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Medical billing services offer a number of choices to compensate them for their services. Every practice has unique requirements and the appropriate selection for you is based on the volume, type, and dollar amount of claims. Following are some of the billing options available to medical offices, with their positive and negative.

1. Percentage based fee

This is the most common type of billing option offered by medical billing services. You pay a fraction of the net amount received or of the total claims submitted to the covering agency. Percentage rates range widely (4%-16%) as they depend on the services included in the contract, claim amount and monthly average number of claims. Percentage based agreements are appropriate for almost all healthcare practices, especially if the medical billing service manages all the jobs connected to billing. This method of billing provides an incentive to the billing service to submit and follow up claims rigorously – an excellent advantage for the customer. The only problem of percentage based fee is that the billing service could possibly neglect smaller claims as the small amounts do not justify the vigorous follow up necessary to collect. You can overcome this problem by paying a slightly higher percentage for the smaller claims to motivate the service to collect on them.

2. Flat fee per claim

The medical billing service charges a fixed rate for every submitted claim. The amount can vary from $1 to $8 based on the service. This alternative works well for health care practices that see high value but low number of claims or claims that are tough to collect (as from a particular payer). The drawback of this agreement is that the billing service does not have much incentive to pursue the claims aggressively. You should accept this option only if you stipulate follow up in the agreement and release the fees after the claim has been paid.

3. Hybrid Billing

Hybrid billing is a good combination of percentage and flat fee service. In a hybrid contract, pricing terms are specific to the category of claim and the insurance carriers. This kind of billing arrangement is perfect for any hospital that has a wide range of claim amounts and a moderate to high volume of claims. This also enables medical practices conform to the flat fee rules set for Medicaid and Medicare claims in a few states. The percentage-based fee structure is applied for private insurance claims. The major downside of hybrid billing is that it introduces billing complexity into practices with low volume of claims.

Before deciding on the billing option you want with the medical billing service, carefully evaluate your billing volume, amount of claims, and the kind of payers. Ask the billing service to forecast results based on monthly average volume of claims, amount of claims and payers so that you have some idea of what you would pay under every type of billing option. Consider the future growth of your practice before you choose the optimal payment contract. There is a perfect medical biller for each kind of practice; it is just a matter of learning the ropes and making an informed decision in hiring the right service for your practice. Daljeet Sidhu is the author of this article.

Many unwanted occasions take place to people’s lives every day – health problems, car accidents, death and other circumstances which are random . For the normal citizen, these ill-fated events can cause a big dent in their pockets especially if they are not ready . To help lessen the load , many now prefer to insure everything they own – their houses, their cars, even themselves – so if any surprising mishaps occur , insurance companies would be the one to shoulder their expenses. However, because today’s economy is unsteady , more and more people are tightening their belts and some are even left with little to no money. In these cases, people are tempted to commit insurance fraud so they can get money from their insurer even if their condition is not really applicable for insurance.

Even the State of Florida has come across this serious offense . Cars are totaled on purpose so their drivers may claim insurance; properties are destroyed so homeowners can get hold of extra money; some even put their lives at risk so they can get benefit from health insurance. Due to these deceiving acts , some insurance companies are forced to close down because they do not have enough money to pay their customers . Even if these companies were established to aid those in need, some customers have exploited their privilege and deliberately caused damages to themselves and their properties so they can get more money than what they originally paid for.

Fortunately , there is a workaround   to this problem . Insurance companies may make use of  the services of a Florida private investigator so they can examine their customers and find out whether their claims of needing insurance are authentic and if they truly deserve to get paid. A Florida private detective has an exceptional set of skills in finding out the truth and they are terrific at not getting caught while they do it. Using them to pursue people around is not illegal, especially if you are an insurance company. After all, while you have the best interests of your customers at heart, you also have to know whether they are telling the truth so you would not be taken advantage of and can continue to help more customers who are more worthy of your help . Florida PIs can sneak around and dig up information that phonies are trying to hide , so if they deliberately destroyed their car or set fire to their house, you can present  them with enough evidence once you reject their insurance application.

One of the best Florida Private Investigators is Annie Dullum. She, along with her team at ADI Investigation Services can help insurance companies distinguish which people are committing insurance fraud. Especially in a company that deals with hundreds of cases every day, ADI can help you solve your problems without going over budget. With their exceptional record at solving various cases like murder, felony and burglary, discovering which clients are committing insurance fraud would surely be easy for them. So if you want to protect your company and be certain that you are helping only those who have legitimate reasons to get insurance, you should contact these Florida PIs immediately and prevent yourself from being cheated .