Precision Billing - Medical Billing Services Melbourne
Accounts Receivables Collections
Precision Billing specialise in the collection of funds owed to you. We work with aging reports, analysing your receivables issues, and recommending processes that will dramatically increase collections for a more successful future!
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What is No Gap Medical Billing?
No gap medical billing refers to a billing practice where the patient is not required to pay any out-of-pocket expenses for certain medical services that are covered by their health insurance. In other words, the provider of the medical services agrees to accept the insurance company’s payment as full payment for the services, and the patient is not responsible for paying any additional fees or charges. This type of billing is intended to make it easier for patients to access medical care without having to worry about the cost. It is called “no gap” because there is no gap or difference between the cost of the service and the amount covered by the insurance, so the patient is not required to pay anything out of pocket.
What is Known Gap Medical Billing?
Known gap medical billing is a type of billing practice that is used in cases where the patient’s health insurance does not fully cover the cost of the medical services they receive. In these cases, the provider of the medical services will typically inform the patient of the “gap” or difference between the cost of the service and the amount covered by the insurance, and the patient will be responsible for paying this amount out of pocket. The patient is usually informed of the gap before they receive the service, so they know what to expect and can make an informed decision about whether or not to proceed with the treatment.
What is Simplified Medical Billing?
Simplified billing, also known as streamlined or flat-rate billing, is a billing practice that is used in some cases to make it easier for patients to understand and pay their medical bills. In simplified billing, the provider of the medical services charges a flat rate or fixed fee for a specific service or group of services, rather than itemising each individual service and its associated cost. This can make it easier for patients to understand their bills and can reduce the administrative burden on the provider. Simplified billing is not used in all cases, and it may not be applicable for all types of medical services. It is typically used for services that are commonly provided together or that have a predictable cost.
What is Normal Medical Billing?
Normal billing, also known as traditional billing or fee-for-service billing, is the most common type of billing practice used in the medical industry. In normal billing, the provider of the medical services charges the patient or their insurance company for each individual service that is provided. The provider will typically itemize the services and their associated costs on the bill, and the patient or their insurance company will be responsible for paying the full amount. Normal billing is a straightforward and transparent billing method, but it can be administratively burdensome and can lead to higher costs for patients if they receive multiple services or treatments.
How we Charge
Precision Medical Billing Service only applies a small processing fee to the face value of all of the invoices that we process. There is no set up cost or initial fee to commence using Precision Medical Billing Service.