Medical Billing Clearinghouses are quickly becoming a bigger and majority of the health care repayment landscape. Basically, billing clearinghouses are organizations committed to electronic healthcare claims processing and repayment. Many independent billing companies and specialists depend on a developed clearinghouse to process their healthcare compensation claims.
As a general guideline, clearinghouses depend upon economies of scale to operate efficiently. Simply puts, by processing millions of claims daily or week, a clearinghouse is able to drive its average cost per claim to an extremely low level. It would be extremely cost prohibitive for an independent billing company to deploy the essential resources to achieve all the comprehensive quality control activities that are required to satisfy minimum compensation requirements. The majority of billing business and practitioners find this to be a vital service. It ends up that running out compliance in the healthcare compensation field can result in high fines and even criminal charges, particularly when dealing with a government repayment company such as Medicare or Medicaid. For this reason, many independent billing specialists decide to transfer a portion of the workload as well as a part of the liability for their claims processing activities to large medical billing clearinghouses. This is smart, providing the right clearinghouse is picked.
In addition to quality control functions, the clearinghouses specialize in transforming claims sent by an independent billing company or expert into a format that is recognized by the numerous health care repayment companies: government companies and a wide variety of different insurance business.
A lot of billing clearinghouses charge some kind of setup fee to add an independent billing specialist as a brand-new client. Also, they normally charge a little cost for each claim that they process. Some clearinghouses only charge for certain claims processing services. Often they will charge more for a Medicare claim, as the claim processing requirements are more rigid when government dollars are involved. It is a good idea to do your research and consider all of your choices if you get to a point where you feel you require the services of medical billing clearinghouse.