Medical practice owners in Northwest Arkansas considering outsourcing their insurance and patient billing have a new option.
Mikal Murders of Bentonville has launched a HIPAA-compliant, full-service medical billing and consulting firm in Bentonville called AMB Technology LLC. He said it would help individual and small group medical and dental practices increase revenue and lower costs using a custom blend of software and services.
Medical billing services are used to process, submit and follow up on health insurance claims to save the staff time.
AMB will primarily handle a practice’s entire insurance billing process, including filing the claims, following rejected or denied claims and collecting unpaid claims. Other services are available.
“We give the medical practice continuity and expertise, allowing them to concentrate on patient care,” Murders said. “Depending upon the circumstance, claims will be filed as electronic media claims over high-speed internet or printed on paper and mailed to the insurance carriers.”
Murders said electronic media claims (EMC) are growing in the healthcare industry and can reduce the turn-around time between mailing the claim and receipt of payments from several weeks to a few days.
“It’s much like your accountant filing your income tax electronically,” he said. “About 90% of all hospital claims are filed electronically while the rate for non-hospital [doctor] claims is fewer than 15%.”
Industry analysis valued the U.S. medical billing services market at $4.64 billion in 2020 and it is expected to reach $8 billion by 2026.
Murders said he is soliciting medical and dental practice clients in Northwest Arkansas.
Murders has more than 20 years of experience in multiple technical and leadership positions within a large corporation and information systems. He spent a decade (1998-2008) working for Walmart Inc. Most recently, he was director of information technology for Bentonville apparel company Outdoor Cap Co., one of the country’s largest headwear suppliers.