How Much Do Medical Billing Services Cost – Medical billing services play a significant role in performing and managing all medical billing practices including billing, coding, revenue management, and claims submission, and the list is still going on. Only health practitioners know how challenging it is to manage all these practices. To run the business, smoothly and effectively, it is best to employ reliable and expert third-party medical billing and coding services. Their highly knowledgeable team will handle the complex medical billing practices, and offer a better workflow, leading to excellent financial outcomes. If you are a healthcare provider and wondering about How Much Do Medical Billing Services Cost? Then you are at the perfect place!
Whether it’s a small or large-scale healthcare organization, medical billing services are essential for all types and sizes of medical practices. Moreover, before choosing medical billing services make sure they are reliable, cost-effective, and have expertise in your specific niche. Otherwise, it may lead to revenue loss, administrative hassle, and other issues. Check out our blog on How to choose the right medical billing outsourcing company for hassle-free and remarkable results.
How Much Do Medical Billing Services Cost?
Before outsourcing a medical billing company, it is crucial to understand the various methods these services charge to their clients so that you can know if their services match your budget or not.
Below, we have uncovered different price modules including per-claim fees, hidden fees, per-claim fees, per-hour fees, and much more.
Have a look!
Per Claim Fees
In the USA, numerous medical billing companies charge a fixed fee for each claim. It is one of the most trending pricing structures followed by medical billing services that promote transparency and authenticity. This module allows the healthcare providers to calculate their expenses as per the number of claim submissions by the billing company.
Per claim fees are usually estimated between $1 to $7 which can also vary on the complexity of the claim and the medical billing firm.
Per Hour Fees
Some medical billing services providers charge clients per hour fees, billing for the time spent working on their account. This pricing structure is perfect for medical practices that demand more attention and flexibility in their billing management process.
Per-hour fees typically range between $20 – $50 which also depends upon many factors. Consider receiving clear details from the medical billing company about tasks completed and spending hours on each to avoid any mismanagement and financial confusion.
Percentage Based Fees
Percentage-based fees are also one of the most famous pricing structures that are adopted by medical billing service providers. In this module, the medical billing company charges a significant percentage of the total monthly collection or revenue by the healthcare practitioners. The estimated percentage can go between 4%-10%.
Flat Fees
In the Flat fee pricing model, the medical billing organization will charge a fixed amount of monthly fees. The flat fee may relate to each claim or each collection period. For instance, the firm may charge you $5 per claim or may charge you $200 per collection period (per month). This pricing structure is suitable for medium-scale healthcare providers.
Set Up Fees
Always keep in mind that many medical billing services charge set-up fees to employ them. These set-up fees cover aspects like software installation, staff training, and support. It is a one-time payment that can range from $500 to $1000 per physician and varies on the size.
Administrative and software fees
Many medical billing also charge administrative fees once a year from their clients. This administrative fee includes the software update and maintenance, etc. The average administrative fees can be estimated approx $3000 to $6000, depending upon the practice size and volume.
Hidden Fees
To generate maximum, some medical billing services providers also charge some hidden fees which may include fees for claim resubmission, software usage, and others. So, before contracting any of the medical billing companies, it is crucial to discuss and review the hidden fees to avoid misunderstandings regarding the expenses.
Wrapping Up!
The blog aims to offer a detailed explanation of How Much Medical Billing Services Cost. Before outsourcing a medical billing company, it is crucial to understand the various pricing structures including per claim fee, hourly fee, flat fees, and much more so that the clients can know if their services match your budget or not. Moreover, to run the business, smoothly and effectively, it is best to employ reliable, expert, and cost-effective third-party medical billing and coding services.
If you are searching for the right medical billing outsourcing company in the USA, then Majestic Medical Billing is here to put an end mark to your search!
We have outstanding experience and top-notch expertise in the everchanging medical billing landscape that perfectly meets your specific requirements under competitive deals. Visit our website to learn more about our extraordinary services!
Frequently Asked Questions About How Much Do Medical Billing Services Cost?
Q1: Which is the right and cost-effective medical billing outsourcing company in the USA?
Ans: If you are seeking the right medical billing outsourcing company in the USA, then Majestic Medical Billing Company is that name. We are a well-recognized and reliable medical billing company that offers advanced medical billing services to healthcare providers of every size under the finest charges.
Our services provide errorless coding, timely claim submission, and enhanced transparent reporting with 100% safety, ensuring better workflow and optimizing financial results.
Q2: What percentage do most medical billing companies charge in the USA?
Ans: The medical billing company charges a significant amount percentage of the total monthly collection or revenue of the healthcare providers. The estimated percentage can go between 4%-10%.
Q3: Do medical billing companies charge hidden fees?
Ans: Some medical billing services providers also charge some hidden fees which may include fees for claim resubmission, software usage, and others. So, before contracting any of the medical billing companies, try to discuss their hidden fees to avoid misunderstandings regarding the expenses.
Q4: Is outsourcing medical billing beneficial for medium practices?
Ans; From small to medium to large scale practices, outsourcing medical billing is beneficial for healthcare providers of every size. It helps to reduce operational costs, offer enhanced cash flow, promote accurate coding, and allow practitioners to focus on quality patient care.