Physician Billing Services - An Overview

Need for Physician Billing Services

Medical billing is an important process in a physician practice, and one that has to be done in a timely manner. Medical office billing procedures start when a patient enrolls for treatment and continues until his claims are settled by the insurance company. The billing process includes data collection, tabulation and data transfer between the medical service provider and the insurance company. Majority of the physicians don’t get enough time to handle all this paperwork, which often creates a backlog of medical billing, which in turn affects the revenue of the practice. On time submission of medical claims is very important to ensure financial stability in healthcare practices. This is where physician medical billing services assume great significance in medical practices.

At present, many physicians utilize medical billing services and benefit from them. Comprehensive physician billing services provided by a reputable medical billing company will allow medical practices to submit medical bills and claims on time without any errors. With the medical billing streamlined, practices can improve overall efficiency and productivity.

Physician billing services include routine tasks such as claims submission, charge entry, denial management, payment posting, tracking of accounts, patient enrollment, patient scheduling and reminders, appointment scheduling and rescheduling, billing and reconciling of accounts, financial management reporting, AR management,  medical coding audits, insurance verifications, insurance authorizations and following up of rejected claims.

Maximum Reimbursement and Minimum Claim Denials with Physician Medical Billing Services

When you hire a recognized medical billing company, you gain access to the expertise of certified billers and coders who will manage your billing and coding requirements. They are well-versed in the diagnostic and procedure codes pertaining to each medical specialty and therefore assign the accurate codes, ensuring compliance. This means that there is minimum chance of coding errors. Flawless coding will ensure maximum reimbursement and minimum claim denials.

Advantages You Can Expect

Physician billing services offered for individual physicians, physician groups, clinics, free standing diagnostic facilities, hospitals, acute care facilities, long term care facilities and other healthcare entities come with the following advantages:

•    Eliminate billing hassles
•    Improve cash flow and profitability
•    Streamline business operations
•    Maximize medical claim reimbursement
•    Improve office efficiency and economies of scale
•    Reduce staffing issues and training time
•    Gain access to expertise
•    Improve patient and physician satisfaction
•    Enhance the flexibility of the organization
•    Reduce the number of denied claims
•    Flexibility in using medical billing software
•    Weekly meetings to discuss progress and go over reports
•    Bi-weekly telephone meeting, monthly meeting and video conferencing to evaluate the progress of your claims
•    Reduce payroll and operational costs
•    Share risks
•    24/7 technical assistance, with an escalation sheet for any emergency

To sum up, physician billing services provided by a good medical billing company is the best solution if you desire the smooth functioning of your healthcare practice.

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