Frequently Asked Question
Getting Started
Yes of course! Doctors are trained professionals that spend up to 10 years to get to where they are at. The main task at hand should be prioritizing your specialty and relying on others to carry some weight for you. The pros far outweigh the cons, especially if it means the Practitioner gets compensated for their services. Medical billing and coding is one of the biggest downfalls of Practitioners having a business that fails. We try to stay in line with ever evolving changes in the insurance industry, so Doctors don’t have too.
For reference:
Why Should You Hire A Medical Billing Company?
Medical billing and coding allows you to get paid for your services. Many doctors prioritize their patients and always want to care for them, unfortunately getting paid for services that Medical Insurances don’t deem “necessary” is all too common. Medical coders are the bridge to a paycheck for a Practitioner and ensure the Doctors treatment falls within the boundaries of getting compensated.
Healthcare practitioners bear some huge losses on the billing side of insurance claims. 1 in 7 claims get denied, resulting in over 200 million denials per day. Another 30 percent of claims are either ignored or denied because of simple errors. A study conducted by Nerd wallet showed 49% of all medical claims contain errors and another study showed that over 60% of claims denied the first never reapplied for reconsideration. This is a huge industry problem that MD Magnify aims to solve.
For reference:
https://www.cnbc.com/2016/03/24/rx-for-a-painful-medical-bill-dont-pay-itjust-yet.html
Yes, of course they do. This is one of the most important processes of getting paid for your services as a doctor. Think of it this way, you are typing what you want into a computer without knowing its programming language. Will you eventually get an output, of course but most likely one you’d like -denial. Not receiving medical reimbursements for your services account for roughly 50% of private practice bankruptcies.
For reference:
https://www.kff.org/private-insurance/issue-brief/claims-denials-and-appeals-in-aca-marketplace-plans/
The average medical bill rate is from 5%-10% per claim. This may vary depending on volume and other factors. Please reach out to your sales representative for more clarification.
Continued FAQ
Yes, and some of the certifications that medical billers and coders carry when working with MD Magnify are:
- Certified Professional Coder (CPC)
- Certified Professional Coder-Payer (CPC-P)
- Certified Medical Reimbursement Specialist (CMRS)
- Certified Coding Associate (CCA)
- Certified Outpatient Coder (COC)
Yes! A few aspects of your business they aid with are, lower labor costs, increased data security, decreased logistics costs, greater revenue, reduced billing errors, higher probability of getting insurance reimbursements; and it is much easier to perform performance audits.
Contracts may vary from 3-10 years. Please reach out to your sales representative to get more details.
Yes, there may be some follow-up per chart, if clarification is needed. Some key processes include patient registration, verifying patient insurance, charge capture, coding diagnoses, and procedures, submitting claims to payers, tracking and processing patient payments; and constant contact with insurance companies to ensure accurate and timely payouts.
Most insurance companies pay claims within 30 days of a received claim but when all documents and codes are in order, faster payouts happen.
Yes, MD magnify submits the claims for you and completes the entire follow up process, till the claim is paid out.
MD Magnify is equipt to start processing claims within 24-48 hours of onboarding.
