May's Medical Billing & Practice Management

How much can your practice save by changing with technology, instead of fighting against it? If the practice replaces one receptionist with a kiosk, they could save $35,000 per year in salary. Annual savings calculation (simplified): Kiosk costs: $5,000 initial cost (one-time) $200/month software subscription = $2,400 annually $500/year for maintenance and updates Total annual costs for kiosk: $2,900 Net savings: $35,000 (salary savings) - $2,900 (kiosk costs) = $32,100 annual savings. Of course, certain positions will still continue to need a human, such as coding, billing, nurses, physicians, and so on; due to the complex nature of these positions. However, more data entry-centric roles are gradually being replaced with technology. Changing with technology is essential to prevent 'falling behind' and ensuring your practice thrives, not dies.

TIME is precious. MONEY is necessary. How can we save you time on your claims reimbursement while still ensuring you get the full amount you're due? To start, handling rejected or denied claims can last days or weeks, depending on the complexity of the claim and the reason for rejection/denial. Additional time is taken from you if the insurance company is not swift in their responses, or if additional documentation is needed. 1. Understanding the denial or rejection (1-2 days) 2. Correcting and resubmitting claims (3-10 days) 3. Appealing the denial if necessary (1-4 weeks) 4. Reprocessing and final resolution (2-6 weeks) At May's Medical Billing and Practice Management, we track denied claims for you, promptly appeal denials, but most importantly we ensure accuracy from the beginning. Office staff that handle multiple tasks may become distracted or overwhelmed. We can specifically handle your medical billing so you get paid every time.

The most important factor that makes physicians money is often the combination of their specialization, patient volume, and the reimbursement rates from insurance companies (we can help with both the insurance companies with our medical billing services and patient volume using our well-care services!). Here’s a breakdown: Specialization: Certain specialties, like orthopedic surgery, cardiology, and dermatology, typically have higher reimbursement rates compared to primary care fields. Patient Volume: The ability to see a high number of patients can significantly impact income. This is often facilitated by efficient practice management and effective scheduling. Insurance Contracts: The types of insurance accepted and the rates negotiated with those insurers play a crucial role in determining revenue. Procedures vs. Consultations: Physicians who perform a lot of procedures or surgeries often earn more than those who primarily provide consultations. Geographic Location: Income can vary significantly based on the region, as some areas have higher demand for certain specialties. Practice Ownership: Physicians who own their practices may have higher earning potential due to profit-sharing, but they also bear the costs and risks of running a business. Reputation and Referrals: A strong reputation can lead to more referrals, increasing patient volume and income. These factors together shape a physician's overall earnings potential.

One question I get a lot, is 'how much would I really save?' The potential savings a physician can achieve by switching from in-house medical billing to outsourcing can vary widely based on several factors, including the size of the practice, the complexity of billing, and the specific outsourcing company chosen. It can be anywhere between 20%-30%! While some smaller practices might save only a few thousand dollars annually, larger practices could save tens of thousands, depending on their specific circumstances. A thorough cost-benefit analysis tailored to the practice's needs is essential to determine the exact potential savings, which we can offer for free, just so you can see if it's worth it for your practice.

How are you today? Tell us what you want to hear from us. If you want to stay up-to-date with us, follow our Page.

To all my Medical Doctor/Virologist/Dermatologist connections who have a side interest in acting...Backstage.com has some opportunities for you! One I have included below: Anne Stone Casting from London is looking for you to promote a Branded Lip Product and is shooting in London (travel and accommodation are covered). If you are interested and would like the link, message me! They also have some other opportunities if this is not your specialty.

Welcome to May's Medical Billing & Practice Management – Your Partner in Seamless Medical Billing Solutions! At May's Medical Billing & Practice Management, we understand that managing the financial aspects of a healthcare practice can be overwhelming. Our mission is to provide healthcare providers with expert medical billing services that streamline processes, enhance cash flow, and allow you to focus on what you do best—caring for your patients. With a team of experienced professionals well-versed in the intricacies of medical billing, we specialize in: Accurate Medical Coding: Ensuring every service and procedure is coded correctly for optimal reimbursement. Timely Claim Submission: Submitting claims promptly to reduce delays in payment and improve cash flow. Denial Management: Proactively addressing and resolving denied claims to maximize your revenue. Detailed Reporting: Providing insights and analytics to help you track your practice’s financial health. We pride ourselves on our personalized approach, tailored solutions, and commitment to compliance, ensuring your practice remains on the right side of regulations. Let us take the stress out of billing so you can concentrate on delivering exceptional patient care. Join the many satisfied healthcare providers who trust May's Medical Billing & Practice Management for their billing needs. Contact us today for a free consultation! https://lnkd.in/gNCjZRHH

As a medical biller, what can I do for you and your practice? A medical biller plays a crucial role in the healthcare system by handling the financial and administrative aspects of medical billing. Our main responsibilities would include: Medical Codes Review: We review all of your standardized codes (ICD, CPT, HCPCS) and fee schedule used for billing and insurance claims. Claims Submission: We prepare and submit claims to insurance companies or government programs (like Medicare and Medicaid) for reimbursement. Patient Billing: We generate and send bills to patients for any remaining balances not covered by insurance, such as co-pays, deductibles, or other out-of-pocket expenses. Insurance Verification: We verify patients’ insurance coverage and benefits to ensure services are covered and to determine patient liability. Claim Follow-Ups: We follow up on denied or rejected claims, working to resolve issues and ensure that claims are paid. Record Keeping: We maintain detailed records of patient accounts, insurance claims, and payments. Compliance: We ensure that billing practices comply with healthcare regulations and payer policies, including privacy laws like HIPAA. Communication: We often act as a liaison between healthcare providers, patients, and insurance companies, addressing any billing-related questions or issues. Overall, medical billers help ensure that healthcare providers are reimbursed accurately and promptly for their services while also assisting patients in understanding and managing their medical expenses. We at May's Medical Billing & Practice Management can do all of that (plus more) for you and your practice! https://lnkd.in/gNCjZRHH

Check out our AMAZING Referral Program! For Clients: Each referral you send our way, you get 1% off your Medical Billing service starting the day they sign a contract with us. There is no cap! You could be getting free medical billing for the remainder of your yearly contract if you refer enough people. Once you reach free medical billing, if you still continue to refer people to us, you are then eligible to receive the non-client referral bonuses. For Non-Clients: Every person you refer to us is $250 in your pocket within 30 days after they sign a contract with us. There is no limit! You can refer as many people as you wish. You only receive the bonus once they sign on with us. So for our clients, not only could you be receiving free medical billing for the remainder of your contract, but you could also be making money off of us! Of course we benefit too, receiving the opportunity to 'wow' new clients with our services. We currently have a 30-day free medical billing trial promotion for you to 'try before you buy.' You have no obligation to continue after, and you don't risk losing any money for a service you're not happy with (though we know we will do a great job in satisfying your medical billing needs). The trial starts after getting everything set up with the clearinghouse, etc. so you receive the full 30 days without set-up interruptions. Please feel free to reach out to us here on LinkedIn, our Google Page, Yelp, Facebook, or our website. https://lnkd.in/gNCjZRHH

These are all issues that May's Medical Billing & Practice Management can help you with!