I'm in the process of evaluating a Medical Billing company that is barely breaking even. All of their employees are 100% US based, and the company pays 100% of their benefits - which I think is commendable, except for the fact that it is barely making it through.
Few details and questions:
• Revenue is consistent at ~$1.9M
• Clients are all hospital based practices (think Hospitalist, Critical Care, Anesthesia)
• They submit about 240k claims per year and collect about $30M on behalf of their clients
• Service includes chart acquisition, manual data entry from hospital to billing system, coding, billing, denial mgmt, etc. (full service)
• The company charges a percentage of revenue - between 6% and 8%, with most being at 6.5%
Observations:
• There seems to be an opportunity to reduce cost by offshoring some functions (data entry and coding)
• They seem to be under charging for their service.
Questions:
• Anybody in the space - can you provide insights into the observations listed?
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by a searcher
from Pennsylvania State University
in Philadelphia, PA, USA
in Philadelphia, PA, USA
1yr ago
Are there any Medical Billing Experts here?
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by a searcher
1yr ago
from Harvard University in Short Hills, Millburn, NJ, USA
from Harvard University in Short Hills, Millburn, NJ, USA
Also - agree they are not undercharging and they may even be at a higher level than others which may be a risk. Also it is important to be cautious about the off-shoring opportunity given the sensitivity of PHI being stored or viewed outside the country.
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by a searcher
1yr ago
from University of California, Santa Barbara in San Jose, CA, USA
from University of California, Santa Barbara in San Jose, CA, USA
2c: The Ai will eat billing companies alive.
It's here for coding. It's here for voice assisted follow up over the phone.
Qualifications:
Began working in billing in 2009 with Obamacare. I own a medical billing company fromredactedI also own an operate the best, high end addiction treatment centers in Silicon Valley from 2017 and integrated most of the billing company into the center as billing department.
It's here for coding. It's here for voice assisted follow up over the phone.
Qualifications:
Began working in billing in 2009 with Obamacare. I own a medical billing company fromredactedI also own an operate the best, high end addiction treatment centers in Silicon Valley from 2017 and integrated most of the billing company into the center as billing department.
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