HBMA Publishes Report on Medical Billing Services and Fees
Benchmark survey evaluates industry practices on 44 categories of medical services nationwide
(WASHINGTON) – Today the Healthcare Business Management Association (HBMA) announced the publication of the results of an industry survey on fees charged for processing medical bills and insurance claims. HBMA conducted the survey of revenue cycle management (RCM) companies (a.k.a., medical billing and management companies) from October 15 to November 27. The survey asked participating companies to report the fees for processing medical bills and claims for 44 categories of care ranging from dermatology and chiropractic to radiology and sleep medicine. The survey also benchmarks services related to revenue cycle management, including the Merit-Based Incentive Payment System (MIPS).
“There is tremendous appetite in the revenue cycle management community for this unique benchmark report that enables companies to evaluate their competitiveness in the RCM sector” said Ginger Ryder, president of HBMA. Ms. Ryder added that significant changes have occurred in the healthcare sector since the last time HBMA conducted its Billing Fees Survey in 2010.
The survey analyzes responses by geographic region and by company size based upon the number of full time equivalents (FTEs). Medical specialties supported by the largest percentage of survey respondents were: 1. family practice without obstetrics (58%); 2. internal medicine (55%) and 3. surgery, general (41%). The least common medical specialties were 1. radiology, diagnostic-invasive (7%) and 2. two specialties tied at 4% each: air ambulance and dentistry. The survey revealed significant variances in fees based upon medical specialty, geographic region and company size.
To obtain a copy of the report or for more information, visit www.hbma.org/store.
A follow up survey is planned for 2019 to evaluate additional categories of service and explore topics identified by the survey report.
About the Healthcare Business Management Association (HBMA)
HBMA is a non-profit, member-led trade association of companies that support doctors and other medical providers by handling their medical billing and revenue collection processes, services known as revenue cycle management (RCM). HBMA works with legislative stakeholders and federal agencies in Washington, D.C. to improve the business of medical billing and the practice of healthcare. Since its inception in 1993, HBMA and its members have encouraged professional development and adherence to the HBMA Code of Ethics, advocated on behalf of the RCM profession, and promoted business development through educational events, networking opportunities, certification programs, and a wide range of affiliated vendor resources. For more information about HBMA, visit the www.hbma.org.