Collection Agency Services
Don’t spend your valuable time chasing insurance payments. Our comprehensive collections management service takes care of the entire process, from start to finish, including:
Medical billing
Medical coding solutions
Claims filing
Insurance claims auditing
Insurance company follow-up
Faster collections
Efficient Collections Management Services for Medical Practices
Managing collections from insurance companies can be a time-consuming task for medical practices that are already busy with patient care. Instead of wasting valuable time dealing with difficult insurance agents, let us handle the collections process for you. By entrusting the task to our professional billers, you can focus on seeing more patients, which may ultimately result in increased collections. Our experienced team has the time and expertise to pursue even the most challenging claims, improving the speed and amount of your collections.
- 1. Benefits of Outsourcing Insurance Claims Filing: Outsourcing your medical billing to a professional company like Quest National Services offers numerous benefits, including the filing of claims with health insurance providers on your behalf. This service ensures more accurate coding, which can lead to an increase in collections for your practice. By letting our experts handle the claims filing process, you can focus on providing quality care to your patients without having to worry about the time-consuming and complex task of submitting claims to insurance providers.
- 2. Hassle-Free Insurance Claim Follow-up: Managing claims that are in progress can be a tedious task that takes up valuable time for medical practices. By outsourcing your medical billing to Quest National Services, you can leave the task of managing collections throughout the entire claims process to our team. This includes not only filing claims but also following up with insurance companies. With our expertise, we can ensure timely processing of your claims, allowing you to receive collections faster and hassle-free.
- 3. Reduce Time in Accounts Receivable: When medical practices don’t have enough time to pursue collections, it’s common for claims to be held up in the Accounts Receivable (A/R) department of the insurance company. This can significantly delay the receipt of payments, ultimately affecting the profitability of the practice. Our collections management services include follow-up services that can reduce the time claims spend in A/R by up to 19 days. This means faster collections and increased profits for your practice.
- 4. Daily Audit and Follow-up on Insurance Claims: As part of our services, we conduct a daily audit of all submitted insurance claims that are currently in progress. Our professional billers will check on the status of each claim and follow up with the insurance company as needed to ensure timely processing. This helps to ensure that your claims are not unnecessarily delayed and can be processed as quickly as possible.
A More Profitable Practice – Increase
collections by 15%
INHOUSE MEDICAL BILLING
$1,200,000 revenue
- – $45,000 biller salary
- – $40,000 secondary biller salary
- – $23,750 Benefits and Overhead @ 25% of salary
- – $3,000 Cost of software and hardware for billers
- – $1,200 Cost of Postage
$1,087,000 in net collections
Average billing expense of 10.25% of collected revenue
OUTSOURCED MEDICAL BILLING
$1,400,000 17% increase in top line collected revenue
- – $77,000 5.5% of collected revenue
$1,323,000 in net collections
Average billing expense of 5.5% of collected revenue plus the added collective revenue from outsourcing
Advantages of Outsourcing Collections Management
In addition to the time-saving and faster collections benefits discussed earlier, outsourcing your collections management process can bring several other advantages. These include access to specialized expertise and technology, improved accuracy in coding and billing, reduced compliance risks, and better insights into your practice’s financial performance. By partnering with a professional billing company like Quest National Services, you can focus on delivering quality healthcare services while leaving the complex and time-consuming task of collections management to the experts.
- 1. Comprehensive Claims Management Services: When you outsource your collections management process to us, you can rest assured that we don’t simply track the status of your claims with insurance providers. Our team provides a comprehensive service, managing the entire collections process from start to finish. This includes actively chasing down insurance companies and refiling claims when necessary to ensure your claims are resolved in a timely and effective manner.
- 2. Accelerated Medical Billing Collections: Our collections management services offer another advantage – faster collections. By outsourcing your medical billing to us, you can expect to receive collections more than two weeks earlier than if you were handling the process internally.
- 3. Boost Your Practice’s Revenue with Our Billing Management Services: Outsourcing your billing management to Quest National Services not only results in faster collections but can also lead to increased profits for your practice. Our team of professional billers possesses the expertise and resources to ensure accurate coding, track claims, and follow up with insurance companies. This comprehensive approach to collections management can help to maximize the amount of money that your practice brings in, ultimately boosting your revenue.
Testimonials
What our clients are saying
Branden Riggs
22:38 03 Aug 23
I spoke with Brian today from Sharp Management Solutions. He was a pleasure to chat with and he seems very knowledgeable. Having your medical billing handled by specialists seems like a great way for medical offices to spend less effort and collect more money from their patients at the same time.
Contact us today
Sharp Management Solutions is here to help
If you're tired of the stress and hassle of managing your medical billing in-house, contact us today to learn more about our reliable and cost-effective medical billing services and start streamlining your operations for increased efficiency and profitability.
