Frequently Asked Questions
What do you charge?
We charge a percentage of revenue collected. MBC® will not get paid unless we are collecting your revenues. The fee depends on the level of service and the revenue of the practice. As your practice grows, we are able to experience some economies of scale and pass those along to you.
Do you take start-up clinics?
Yes. We can help you get your business started by providing billing services.
How often do you file claims?
We file daily.
Where are my payments sent?
All EFT funds are deposited directly into your financial account. All hard copy checks are sent to our office. MBC electronically transfers weekly to your bank all monies collected on your behalf in our office.
What reports will MBC provide?
MBC practice management systems allow us to customize almost any report you will need. Our experienced staff will work with you during the initial transition period to set up the reports you require.
Who does a patient call if they have a question about their bill?
All billing questions should be directed to our office via our toll-free number.
Are you HIPAA compliant?
Yes. We comply with all HIPAA privacy and security regulations.
Internal Questions:
To help you decide whether to outsource or retain billing and collections in-house, ask yourself the following:
Staffing
Are you willing to dedicate staff to billing and collections exclusively? Many practices assign billing and collections duties to current staff, often the front desk personnel, who also have to answer the phone, schedule patients, and cover for other staff members. Your staffing model will indicate the priority you are assigning to billing and collections.
Benchmark Reporting
Can your staff demonstrate the percentage of money after adjustment by insurance contracts, collected each month? What is the average number of days to collect that money? What percentage of average monthly charges is outstanding in your accounts receivable? Do staff formally report these benchmarks to you each month?
Fair Debt Collection Act
Is your staff trained in the Fair Debt Collection Act? Are your patient data being transmitted according to the security requirements in the Health Information Technology for Clinical and Economic Health Act, Public Law 111-50 (HI-TECH)?
Stability
Do you have stable staff, experienced in collecting rehabilitation codes? A contingency plan if your in-house biller resigns?
Follow-up
Is there consistent follow-up on unpaid claims?
Daily Updates
Are your staff entering charges, filing insurance, and posting payments every day?
Regulatory
Do you have a practice management system that is robust enough to manage the frequent regulatory changes?
Denials
Are denials being followed every day, with feedback to clinicians and practice owners regarding non-covered codes?
The final considerations are what it costs you to perform these functions and the speed with which you are fully collecting the receivables that you should.
In calculating your fixed costs, be certain to include office space that would otherwise be used to generate revenue or be eliminated to reduce overhead, billing staff salaries and benefits, insurance, office supplies, phone, postage, and additional computers and software.
When evaluating the efficiency with which you are collecting your outstanding sales, you should be paid, on average, 31 days after the date of treatment, with 98% of allowable amounts collected.
DID YOU ANSWER YES TO ANY OF THE ABOVE?
If you answered, “yes” to all of these questions, and you are meeting the industry standards and timelines for collecting revenue, you may be successful with in-house billing. If not, please Book a Meeting with us or complete our two-minute online billing health check and a member of our team will reach out to you.