical billing provider offers. These include:

Claim submissions: Billing providers use medical billing software to submit claims. The patient demographics, encounter data, and insurance details are entered into the application that is programmed to validate the claim for accuracy. Accurate claims reduce the chances of claim rejection by the insurance company. The validated claim is submitted to the insurance company electronically within 24 hours.

Regular follow-up of claims: This is where medical billing providers prove their mettle. They follow up on the claim aggressively and tenaciously. The medical practice reaps the rewards of this strategy by receiving more payments on time.

Analytical reporting: Billing services capture and project key statistics in monthly reports. The reports can help business heads of the medical practice take steps to improve the growth, productivity and cost-savings in the establishment.

Patient billing and enquiries: Billing services take care of the logistics of the billing function, and assist in patient enquiries.

Extended billing services

These take on responsibilities that are not directly related to the billing process. They include:

Diagnosis and procedure coding: Billing providers do the medical coding for the patient record before it is entered into the medical billing software application.

Medical transcription: Medical transcription is done before the medical coding stage. Many billing providers offer transcription as an administrative service.

Credentialing insurance companies: Credentialing services are a real help to new medical practices. Billing providers evaluate the license, credibility, background and performance history of insurance companies, and initiate a relationship with them for the medical practice.

Dispel Confusions by Attending Emergency Medicine Coding Conference

If a particular doctor provides a new patient with a standard office-visit E/M, can you use an established patient E/M to code the encounter?

Well, this is not the right way to go about. If you do so, your practice could be in for disappointment. What's more, Medicare's doing away of consultation codes means that coders will have to answer the new versus established question more than before.

For Medicare payers, and payers that follow their lead, E/M coders will have to select the right code, new or established to bill for what used to be consults and didn't have a new versus established, to bill for what used to be consults and didn't have a new vs. established component concept.

Do not get the doctor steamed; nail the patient's status every time by following this piece of advice on new and established patients.

For family practices coding, the main difference between new and established patient codes is the payment rate.

Ask three-year question first

If your patient has had a face-to-face service with the FP within the last three years, then the patient is established.

Face time a must for established patients

What does a coder do when the patient has got treatment from the doctor within the last three years, however the physician didn't actually see the patient? This is a different coding situation.

As an emergency medicine coder, you will encounter situations relating to such as this at regular intervals. So if you are to avoid tricky situations regarding new and established patient encounters and ensure the cash keep flowing, head straight to Orlando, FL this December for an emergency medicine coding conference.

Officials Delay Red Flag Rules Until December 31, 2010

The Red Flag Rules were initially intended to be enforced starting June 1, 2010 but members of Congress decided in a press release issued on May 28th, 2010 to have the Federal Trade Commission (FTC) announce that it would delay enforcement of the Red Flag Rules until December 31, 2010.

Although this was communicated by the FTC on May 28th, 2010, it is recommended that your practice be forewarned as enforcement on these rules could still start before the end of the calendar year.

The reason for Congresses delay is due to the fact they requested another delay in the enforcement timeline because they are still working on the legislation to limit the rules and regulations surrounding the Red Flag Rules. Based on information released by the FTC, "a limited further delay of the rules area justified so that the FTC does not begin to enforce a regulation that Congress plans to over-rule." It is essential to know though that the FTC has stated it will start enforcement before the end of the calendar year if Congress passes a law with an earlier effective date.

The House of Representatives unanimously passed H.R. 3763 on October 20, 2009, which is a bill that would automatically relieve physician practices with 20 or less employees from the Red Flag Rules and allow other practices to request an exemption from the FTC. The bill was introduced to the Senate Committee on Banking, Housing and Urban Affairs on October 21, 2009 but the Senate did not introduce the bill until May 25th, 2010, and no one has voted on it.

The Red Flag Rules requires all creditors, or those who provide goods and or services and allow customers to pay later (i.e. an example is when a medical practice renders service, files the claim and then finds out the patient has not met their deductible and therefore the patient is responsible for that particular date of service and billed accordingly) to implement an Identity Theft Prevention Program. The intentions of the rules are to protect consumers from identify theft by requiring businesses to show they can protect sensitive financial and personal data. Under this definition, the FTC considers most physician practices to be creditors and therefore expects them to implement the necessary procedures and processes to comply with the Red Flag Rules regardless of when they are implemented.

How Much Money Do Medical Billing and Coding Assistants and Specialists Make? - Salary Range

If you're thinking about entering the field of medical billing you'll find it's part of one of the fastest growing industries - healthcare. People will always need health care. And there is so much demand for good healthcare today that health facilities, hospitals, clinics, doctors and other health professionals are overwhelmed. To handle all the billing and claims they have to hire medical billing assistants or billing specialists or turn the billing work over to large billing services or small home business billing services. The same goes for medical coders although they have a separate function and separate training. They provide the codes before it goes to any medical billing services.

The salary range is dependent on how much education or experience you have in the billing field. If not in the billing field then related experience to billing will be taken into account by some companies. You may actually be able to work into this area if you're lucky enough to already be working for one of these billing services or companies.

But more than likely you'll not have that opportunity. The another options is to get some medical billing training and approach the large and small billing companies with your resume to pursue a job or career in the field. Another other option is to start up a home business if you're so inclined but you must feel confident you can do the work if you only have the education but haven't had any experience in the field. I do know a woman who has done this - started a medical billing business from home and did heavy marketing to get her first doctor client and then the doctor was so happy with her billing work that he referred her to other doctors. So yes this is a possibility but not as likely. There is an investment in the software to consider plus the expense of starting up a home business, etc.

So the hourly rate for jobs for billing assistants can start at about $10 an hour depending on the company. Once you have a lot of experience under your belt you'll move up and the experience will help you get a higher salary. You can work up to an hourly rate of $35 to $40 an hour. Medical coding salaries are comparable to biller's wages or salaries.

If you're serious about medical billing as a career you may want to become a Medical Billing Specialist. To become a specialist you'll need to take a national exam for certification. But many medical billers get jobs without this certification. So it's not required. And if you decide you want to start up a home business and work from home it won't be needed.

So the salary range is good and the more education and experience you have will help you get a higher salary for both medical billing and medical coding. Make sure to check out any schools thoroughly and watch out for scams. Financing is available in the form of loans and surprisingly there is federal aid for online courses, online classes, and online programs.

Low Cost Auto Insurance For Young Drivers - How to Find Cheap Online Car Insurance

By law, anyone who is driving a vehicle on the road is required to have a certain level of auto insurance protection. And while you may believe that your driving skills are good enough that you should not have to get coverage for both yourself and your vehicle, often when there is an accident involving your vehicle it is most likely going to be the other parties fault. Even in situations such as these you are going to need insurance coverage and for younger drivers this can be expensive. This is why you need low cost auto insurance for young drivers.

Shopping for insurance these days has become much easier than it was in the past. Gone are the times where you had to make countless calls or even visit each companies office, talk to one of their representatives and give them all sorts of information so that you can just get a quote from them. Now, with the power of the internet at your finger tips you can simply go online and in just a few moments you can quickly and easily be able to get numerous quotes from several different companies. This not only saves you time, but will more than likely save you a significant amount of money if you are looking for low cost auto insurance for young drivers. Here is how you can save money.

The main benefit the internet has over the local companies is because of all of the competition these companies have to fight with to get your business, they will constantly try to give you just a little bit more coverage for just a little less than the other guy is quoted at. Just remember, a low price does not always mean good coverage. Take the time and actually look over what they are going to offer you and compare them to the other companies out there to ensure you get low cost insurance with the right cover.

Another great benefit to using insurance companies you find online is that they often have 24 hour customer support waiting to either answer your questions or to help you with a claim. This is a very important thing for most of us these days. It makes us feel as if the company is willing to take care of us in the event something should happen and you are involved in a car accident. Accidents do not happen during office hours!

Go online, provide information like the make and model and year of your car, and some basic information about yourself a s well and they should be able to provide you with numerous quotes in just a few moments of your time. If you want low cost auto insurance for young drivers get online and get cheap car cover now.

Worthwhile Discounts on Car Insurance

Nobody likes to pay for car insurance, but it's a necessary part of staying on the road and driving safely. All states have laws against driving uninsured, and most drivers buy a bit more than the bare minimum amounts of coverage that their states require. The cost of auto insurance can quickly add up over the course of a year, which is why many drivers look for special insurance discounts that can lead to lower premiums.

Most car insurance companies offer a variety of these special discounts, but they're all offered to drivers who are able to reduce their risks of making a car insurance claim. For instance, if a driver takes a special safe driving course, many car insurance companies will offer that driver a discounted rate. This is not always the case, and many insurance companies have very specific requirements that a driver must fulfill in order to qualify for this particular discount. Most insurers will also restrict this "safe driver" discount so that only certain driving courses count--in other words, a driver will need to check with his insurance company to find out which classes to take in order to get lower car insurance rates.

Another common type of discount is the anti-theft discount. This is designed for drivers that reduce the risk of theft, and it's usually only available to drivers who buy comprehensive coverage. This is because "comprehensive coverage" is what covers the cost of a stolen vehicle. To get an anti-theft discount, a driver may need to install a car alarm or a similar anti-theft device. The auto insurance company will often require proof that the anti-theft device has been installed. Drivers may also get discounts for parking in locked garages, as this further reduces the risk of claims against drivers' comprehensive coverage.

There are many other discounts, and they're always based on the driver's relative risks. Young drivers can get discounts for getting good grades in school, and in many states, drivers can reduce their rates by driving fewer miles. Some car insurance companies even offer customer loyalty discounts, although this specific type of discount has become illegal in several states.

The best way to find out about the discounts offered by your insurance company is to call your insurance agent. Ask what you can do to get a lower premium and reduce your rate, and be sure to check online for other insurance quotes from time to time. You'll lower your premiums quickly by keeping yourself and your car safe.