Medical Billing Agency FAQ

Q: Does FSMB submit claims to all insurance companies electronically?

A: Medicare, Medicaid, BCBS, and most commercial insurance companies accept electronic claims. The few companies left that do not, their claims are sent by paper.

Q: What kind of information does FSMB require in order to generate a claim on my behalf?

A: We must receive a completed superbill treatment form. This form must contain the following (may vary):
  • A copy of the patient registration form
  • A copy of the insurance card front and back
  • CPT codes
  • ICD-9 codes
  • A copy of the EOB so we can properly post payments

Q: I don't have a formal superbill. Can FSMB design one for me?

A: Yes. It is one of the many services offered to FSMB clients.

Q: How will I get the patients demographic and encounter information to FSMB?

A: You can send the information via regular mail, Fed-Ex, fax or encrypted email.

Q: How quickly and frequently will I need to send FSMB the information?

A: Information should be sent at least weekly but can be sent as frequently as you like to facilitate quick payments and reconciliation.

Q: I am not a certified coder, and am not sure if I am choosing the right ICD-9 Codes and CPT Codes to ensure medical necessity?

A: Our medical billing services provide you with coding review and assistance. We are always staying up to date on the latest coding regulations, and never fall behind on any continued education that is provided by the government and/or insurance companies. This allows us to clean up any mistakes or uncertainties that you may have in terms of coding.

Q: What is the normal turnaround time to process/submit our claims?

A: Within 1-2 Business Days.

Q: How will I receive my payments and reimbursements?

A: All insurance company and patient payments will continue to be sent directly to your office and paid directly to you unless otherwise arranged per your instructions. All electronic remittances will continue to be deposited directly to your account and simultaneously posted to the proper billing accounts.

Q: Where do our patients call with questions about their bills?

A: FSMB receives all inquiries from your patients. We free up your staff to do what they do best...care for your patients!

Q: How long does it take to receive reimbursement?

A. The average time to collect on electronic reimbursement is between 14 to 30 days.

Q: In the off chance that my claims get underpaid or denied, what will your company do to resolve this problem?

A: While our main focus is to make sure that this never happens, insurance companies have a tendency to try and spend as little money as possible in the hopes of increasing their revenue. If a problem like this arises, we will be relentless towards resolving this matter as efficiently as possible.

Q: All billing agencies promise to increase reimbursements, what makes FSMB so different?

A: We are experts in our field and have a proven track record of increasing client reimbursements. We do this by ensuring the ICD–9 and CPT codes are up to date and assisting in the capture of proper patient demographics for accurate data entry. We are detail oriented, which is essential for proper billing practices. We follow–up. We call insurance companies on a continual basis to see where your money is! We constantly strive to meet the high performance goals we have set for ourselves.

Q: Are you a collection agency?

A: No. FSMB focuses strictly on billing and follow-up. However, we pursue delinquent insurance claims and continue to work on them until payment is received. Our procedure is to send three statements to patients with follow-up phone calls. If after the third statement there is no response, it's up to you to decide how to pursue collecting the balance due (e.g., outside collection agency, bad debt write-off).

Q: What if the patient is on a payment plan?

A: We'll send as many statements as it takes to get the balance paid as long as there is patient activity on the account.

Q: Why should I spend all that money on a billing service when I can do it cheaper in-house?

A: In many cases, a billing service can be more cost effective than in-house billing. Our cost analysis on an "average" two to five doctor practice shows that our costs are comparable to the cost of staffing, office space, office operating expenses, storage, etc for an in-house computer system. In addition, we estimate we can improve collections between 2% to 10% at the "average" practice.

Q: How will I know if you are doing a good job?

A: We speak with the physicians monthly to review the monthly reports, which provide an excellent picture of the practice's billings and collections. The reports include an aged accounts receivable summary, detailed practice productivity and insurance statistics. Custom reports are available for those practices that request them.

Q: Credentialing with insurance companies is very time consuming, do you offer a service for that?

A: Whether you are adding a provider, starting your practice, or simply updating practice information, our medical billing company is 100% at your service.

Q: Are you HIPAA Compliant?

A: Our company is very committed to making sure that we follow any and all rules regarding your patients privacy. Everything that we do is cross referenced with all HIPAA regulations.

Q: When I call will I speak with a real person?

A: Always – between the hours of 9:00 am to 5:00 pm CST

Q: How do you charge for your services?

A: Either by percentage or a fixed monthly rate.

Q: Are there any contracts that I need to sign?

A: We offer a one year contract for your convenience.
Call us at 630-218-0091 or contact us online for medical billing done right the first time.

Five Star Medical Billing, Inc. | Oak Brook, IL

Serving Chicago and the Chicago Suburbs including: Berwyn, Cicero, Melrose Park, Oak Park, Aurora, Bolingbrook, Oak Brook, Hinsdale and Downers Grove.