It takes between three and six months to get everything sorted and running smoothly; you might not even notice the “bumps”, but experience in converting has taught us that it is unrealistic to not expect any problems or glitches to arise. The Director of Medical Billing coordinates the conversion process with the individual assigned to be the Account Manager and will stay with the account until all projects are completed.
Back to IndexOur staff is trained in all aspects of coding and medical billing. We are members of the American Academy of Procedural Coders and adhere to an ethical standard of billing. All codes are checked to meet compliance requirements of the National Correct Coding Initiative. We strive to keep abreast of the latest coding and billing issues within the specialties we are involved in.
The impact of our service on your office staff is not severe.
To convert an existing accounts receivable, we need the following data from your existing accounting system:
The balances are then put onto our computer as balance forward charges. Conversion is best accomplished at the beginning of a month, quarter or new year; this transition lends itself well to bookkeeping functions and is preferred by accountants. Another option for conversion is to let the prior staff retain the existing balances and work them through to completion, while the new service builds a second accounts receivable from the conversion date on. If you have hesitation in discontinuing your other billing staff, then this is often an acceptable offer for all parties involved.
Back to IndexOur fees are based upon the revenue collected each month; we find that this incentive-based program works best for both parties involved. The current rate we charge is eight percent (8%). We value the set-up fee for conversion at $2500.00, however, we prefer to absorb that fee and commence charges based on payments received from the conversion date forward. We are responsible for the entire overhead related to billing: postage, statements, telephone charges, courier, etc. We only ask that you provide us with the information we need to bill for you and that your bill from us be paid within ten working days of receipt.
There are many cost-savings to be appreciated by utilizing a service such as ours. As mentioned above, your costs related to billing expenses (other than our fee) will be negligible. The overhead expense of employees is most usually the largest expense an office will have: in addition to salaries, there are benefits, taxes, and insurance costs to absorb. We are confident that we can provide you with a high level of service, with an employee trained specifically in all aspects of medical billing, and which will save you a significant amount of overhead expense.
When using our service, all billing questions are directed to our office and we become the intermediary on financial discussions; this can be a good buffer between the patient and the doctor. (We always defer to the doctor in matters of collection or adjustments, so you will be appraised of any problems, concerns, questions, etc. that we have with regard to your patients.) It also eliminates many incoming phone calls your office staff would normally have to handle, thus giving the receptionist, assistant, or nurse more time to take care of the myriad other duties that running an office requires.
One of the ways Medical Services Plus differs from other billing agencies is in our approach to Practice Management. Our monthly reports give you the figures with which to evaluate how your practice is performing. We provide reports to you monthly on: Accounts Receivable Ratios, Collection Ratios, how long it takes to obtain payment on charges, the cost-effectiveness of each insurance company you have submitted claims to, where your adjustments are being made, the percentage of your practice that is tied to each insurance category type, and many other tools which will help you manage your business.