About FYHBA Medical Billing
FYHBA Medical Billing was founded by a small group of people with good knowledge in US healthcare systems.
From a very humble beginning FYHBA has become reliable billing company because of the commitment and attitude towards their work.
The executives at FYHBA have many years of experience in the medical billing industry, and our administrators and account managers average years spent in supporting our clients’ growth.
FYHBA Medical Billing has provided clients with services designed to increase revenue, reduce physicians’ burnouts, ensure predictable cash flow and improve practice efficiency.
We employ a wide variety of medical billers and coders with varying degrees of work experience in medical practices, hospitals, insurance companies and beyond. Our staff is regularly updated and trained with the latest medical billing, coding and compliance information available.
We think your company suits our billing needs well. We've also considered others who charge less but offer less too
We have different levels of services to fit every practice’s budget and needs. I have a number of reasons why we are different, see below for just a few, but the most important answer is that every client gets more from FYHBA Medical Billing. More attention, more dedication, more service and more money than what other billing departments tend to deliver.
So, how do we justify our fees?
Examples to explain fees depending on:
• Underpayments
• Billing Services delivered for 5% collection rate
Let’s say we process a claim, for which the billed amount is $1,500, performing all the necessary billing steps up to receive the payment from the insurance and let’s say that the insurance pays only $300 for whatever reason.
At this point, on top of the work already done for the encounter/claim, we should:
Analyze the claim, recognize and verify the underpayment, consider the benefits, evaluate the explanation of benefits, deductible amounts and OOP expenses, calculate the correct expected reimbursement, call the insurance company for reprocessing and even appeal the claim for underpayment, follow up on the claim status until payment is received, and only then we can proceed with posting the payments and move on to next applicable steps.
In doing just these extra steps we would have to allocate resources and employees, right?
Now let’s say the extra work is equal to 3 hours of work and let’s say we pay the employee $20/h which would correspond to about $30/h by the time we consider other aspects and resources involved such as taxes, software license, IT, etc.
These extra steps would cost approximately $30×3 = $90.
Now, at 5% collection rate, the underpayment of $300 would correspond to $15 for FYHBA.
If we collected the extra $1,200 at 5%, it would correspond to $60 for FYHBA
In this scenario, FYHBA would run at a loss of $30 for the extra effort of collecting.
As you can see the loss is considerable even though we are taking into consideration 5%, not to mention less than that!
As a result, it would be an unrealistic to expect or demand to collect as much as we can by paying low percentages, and this concept applies to the negotiation of claims, litigations and arbitrations, old uncollected claims, patients’ hard collection, extensive follow-up, etc.
In the same way, our clients deserve to get paid for the services provided to their patients we also deserve to get paid for our work, especially when this work is needed to collect for them!
After all, no one would like to work for free, right?
I believe everyone knows that say: “You get what you pay for!”
We tightly screen each employee within our company to ensure that they are certified and qualified to work in our fast paced and detail oriented office environment.
Many medical billing companies and medical offices have a laissez-faire approach to their human resources and standards in quality.
When it comes to hiring and managing the right people, we allow no room for compromise, another reason why FYHBA Medical Billing stands above the competition.
We proudly apply the latest standards in technology to maximize efficiency and minimize overhead for your medical practice.
Our paperless procedures and electronic document management system allow us to speed up the revenue process for your medical practice.
Our Billing Software and tools are among the most capable and efficient in the market.
We spend less time walking to file cabinets, digging through folders. Instead, we spend more time collecting money for you, and we can help you do the same in your medical practice.
Our online web-portal allows clients to quickly and easily upload files for billing purposes and access relevant documents while meeting HIPAA compliance.
When a medical practice is ready for electronic medical records, we can advise as to what would work best for them, supporting and verifying that the EMR would interface with our medical billing software.
We offer a variety of standard as well as additional premium services organized in different levels to accommodate every single practice, facility, and physician’s needs.
Personally, I have high confidence in stating that we are quite unique in this aspect as well as in the attention and dedication towards our clients.
In conclusion, our fees quickly justify themselves when you experience the level of quality and value that FYHBA Medical Billing brings to each medical practice it services.
In short, we strive to be the best every day, and I challenge anyone out there to find a better dedication to delivering equal services.