Every medical practice’s financial viability and high-quality patient care depend on efficient billing. Medical billing services make it simpler for providers of medical billing services to submit insurance claims. The medical billing services enable prompt and accurate claims by sending the proper coding to insurance companies. By following each insurance provider’s unique requirements and ensuring your practice has enough operating cash flow, you boost your chances of receiving quick and complete payment. These medical billing service companies handle the insurer billing and patient billing.
Doing this can ensure that the patient’s bill share to collect appropriately without placing an extra load on your office employees. The leading medical billing company will provide the best and most reliable results. These services ensure you don’t fall behind on billing and keep you on track with your revenue stream. Reimbursements are the only thing you and your patients need to be concerned about when done correctly.
The main advantage of using medical billing services for the medical professional is the capacity to focus on medicine. Providers don’t need to keep full-time personnel on staff for the primary purpose of filing insurance claims. Handling claims by an expert is advantageous because insurance companies have complicated claim procedures. Healthcare businesses that are internally managed deal with a high staff churn rate, extensive training, costly overhead, and numerous other problems. It makes perfect sense to hand it off to a business with a well-organized process.
Medical Billing Service Providers
As medical practices expand, they might outsource their medical billing service provider for their medical billing services. By offering medical billing services, which include setup, implementation, and workflow integration with their practice management software. Here the aim is to increase the profitability of health centers. The medical billing service maximizes insurance payments and reduces denials by utilizing its coding expertise. Regulations governing medical billing are intricate and frequently updated.
What do Medical Billing Services Providers Do?
- Medical billing service providers and companies oversee the entire revenue cycle for healthcare providers among various healthcare facilities.
- Doctors’ offices, clinics, multi-specialty practices, and group practices can benefit from the specialized help provided by medical billing companies.
- By streamlining everything from scheduling, insurance verifications, authorizations, and coding, to medical billing and collections, businesses exist to help you manage your business more effectively.
- Making accurate medical claims is the key to getting quick and efficient payment from insurance companies.
- The intricate, constantly-changing rules governing medical billing and coding have made it very challenging to maintain a healthy revenue stream.
Patient billing is one of the major complaints that patients have when it comes to the total experience of getting medical care. There is an important missing aspect, if your hospital relates patient satisfaction to the patient’s clinical experience. How your patients assess their overall quality of care will depend on their billing and payment experience.
Every successful interaction your medical office will have with the patients (from the time of appointment scheduling till the bill is paid in full) will help your hospital achieve excellent patient satisfaction results.
What needs to do ?
- Hire well-trained medical office staff
- Create a team of certified coders and billers
- Improve front-end processes
- Perform workflow and productivity assessment of the in-house staff
- Provide training and development to medical office staff
- Enhance communication methods with the patients
Besides low operating costs, improved policy compliance, and cash performance, streamlined medical billing services are vital for patient satisfaction.
How do you streamline medical billing tasks?
Hospitals are outsourcing their billing and collection tasks because of the vast initiatives and projects towards digitizing hospital processes, including revenue cycle management and electronic medical records. Streamlined medical billing will strengthen the cash flow for hospitals and improve patient satisfaction, vital for running the business.
Benefits of Medical Billing Services in Healthcare
- If any in-house staff resigns or goes on extended leave or your hospital’s onsite technology falls behind industry principles, your RCM and patients will suffer. However, if hospitals choose to seek help from a medical billing company, staff and physicians can concentrate on the provision of quality care rather than worrying about burdensome tasks like medical billing and collection
- A reputed billing company will use the latest technology for handling billing and coding tasks, eliminating the need for hospitals to invest in the latest health IT. The hospital can use the saved revenue to buy the necessary equipment and hire a trained workforce.
- Through outsourcing, your hospital can recieve payments for services promptly. Staff will not have to waste time asking for payments, and instead, they can use that time to fulfill all the requirements mentioned above for achieving excellent patient satisfaction results
- Certified billing companies comply with the latest laws in the healthcare industry, such as Health Care Reform Bill and HIPAA. They ensure all laws are followed when handling your revenue cycle management.
Boost Your Revenue With Medical Billing Services
Here are a few ways a medical billing service can help you collect more revenue:
ACCURATE PAYMENT POSTING
Payment posting is an essential step in the medical billing process because errors in posted payments can detract from the accuracy of accounts receivable (A/R) reports and foster mistrust in patients who receive erroneous statements. Relying on a medical billing partner to post payments can give your practice peace of mind that any potential issues will be caught and resolved.
TRACKING AND LOWERING DAYS IN A/R
Days in A/R are when an invoice is outstanding before it’s collected. It’s an important metric to track because if you don’t collect payments, you reduce your margins and may find yourself writing off more and more patient A/R.
You can calculate your days in A/R by determining average daily charges for the length of time you want to measure. To determine your average daily charges, add the posted charges for your chosen period, subtract credits received, and divide by the number of days in that period. Then, divide your total accounts receivable by the average daily charges.
Practices should aim for 30 to 40 days in A/R. Partnering with a medical billing service can help you monitor and improve this KPI.
REWORKING MEDICAL CLAIMS
As soon as a claim is denied or partially paid, a medical billing service can tag it with a denial/follow-up reason code, make needed corrections, and resubmit a “corrected claim” based on payer guidelines.
A revenue cycle partner can assist in your healthcare claims management by working to eliminate the claim rejections and denials that prevent reimbursements.
It can help you avoid these common rejection reasons:
- Duplicate claims
- Eligibility
- Payer ID missing or invalid
- Billing provider national provider identifier (NPI) missing or invalid
- Invalid diagnosis codes
After identifying the source of the issue, your billing partner can work with you. It workswith you to develop best practices to help you face fewer denials and apply specialty-specific knowledge to increase your clean claims rate.
DECREASED TURNAROUND TIME ON CLAIM SUBMISSIONS
A medical billing service can help your practice receive faster reimbursement by ensuring claims are submitted correctly on the front end. After charges are entered, it can work any clearinghouse rejections and submit claims.
OFFERING BEST PRACTICES TRAINING AND MONTHLY REPORTS
Your medical billing partner may share their knowledge on eligibility and referral management functionality or patient payment posting through training sessions. So, it may also send you the monthly reports to update your practice’s KPIs.
- Current days in accounts receivable (A/R)
- Clean claims rate
- Aging percentages
- Visit count by a billable provider
- Clearinghouse rejection count
- Provider revenue summary
- Service analysis report
IMPROVING YOUR CASH FLOW STARTS WITH A PARTNERSHIP
Take your first step toward more excellent financial stability by enlisting the help of a medical billing service. With expert staff knowledgeable in specialty-specific billing can help you boost practice revenue and achieve your financial goals.
Your dedicated team will manage back office and billing functions, rework denials and rejections daily, ensure claims are submitted correctly, send patient statements and collection letters, and more.
