Healthcare Billing Service - How It Can Benefit You

In the present competitive business scenario, more and more healthcare organizations are moving away from traditional in-house medical billing management and opting for outsourced medical billing services. Outsourcing ensures many benefits and that is why companies are shifting gears when it comes to healthcare billing management. These days, government regulations are very strict as regards healthcare billing and coding. A single mistake may lead to considerable financial loss, which would affect the revenue inflow. So, medical billing and coding should be done with extreme precision according to federal and state regulations.

Professional Healthcare Medical Billing Services

Verification of patients’ insurance policies and managing the claims are imperative in the billing process. Insurance companies show zero tolerance for any mistakes that are seen in the claims. They generally deny claims, if any inconsistency appears. In-house billing, when done by office staff not trained in the intricacies of medical coding and claims processing, is prone to error. Hiring a medical billing company will be a good option in this situation. Generally, these companies have on staff professional billers and coders, who have experience and expertise in medical billing management. They will ensure flawless medical billing services.

Benefits of Healthcare Billing Management Services

Here are some benefits of hiring healthcare billing services, at a glance:

•    Reduces paperwork and workload for your staff and gives them enough time to focus on core processes that require more personal attention.

•    These companies verify patients’ insurance policies and make sure that the patient is eligible for the treatment being provided.

•    Accurate coding using the correct CPT and ICD-9 medical codes, so that there is no confusion regarding the diagnoses and the treatments provided.

•    Processing claims and ensuring regular follow-ups for payment disbursement are other vital tasks that medical billing companies carry out with perfection.

•    Customized turnaround time

•    Cost savings up to 30 – 40%

•    Last but not the least, these companies
provide quality recommendation on the basis of your yearly revenue. With their services, medical professionals are ensured more productivity and profitability.

Outsource to a Reliable Medical Billing Company

Hiring billing companies is definitely a good practice for healthcare organizations. A reliable provider secures the due reimbursement, keeps you away legal hassles due to mistakes in billing and coding and of course, makes it easier for you to concentrate on your patients in a better manner. This is why small and medium clinics and individual doctors opt to outsource their billing tasks. Large medical and healthcare institutions are also cutting down their cost by outsourcing the billing tasks to professional companies. The only concern is to find a reliable and affordable service provider, who can really ensure you all the benefits mentioned above.

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Advantages of Outsourcing Medical Billing Tasks

Any job becomes rewarding only when it is done with total dedication and attention to even the minutest detail. There are jobs you’d do with joy and commitment, and those you’d rather avoid. Entities in the healthcare sector are no different. Healthcare professionals would rather spend time practicing medicine than indulge in administrative tasks.

Time is a crucial component with regard to completion of important tasks. Any business entity can choose to delegate non-core processes to reliable providers and gain more quality time to devote to processes that require their presence. The healthcare industry can also benefit from outsourcing. Medical billing and coding are tedious processes that are at the same time important because these have a direct impact on the revenue inflow of a practice. When done by professionals, these processes - right from the stage of information collection to data entry, claims submission and follow-up - are carried out with remarkable efficiency and accuracy.

Outsourcing medical billing and coding enables healthcare entities to devote more time to strategic planning and providing patient care.

There are many small as well as large hospitals, physician practices, healthcare institutions and clinics that enjoy the benefits of outsourced medical billing services. In these companies, one would find professionals and billing experts that are highly competent. They can deliver maximum results, efficiently and quickly, that too at extremely reasonable rates. By outsourcing, the operational process of medical organizations becomes efficient and this leads to higher revenue.

However, before a medical institution or a healthcare professional starts utilizing the medical billing services offered by a medical billing and coding company, it is important to be aware of the advantages of outsourcing.

Benefits of Utilizing Outsourced Medical Billing Services

•    Workflow is streamlined
Professional medical billing services help in streamlining the workflow of the facility and the medical billing system in a very effective manner.

•    Administrative workload is reduced

The billing procedures in medical practices demand considerable time and expertise and are quite complex. Great concentration is required when carrying out these processes. If these tasks are outsourced to professional firms, then the administrative workload in medical practices and facilities would be reduced to a great extent.

•    Minimize claim denials and rejections

Professional medical billing companies make sure that all medical claims are submitted without any inaccuracies in data. This in turn minimizes claim rejections and denials.

•    A lot of effort and time is saved

The procedures of medical billing are very time consuming. If these jobs are entrusted to a reliable medical billing and coding company, then a lot of valuable effort and time will be saved.

•    Infrastructure outlay is reduced

When medical billing jobs are outsourced, the capital investment required for the maintenance of innovative equipment, infrastructure or software packages for carrying out tasks within the facility, is saved.

•    Volume paper work is avoided

Medical billing services can be customized to meet the specific requirements of clients. Thus, the need for bulk paperwork in the clinic or healthcare practice is eliminated.

Along with all such benefits, if billing services are coordinated perfectly, then business risks would be reduced to a great extent.

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What Should You Expect from a Medical Billing Company?

Being a health care professional, you may be anxious about using the services of a medical billing company. You are not quite sure that the billing and coding firm you choose can meet your healthcare billing needs. Your concerns are genuine, but there is no need to worry overly. A healthcare billing company can be a life saver. A professional billing service provider will work as your trusted partner and help enhance your practice performance. All types of healthcare facilities including hospitals, individual physicians, nursing clinics, rehabilitation clinics, physicians' groups, acute care facilities, dental groups and long term healthcare facilities can benefit from the services provided by billing service providers.

Medical Billing Company - What to Expect

Reliable and professional medical billing services provider will work as a virtual extension of your practice. They will have the infrastructure, technology and resources to help you effectively streamline your revenue management. Partnering with the right healthcare billing company ensures:

•    Systematic and comprehensive billing services - Complete solutions include patient enrollment, payment posting, processing medical insurance claims, solving billing queries personally, scheduling of patient appointments, financial management reporting, CPT medical coding, backlog coding, charge entry, emergency room e-code assessment, AR management, effective collection of compensation; generating customized reporting, credit bureau reporting, insurance verification, insurance authorizations and more.

•    Experts at your service: A professional billing firm has billing specialists, posting teams, AAPC certified coders, and AR follow-up teams, all having years of experience in the industry. They utilize advanced technologies and the latest billing software such as Practice Admin, Medisoft, eClinicalWorks, AdvantX, Advanced MD NextGen, IDX, Lytec, and Eclipse to provide value added services. They can also work on your own billing software.

•    Better accuracy – Errors in billing and coding may lead to considerable revenue loss. Hiring a professional billing firm would ensure better accuracy in back office tasks.

•    HIPAA compliance – Billing and coding services with HIPAA compliance ensure confidentiality and security of patient information.

•    Competitive pricing – If you have chosen a professional firm, you can expect competitive pricing and savings of up to 40 percent.

•    Timely reports: A professional billing firm would provide all types of reports to keep the client updated on progress.

•    Service for all types of medical specialties – Only a professional billing firm can offer services for all major medical specialties.

How to Find an Efficient Medical Billing Company

You have to find the right medical billing company to partner with. Browse the internet and compare various service providers. Choose a billing and coding firm that can work as an extension to your practice and provide solutions within minimum turnaround time. 

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Medical billing companies help healthcare facilities gain profits

Submission of error-free medical bills is extremely important as it has key role in your business development and productivity. Outsource medical billing requirements to medical billing companies that can help your practice claim reimbursements on time and increase your profitability.

A medical billing company will work for any type of practice regardless of the kind of specialty. Individual physicians, clinics, multi specialty groups, free standing diagnostic facilities, physician groups, long term care facilities, acute care facilities, hospitals and many others can benefit from accurate and prompt medical billing services. Let us see how medical billing companies help your practice maximize revenue.

How a Professional Medical Billing Company Can Help You Gain Profits

•    On time submission of claims and bills without errors: As the billing and claim processing tasks are performed by experienced medical billing companies, you can submit flawless medical bills and insurance claims on time. This reduces the chance of claim denials and rejections which in turn maximizes the profit of your medical practice.

•    Improve productivity: Outsourcing medical billing services reduces your administrative workload. You can concentrate on your core competencies with exceptional efficiency, which significantly increases productivity and allows your practice to maximize profitability.

•    Complete focus on the well-being of patients: With billing tasks outsourced healthcare professionals can completely focus on their core business activities and provide quality healthcare, this in turn helps them make use of their valuable time and maximize their productivity, resulting in increased profit.

•    Reduce operating cost: Operating cost for in-house medical billing is very high. In addition, in-house medical billing is more prone to error. With medical billing outsourcing, you don’t have to worry about owning billing software or upgrading to the latest equipment. This reduces overhead cost considerably.

•    Benefit from regular follow-ups: A billing firm ensures regular follow-ups for all your claims and this would help you get maximum reimbursement on time.

•    Effectively streamline your business processes

•    Save on infrastructure cost: Outsourcing billing tasks enables you to save on a considerable amount of money that is required to set up the infrastructure, advanced equipment and software utilities to perform the billing procedures within your practice. You can also avoid the financial outlay involved in maintaining additional billing experts and accountants and providing employee remunerations and other comprehensive benefit packages.

•    Secure maximum reimbursement of your claims with fast turnaround

•    Accelerate cash flow

•    Reduce days in accounts receivable

•    Improve collection ratio

To sum up, outsourcing to expert medical billing companies will reduce the workload of medical practitioners and help them grow their business.

Artcle Source: http://www.articlesbase.com/customer-service-articles/medical-billing-companies-help-healthcare-facilities-gain-profits-6044827.html

Medical Billing Services - How They Reduce Billing Inefficiencies

Many physicians have admitted time and again how medical billing drives them into a state of frenzy. The truth is the facts and figures of medical billing and coding will behave in a more disciplined way before a professional medical coder or biller. At the same time, they can play truant, evade and frustrate the medical practitioner who is more at home practicing medicine. If you are a healthcare professional bogged down by the responsibilities that come with medical billing, consider availing of medical billing services. You just cannot afford to manage with incompetent billing. Inefficiency in billing will have a dire impact on your medical practice.

Does a Medical Billing Company Have Some Magical Formula?

Efficiency in medical billing does not come easily. It is something that is achieved with years of experience and hard work.  There is therefore no magical formula with which you can make medical billing effortless. Professional coders and billers at a medical billing company are trained and experienced in all aspects of medical billing and coding. They keep themselves updated on the latest coding changes, payer requirements and other relevant details.

Why Am I More Prone to Making Errors?

If you find yourself asking this question, read on to understand why you are more prone to making billing errors. Incompetence in in-house medical billing and coding can result from the following reasons:

•    Lack of skilled and experienced staff to ensure on time medical billing
•    Violation of HIPAA norms
•    Lack of information regarding denial of payments so that staff can be trained to avoid making the same mistakes
•    Inadequate information regarding a patient’s insurance coverage
•    Use of outdated medical billing software
•    Non-recognition of time lost between date of charge entry and time of delivery
•    Absence of definite written policy about the patient’s fiscal responsibility

Looking for a way to avoid such billing inefficiencies and improve the efficiency of your medical billing system? Hire a reliable medical billing company to ease the billing process and ensure that your billing is performed efficiently, responsibly and promptly.

Outsourcing medical billing and coding tasks to a reliable medical billing company also reduces your administrative responsibilities and enables you to focus on core activities with enhanced efficiency. Today, there are many affordable and well-known medical billing companies offering quality medical billing and coding services to meet the needs of multi-specialty hospitals, clinics, rehabilitation centers, long-term care clinics, nursing homes, acute hospitals, individual physicians and group practices.

Complete Medical Billing Services Ensure Consistent Solutions

Medical billing companies are equipped with state-of-the-art technology, software and skilled professionals including billing specialists, coders, accountants, auditors and quality controllers who go all out to provide effective medical billing solutions in minimum time. The experts process and submit medical bills and insurance claims without any errors. Normally, the medical billing process includes:

•    Patient enrollment
•    Insurance enrollment
•    Insurance eligibility verification and insurance authorizations
•    Charge entry
•    Submission of claims
•    Accounts receivables follow-up
•    Payment posting
•    Denial analysis
•    Scheduling and rescheduling
•    Accounts receivables management
•    Report maintenance

Other services provided by medical billing firms include continuous monitoring and follow up of rejected claims and resubmitting them after resolving any problems; credit bureau reporting; payment plan setup; providing regular quality checks; continuous evaluation of accounts; generating reports with details of payments and claims, which helps you in adjusting your billing practices and improving cash flow; and generating customized reporting to track business activity and productivity.

It is therefore clear how medical billing services help healthcare entities submit medical bills and insurance claims promptly, thereby reducing billing inefficiencies. 

Finding a Medical Billing and Coding Company – Some Helpful Tips

If you are planning to hire a medical billing and coding company for your facility, it is very important that the firm you choose acts as an extension to your healthcare practice. You need to consider a number of factors in order to choose the best service provider. Here are some helpful tips that will help you find an established medical billing company that has excellent experience in offering end-to-end medical billing services.

Always look for a service provider that has years of experience including a history of dealing with your specific kind of practice. Only a professional and experienced service provider can deliver medical coding services and medical billing solutions that ideally meet the requirements of your medical practice. An experienced medical billing company will have professional billing staff knowledgeable about all relevant medical codes, procedures, and protocols.

Before hiring a firm, it is necessary to carry out a reference check to confirm whether the provider will suit your practice or not. With the help of references you can find out more about the quality of service offered, turnaround time and customer support services. Also, evaluate the medical coding company on the basis of factors such as billing software used, expertise of the staff, type of training received, and their ability to provide accurate and thorough feedback in a timely manner.

Check whether the provider follows the HIPAA regulations and ensures strict confidentiality of data, since patients’ medical records are highly sensitive. Ensure that the company you choose provides you with the option of easy access to information such as outstanding claims, charge data, user notes, follow-up information, and payments.

Choosing a medical coding company having a number of reputable clients is an intelligent decision. The company with more customers can provide you with comprehensive and versatile medical billing services.

Other things to consider include:

•    Find out whether the medical billing solutions provided meet your customer service standards
•    Check whether they have outstanding security features 
•    Ensure whether custom medical billing services are available
•    Ask your billing partner for samples: ask for sample projects of the required services before finalizing a service provider
•    Confirm that file transfer is done securely
•    Whether support is provided for 128-bit encrypted form of FTP or e-mail
•    Ensure that there are no hidden charges
•    Check the billing turnaround time the provider guarantees

Follow the above tips to make the right choice of a medical billing and coding firm.  
 

Article Source: http://www.articleshub.org/article/211538/Finding-a-Medical-Billing-and-Coding-Company---Some-Helpful-Tips.html

Benefits of Outsourcing Radiology Medical Billing

As an experienced practitioner in the field of radiology, you may have come to realize that carrying out medical billing in-house is expensive and associated with a lot of stress and anxiety. To keep up with the present day medical billing requirements you need sophisticated software and proficient management personnel. Instead of investing heavily in these, consider outsourcing radiology medical billing to a company you trust. Primarily, you stand to benefit from cost-efficiency, excellent management of your practice and greater control.

With the support of dependable medical billing outsourcing firms, you can submit flawless medical bills and obtain maximum reimbursement, thus maintaining a steady revenue system for your practice.

Multifarious Benefits with a Reliable Provider

Several established medical billing and coding firms offer radiology billing services at competitive prices. Entrusting radiology billing jobs to these firms allows radiology practices to meet their regular medical billing needs efficiently.

Outsourcing medical billing and coding ensure the following benefits:

One of the main benefits of outsourcing radiology medical billing is that medical professionals can obtain considerable relief from their administrative tasks. They can therefore concentrate more on providing better healthcare services for their patients. There are several small to large individual physicians, hospitals, clinics and other healthcare entities that have gained largely from outsourced radiology billing services.

Further, medical billing outsourcing helps physicians to competently reorganize the entire billing system. Outsourcing also results in higher efficiency in the operational process of the healthcare facility and higher revenue. Listed here are the benefits offered by radiology medical billing services.  

•    Accelerate cash flow 
•    Reduce management time for physicians
•    A minimum of 30% outstanding A/R will be collected
•    Increase reimbursements by a minimum of 30%
•    No maintenance of hardware/software/technical issues or dealing with backups
•    No hidden costs
•    Better data accuracy that is very essential to get maximum reimbursement from insurance companies
•    Eliminates backlog
•    Save cost on employee benefits such as health insurance, payroll taxes, and paid vacation time
•    Increased patient satisfaction 
•    Easy to understand invoices means response rate goes up tremendously
•    No upfront fees to start

Organized medical billing outsourcing services help radiology medical practices, individual practitioners and group practices to enhance their efficiency and revenue at the same time. If you plan to outsource your radiology medical billing tasks, it is important to locate an established medical billing company offering consistent solutions at affordable charges.

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