Why Invest in a Professional Medical Billing Service?

Are you considering eliminating your in-house medical billing? Not sure what the benefits may be? If you should choose to outsource your medical billing, you will no longer have the headaches associated with in-house billing. Let’s take a look at what your practice stands to gain by investing in a professional medical billing service.

Allocating Staff Where They’re Best Neededoutsource medical billing

It will no longer be necessary to ensure that your staff is “up to date” on all of the medical billing standards, thus allowing you to save money by eliminating the need to send your employees to countless seminars. Additionally, you will save a significant amount of money when you’re no longer forced to purchase costly computer equipment and/or software updates – you will even save money on office expenses, such as phone charges, postage fees and copy paper.

Quite possibly one of the most beneficial factors involved in the decision to eliminate your in-house medical billing is the increased time and effort your staff will be able to put toward patient care. You may even cut expenses on employee wages and benefits, and at the same time enjoy the advantages gained from additional space within your office that will very likely become available.

Drastically Optimize Accounts Receivables

It has been reported that medical practices hiring competent and professional outside medical billing companies have gained the assurance that their receivables are getting the attention they deserve. Your A/R will receive full-time, professional attention, and absolutely no delay or interruption in cash flow due to vacation time and absenteeism.

Submission of electronic claims is also beneficial, since payments are typically received as soon as 10 days after submission. This has resulted in many practices witnessing a significant increase in their turnaround time and receivables. For smaller health centers and local FQHCs, these solutions can drastically help to maximize revenue.

Leverage Full-Service Practice Management

billing serviceAlso, most professional and competent medical billing companies encourage their clients to decide just how much or how little they do for you. You may request that the company with which you contract simply submit your claims, submit claims and work rejections, or offer you full practice management.

When it comes to comprehensive medical billing services, full practice management entails claim submission, as well as submission of all secondary and tertiary claims, posting of all payments, work rejections, necessary tasks to clear up old A/R reports, and weekly/monthly reports. Additionally, under a full practice management contract, medical billing companies send patient statements and handle patient billing calls.

Take Advantage of Value-Added Services

Many medical billing companies also offer such services as credentialing with insurance companies, thus saving their clients hours of paperwork processing. The company you decide to hire may also provide you the valuable service of performing the evaluation of reimbursement rates and advise you of the highest appropriate fee schedule, as well as supply your office with a customized super-bill (i.e., router, flow sheet).

In summary, hiring a professional medical billing service for your practice is extremely beneficial, and certainly an option you should consider. Prior to doing so, however, it’s important to talk with at least three reputable medical billing companies to ensure that the service with which you contract is reliable, competent and professional so that your practice sees the best results possible. I wish you the best for your practice’s success.

3 Reasons to Make Hometown Community Banks Your Local Bank In Peoria, IL

hometown community banks of peoria ilNowadays, consumers have more choices than ever when it comes to banking. Individuals can choose from national bank franchises, hometown credit unions, and even banks which only exist through the world wide web. With so many choices, it can often be difficult to determine which bank is right for your needs.

Thankfully, if you live in Peoria, IL, this decision will be made much easier once you take the time to review the top 3 reasons why you should make Hometown Community Banks your local bank in Peoria, IL.

Rewards Credit Cards

rewards credit cardsWhen you pay cash for the things you buy, you will never be rewarded for your spending habits. Hometown Community Banks can help you to change this with the use of their rewards credit cards. The way these cards work is simple. The more money you spend throughout the year, the more you can expect to get back at the end of the year.

When using a rewards credit card, you will have the option of either receiving cash back or earning reward points. If you choose to receive cash back, you can expect your annual percentage of cashback to continue increasing the more money that you spend. If you choose to receive reward points, you can then use these points to purchase a variety of rewards, such as airline tickets, hotel rooms, or even a new television.

The best part of using these cards is that they not only reward you for the things you buy anyway, but they also offer a very competitive annual rate.

Pot O’ Gold Checking

The Pot O’ Gold checking accounts offered by Hometown Community Banks are a great way to grow your money. This is because these accounts offer a super-charged interest rate in return for meeting just one very simple requirement. If you are thinking that this requirement is a minimum balance, you would be wrong.

Unlike many accounts which offer high interest rates, there is never a minimum balance requirement associated with your Pot O’ Gold checking account. Instead, you are simply required to use your debit card at least 15 times a month in order to qualify for a higher interest rate and other benefits, such as having ATM fees refunded.

Personalized Lending

Many of life’s most expensive purchases will require access to additional funding. Hometown Community Banks strive to get you the funding you need through a variety of different personalized lending products. These loan products include: lending borrowing loan

Home mortgage loans: These loans are designed to help you buy the home of your dreams. If you are not quite ready to buy, you can prequalify for this type of loan in order to make the home buying process easier once you find a home. You may also be able to take advantage of a no money down option if you are planning to buy a home in a rural community.

Home Equity Loans: If you own your home, a home equity loan can be a great way to get the cash you need for a large home improvement project or to help you overcome a financial crisis. These loans work by letting you borrow against the equity you have built up in your home. The proceeds from these loans can be used to cover any cost you see fit.

Vehicle Loans: While many car dealerships will offer financing on-the-spot, this in-house financing will rarely be able to compete with the low annual rates that you can secure by getting your auto loan financing directly through your hometown bank.

Personal Loans: If you are in need of a little extra cash to accomplish a personal goal of yours, the flexible repayment options and low interest rates associated with a personal loan at Hometown Community Banks can help to make your dreams come true.

Student Loans: Financial aid programs rarely cover the true cost of attending college. The student loans offered by your hometown bank can help to cover the additional costs that you incur. Best of all, you will never need to worry about repaying this loan until after you have completed school.

A Final Thought

Whether you are looking for a way to keep your savings safe, grow your money, or gain access to the funds you need for all of life’s most expensive purchases, you can be sure that Hometown Community Banks offer the services that you need. To learn more about each of these services, simply stop into your local branch.