Choosing a medical billing company is a big decision, and you may have some questions. Here are some of the most common ones; we are always available to speak with you should your question not be on the list.
General questions about billing, our company, and our services
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How does reducing my A/R days outstanding help my bottom line?
According to the MGMA, the average medical office has 52.32 days receivables outstanding, with 20 percent of A/R balances days past due. There is only a 50 percent recovery rate of the gross charge when an account has not paid within 90 days. That’s a lot of money to leave on the table! When you work with MedIT, we do everything in our power to collect that money and improve your A/R.
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My practice currently has a lot of problems with rejected claims. What can you do for us?
Glad you asked! The average number of rejected claims for a medical practice is 30 percent, and only 50 percent of these claims are ever resubmitted. We work these claims like a bulldog. We pursue all disputed and unpaid medical insurance claims with aggressive follow-up until there is a resolution.
Through our interactive tools, both you and we will know instantly what the status of a claim is and we can jump on it the very same day. Many claims are rejected because of improper coding or lack of supporting material; these problems are virtually eliminated by working with MedIT.
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Do you work with all kinds of specialties or just a select few?
As one of the larger medical billing companies, we work with all specialties in all locations, across the country.
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How quickly can I get up and running?
Our goal is to get the entire process in place for you within one week.
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How can you ensure fast carrier payout?
Our daily electronic claims submission leads to immediate carrier response. We offer among the fastest payouts in the industry – most within 10 to 14 days.
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Do you comply with HIPPA and OIG?
Absolutely! MedIT meets all HIPAA requirements and supports OIG resolutions.
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What if you’re not able to collect? Do we still have to pay you for your efforts?
Here’s the beauty of working with MedIT. Our success is tied to your success. We only charge you a percentage of the collections that result directly from our service. We’ll clearly establish a customized rate for your practice right from the very start.
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How about those start-up costs I hear about? What hidden costs should I expect?
Rest easy! MedIT never charges you for transfer fees, supplies, or any other start-up costs associated with our excellent medical billing services.
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I am starting a new medical practice and expect to have little volume to start with. Am I going to get the same level of service as established practices?
Every client, regardless of size, works with a dedicated account manager and a dedicated medical
billing team. The client and our staff work on the same practice management and billing system which
ensures that every client receives the same quality of service.
We welcome working with new medical practices because it gives us an opportunity to help you grow
your practice, and we hope the relationship we build will translate into many years of business relationship.
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We are extremely busy setting up our new office. How quickly can we start billing through MedIT?
We can setup your account within 2-3 days. Once it is setup you can start entering visits right away, and
we can start submitting them for reimbursement within 1 week (if your payer credentials are available).
We also offer data entry services in case you don't have an office staff.
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Wouldn’t I save money by doing the billing in-house?
That’s a common misconception. Actually, it can end up costing you far more money. Consider all your expenses with an in-house staff: salaries, benefits, taxes, hardware and software technology, continual training to keep up with the latest Medicare and insurance changes, retraining when the person you’ve come to rely on moves on from your practice. In the long run – and even the short run – you can often save more by outsourcing.
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I am currently researching medical billing services. What makes your stand out from the rest?
As a medical billing company we are dedicated to our customers and their success. After all, our success depends
on yours. Here are some facts about MedIT and our services that you might find interesting.
- We offer complete practice management system for FREE that allows YOU to monitor OUR performance 24/7
- We are electronically connected to over 4,000 payers, and have some of the best reimbursement time frames
- We assign a dedicated account manager and team to work on your billing
- We offer highly competitive rates
- We DO NOT OUTSOURCE overseas and hire only within United States
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I’ve heard that it’s expensive to outsource. Why not just keep my billing in-house?
All too many practices just look at the bottom line without analyzing all the real costs of keeping billing in-house as opposed to outsourcing. The reality is you could actually save significantly while increasing your collectibles.
If you do in-house billing, salary is generally only about 70% to 75% of your employee costs – adding in payroll taxes, FICA and insurance. You pay for your specialists sick days, vacation days, and family leave days. You pay for their training and re-training. You pay for turnover costs when they leave your practice, which most inevitably do. And, when your staff is under pressure during busy times, you also could pay for inadvertent medical billing and coding errors that leave money on the table.
MedIT provides a dedicated team of experts and we charge a small percentage only for what we collect on your behalf. When you add up the numbers, MedIT makes sense.
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I’m happy with my current staff. Will I need to let them go in order to work with you?
Not necessarily. You can switch their focus to supporting you with patient care – or with data entry -- while we handle all your billing and collections. Of course, if saving costs is important to you, you can, indeed, let some of your staff go.
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We already have a system in place for billing. Can you transfer my patient data to your system?
In many cases, we can. We always work with your practice to come up with the best way of transferring data quickly and accurately.
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What is the start-up cost to switch billing from in-house to you?
There is a one-time $495 enrollment fee (ask for current promotions when contacting us). There are no other maintenance, support, or ongoing fees.
We’ve performed the EDI set-up many times and know exactly what information is needed. We take care of the entire process and make certain there is no revenue interruption. On the contrary, the vast majority of our clients see a revenue increase after they’ve switched billing to MedIT based on the speed and accuracy of our process.
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Right now, if I have a billing question, I just go out to my front desk and ask my staff. What if I can’t reach you?
That’s a common concern, of course. The fact is, thanks to our interactive patient management tools, you can get the answer you’re looking for in literally seconds. You can view insurance payer, verify your new patient’s insurance, set up new visits with comprehensive supplemental information, see which claims have been denied and why, and so much more. No need for one of your staff members to sort through files and make phone calls on your behalf – everything’s right at your fingertips.
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I’ve been working with another medical billing service for years. I’m not 100% satisfied, but is it really worth it to switch?
That’s up to you to decide, of course, but we believe the answer is an emphatic yes! Ask yourself these questions: do you know when your claims are sent and even if they’ve been sent? Can you check on the status of your claims online day or night, or do you need to wait for a cumbersome monthly report? Do they handle patient invoicing and collections? Are they communicating effectively with you? How fast are their collection times?
MedIT is an expert in getting your claims paid fast and to aggressively fight denials, with our highly-trained medical billing specialists and our state-of-the-art intuitive software. At a time when insurance carriers are using data mining to create virtually millions of edits to reduce payments and deny claims, you can’t afford anything less than the best in making sure you leave no money on the table. A very brief transition period can end up saving you tens of thousands of dollars down the line.
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Won’t it be confusing for some claims to be processed by our current firm and others by you? What can you do to alleviate this concern?
We’ve rarely had difficulty in navigating the transition; in fact, our system is set up to ensure that you continue to bill quickly and get paid. First, we set up your account in our system and file an ERA form to switch ERAs to us. This could take a month or two, so during that time, we use paper EOBs to enter payments.
We identify the new claims submitted by us because we assign a special ID to each claim that starts with MEDIT. We take great care to select and follow through only on claims processed by us during the transition period so there’s no confusion.
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What about our Medicare and Medicaid payments? How does that work during the switch?
First, we file an EDI application, which usually takes two to three weeks to process. In the meantime, you can enter charges into our system right away. Once we receive a confirmation of the EDI set-up, we release all the accumulated claims at once to the payer for fast payment.
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We already have a system in place with our current medical billing firm. Is there an easy way to just transfer patient data?
A lot depends on what system your current biller is using, and if that system allows export of data. In many cases you should be able to get at least an Excel file.
Once you have the patient data we will work with your practice to come up with the best way of transferring data to our system quickly and accurately.
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What is the start-up cost to switch billing from them to you?
There is a one-time $495 enrollment fee (ask for current promotions when contacting us). There are no other maintenance, support, or ongoing fees.
We’ve performed the EDI set-up many times and know exactly what information is needed. We take care of the entire process and make certain there is no revenue interruption. On the contrary, the vast majority of our clients see a revenue increase after they’ve switched billing to MedIT based on the speed and accuracy of our process.
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What is an Electronic Medical Records (EMR) system?
Electronic Medical Records (EMR) refers to a paperless, digital and computerized system of maintaining patient data, designed to increase the efficiency and reduce documentation errors by streamlining the process.
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What is the difference between EMR and EHR?
EMR is a computerized legal clinical record created in Care Delivery Organizations (CDOs), such as hospitals and physician offices, and used and owned by the CDO. It becomes an EHR (Electronic Health Record) when:
- Reports and histories (labs, pharmacy, radiology, consults, etc.) are electronically added
- Items in the record are electronically exchanged with other providers, and
- There is a personal health record (PHR/PMR) component which allows patients to participate in documenting and creating their medical history and communicate with their provider.
Technically, all EMR systems can become EHR, which is the reason the terms are used synonymously.
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Why should medical practices consider implementing an EMR Solution?
Electronic Medical Records (EMR) is a widely discussed topic in the medical community since the announcement of incentives from the government for the practices that have implemented an EMR solution. EMR-enabled practices that show meaningful use are eligible for incentive payments on an annual basis.
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What is determined as "meaningful use" for the EMR systems?
To qualify as a “meaningful user,” eligible providers must demonstrate use of a “qualified EMR”
in a “meaningful manner.” The bill defers to the secretary of Health and Human Services (HSS)
to set specific guidelines for determining what constitutes a “qualified EMR”; however, it does
specify that e-prescribing, electronic exchange of medical records, and interoperability of
systems will be determining criteria. Many expect CCHIT certification to play a major role in
setting standards of interoperability.
To learn more about EMR certification and "meaningful use" visit EHRDecisions.com
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What types of practices are required to obtain an EMR?
All medical offices are required to show meaningful use of an EMR by 2015. Exceptions may be issued on a case-by-case basis, such as exceptions for physicians who practice in rural areas without adequate Internet access.
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What incentives are provided for EMR enabled offices?
In order to receive the maximum payment, physicians must qualify as a meaningful user in 2011. Eligible physicians will receive a first year bonus of $18,000 (up from $15,000) and will max out the payment schedule over the next five years.
The table below illustrates the amount of a subsidy paid each year (columns) based on the year the provider first becomes eligible (rows):
No payments will be offered to physicians who become eligible after 2014.
Practices with multiple physicians will be eligible to receive incentive payments for
each provider. Remember that payments will be based on 75% of the correlating year’s Medicare and
Medicaid charges. Therefore, in order to qualify for the maximum payment of $18,000 in the first year,
each provider must bill Medicare or Medicaid a minimum of $24,000.
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What happens if medical practice does not implement an EMR solution before 2015?
Under the penalty provisions, physicians who are not meaningful EHR users in 2015 will see a reduction in their fee schedule amount. Reductions will be as follows:
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What types of EMR solutions are available?
EMR / EHR systems come in different packages and configurations. An important decision to make
when choosing an EMR system is where you want the software hosted. If you run it in-house,
the solution is usually referred to as a client-server system; vendor hosted applications are
referred to as application service provider (ASP) solutions.
MedIT recommends a vendor hosted solution because it requires the least amount of initial
and ongoing investment, and provides high levels of security and availability.
- System is maintained by IT professionals remotely, reducing the cost of maintenance
- Online backup service
- Accessible anywhere in the world from any computer with an internet connection
- Low initial cost of ownership
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What are the benefits for the medical office from EMR implementation?
Speed
In medical practices, speed equals ability to compete, especially when managing information. That is why an EMR is used by medical practices. This allows more time dedicated to seeing patients and patient care
Accessibility
The latest electronic medical record technology allows information to be accessed by authorized individuals online from any location.
Affordability
This is perhaps the most appealing part of electronic medical record technology. Every business wants to save money while at the same time adopting time-saving technology. Because some electronic medical record software uses online technology, much of the set up costs and overhead are eliminated and reduced to monthly usage fees.
Infrastructure
Part of the money-saving nature of electronic medical record technology is the elimination of IT infrastructure and the streamlining of multiple databases. The infrastructure is simplified into one online database, even for multiple offices.
Efficiency
We have almost made it full circle in our discussion of the benefits of having an electronic medical record. But efficiency is not the same as speed. Efficiency takes all of the duties involved in medical record and medical office management divided by time and money. Electronic medical record software can increase the numerators and decrease the denominators. Businesses often ask about the bottom line. Well, the math says it all.
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What are the challenges with implementing an EMR solution for an established practice?
One should expect significant workflow changes for both physicians and staff (and possibly to
patients) with the implementation of electronic medical records. Assessing the degree of impact
on each group is time consuming and challenging, but must be done. Having someone that can understand the
process of change management is also very desirable. In the smallest of practices, it can be difficult
to find an individual that not only understands workflows, but also knows about process maps, change
management, and project management.
MedIT recommends choosing an ASP based vendor that has the right experience and right templates to guide
a specific practice through the hurdles of implementing an EMR solution. Contact us at (877) 633-4854
to find out about our EMR channel partners.
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What is HIPAA Version 5010?
5010 is the next version of the HIPAA electronic transaction standards. “5010” is the abbreviated way to refer to Version 005010 of the Accredited Standards Committee (ASC) X12 Technical Reports Type 3 (TR3s). The TR3s are the implementation guides for the ASC X12 administrative transactions, some of which are named in HIPAA and are required to be used when conducting the transaction electronically.
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Do I need to worry about 5010?
Yes. Providers, including physicians, are HIPAA “covered entities”, which means that you must comply with the HIPAA requirements when conducting the named transactions electronically. If your practice currently sends medical claims, receive payment/remittance advice, or do real-time patient eligibility then you are using HIPAA transactions, and you will be required to upgrade to 5010.
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Who else is impacted by new 5010 version?
Health care clearinghouses and payers are also HIPAA covered entities, so they will need to upgrade to 5010 as well.
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Why is the current version of the transactions being replaced?
Just like other software applications you use, the versions become outdated and need to be updated. Version 004010 (“4010”) of the transactions was completed in 2000. Later changes, known as Version 004010A1 (“4010A1”), were completed in 2002. Since then, many technical issues were found in the transactions and new business needs were identified that could not be accommodated. ASC X12 developed version 5010 to correct these issues.
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When must my practice start using 5010?
The compliance deadline for using only the 5010 transactions is January 1, 2012. The necessary software and system changes need to be in place by the compliance date in order for you to continue sending and receiving HIPAA electronic transactions.
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What if I'm not ready by the compliance deadline?
Any 4010/4010A1 transactions sent on or after January 1, 2012 will be rejected as non-compliant and will not be processed. You will have disruptions in your transactions being processed and receipt of your payments. If you will not be ready by the compliance deadline, you will need to talk to your trading partners, e.g., payers, clearinghouses, software vendors, and billing service, to determine what actions you can take to continue to have your transactions processed and receive payments.
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Deadlines for other HIPAA requirements have been delayed. Will the compliance date for 5010 be delayed?
Do not expect there to be a delay in the compliance deadline. The Centers for Medicare & Medicaid Services (CMS) is responsible for oversight of compliance with the HIPAA administrative transactions requirements. CMS has made it clear that there will be no extension of the deadline for 5010. Work within Medicare to upgrade to the 5010 transactions is on target and they expect to be ready on time.
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What do I need to do now to prepare for the upgrade to 5010?
There are several steps you need to take to prepare for the conversion to 5010.
- Begin by talking to your practice management or software vendor. Determine when they will have your software updates available and when they will be installed in your system. Your conversion to 5010 will be heavily dependent on when your vendor has the upgrades completed and when they can be installed in your system.
- Talk to your clearinghouses, billing service, and payers. Determine when they will have their upgrades completed and when you can begin testing with them.
- Identify any workflow changes that you need to make in your practice to accommodate the changes in 5010. You may need to collect new data or report data differently than you do in the current version.
- Identify staff training needs and complete the necessary training.
- Conduct internal testing to make sure you can generate in 5010 the transactions you send.
- Conduct external testing with your clearinghouses and payers to make sure you can send and receive the 5010 transactions.
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If I finish all of this work before the compliance deadline, can I start to use the 5010 transactions?
Yes. If you are prepared to send and receive 5010 transactions and any of your clearinghouses or payers are ready as well, you can begin to use the 5010 transactions with them if you mutually agree to this. No one is required to begin using the transactions prior to the compliance deadline. Using the transactions before the deadline will give you the ability to see that the transactions are working smoothly and are continuing to be processed. If any issues are identified, you can solve them before the compliance deadline.
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How does upgrading to 5010 relate to ICD-10?
ICD-10 is the upgraded version of ICD-9. The ICD-10 codes have a different format and length than the ICD-9 codes. The new format of the ICD-10 codes cannot be reported in the current version of the HIPAA transactions. So, the upgrade to 5010 needs to be completed before the ICD-10 codes can be reported in the HIPAA transactions. Additionally, ICD-10 codes cannot be used in HIPAA transactions prior to the October 1, 2013 compliance date.
To see some really interesting data on cost savings of using MedIT vs. Inhouse Billing, click here. Or click on your specific topic of interest on the menu.
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