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pa href=http://www.tradeseam.com/smallbusiness/buying-guides/view-buying-guide/1199/Medical+Billing+ServicesMedical billing services/a offer a number of alternatives for practices to pay for their services. Every practice has diverse requirements and the best fit is dependent on the volume, kind, and dollar amount of claims. Following are some of the billing alternatives available to medical practices, with their positive and negative.strongbr / br / 1. Percentage based fee/strong/p
pThis is the most common type of billing option offered by a href=http://blog.tradeseam.com/Healthcare/Medical-Billing-Services/medical-billing-servicemedical billing services/a. You pay a fraction of the net collections or of the gross claims submitted to the payer. Percentage rates range widely (4%-16%) as they are calculated on the type of services provided, claim value and volume of claims. Percentage based agreements are appropriate for most healthcare practices, especially if the medical billing service deals with all the jobs connected to billing. This method of billing provides an incentive to the billing service to maximize collections – an excellent advantage for the customer. The only drawback of percentage based fee is that the billing service tends to neglect smaller claims as the small amounts do not justify the vigorous follow up needed to collect. You can overcome this problem by paying a somewhat higher percentage for the smaller claims to make them worth the effort./p
pstrong2. Flat fee per claim/strong/p
pThe a href=http://www.tradeseam.com/smallbusiness/business-resources/get-free-quotes/1199/Medical+Billing+Servicesmedical billing/a service charges a fixed rate for each submitted claim. The amount can vary from $1 to $8 based on the service. This choice is appropriate for medical practices that see high value but low count of claims or claims that are difficult to collect (as from a particular insurer). The drawback of this agreement is that the billing service is not motivated to pursue the claims aggressively. This service is effective only if you demand follow up in the contract and release the fees after the claim has been collected./p
pstrong3. Hybrid Billing/strong/p
pHybrid billing is a good choice to get the best of both percentage and flat fee service. In a hybrid agreement, pricing provisos are specific to the type of claim and the insurance carriers. This kind of billing agreement is perfect for any hospital that has a wide range of claim amounts and a moderate to high volume of claims. This also helps health care practices comply with the flat fee rules set for Medicaid and Medicare claims in a number of 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./p
pBefore selecting the price structure you want with the medical billing service, assess your claims volume, amount of claims, and the kind of patients and insurers. Ask the billing corporation to project results based on monthly average volume of claims, sum of claims and payers so that you can estimate the amount you would pay under each kind of billing option. Consider the future growth of your practice before you choose the optimal payment agreement. 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.nbsp;Daljeet Sidhu is the author of this article./p

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