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.

Article Source: http://ezinearticles.com/?Advantages-of-Outsourcing-Medical-Billing-Tasks-&id=7426223

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.

Article Source: http://www.articleblast.com/Business_and_Management/Customer_Service/How_Will_My_Practice_Benefit_from_a_Medical_Transcription_Company?/

Some Facts about Medical Billing

Medical billing is an important process in a medical office, and accurate medical billing and claims submission is necessary for maintaining a steady revenue cycle. The claims submitted to insurance companies have to be flawless and “clean”. Medical office staff not specially trained in medical billing is unaware of the various processes involved in medical office billing. It would merit them as well as medical students who are the future practitioners to understand some important facts about medical billing.

Accurate Reimbursement Depends on Flawless Medical Billing

On time and accurate medical billing and coding is necessary for obtaining well-timed reimbursement. Any sort of data inaccuracy and errors in medical bills and insurance claims will lead to rejection or denial of claims that could critically affect the income and cash flow of the practice. To avoid such situations, medical billing and coding needs can be outsourced to professional medical billing companies.

Only a professional medical billing company can guarantee you timely submission of accurate medical bills and claims. A competent firm will ensure that the billing cycle is smooth - from patients being billed the correct amount to doctors getting paid. Healthcare practitioners, hospitals, individual physicians, small and large hospitals, dental groups, doctors’ offices, acute care facilities, long term care facilities and multi-specialty groups all over the world can benefit from efficient medical billing and coding services.

Services You Can Expect

Mentioned here are some of the main services provided by medical billing companies: patient information collection and analysis; creating and mailing patient statements; processing medical insurance claims; insurance verification and authorization; continuous monitoring and follow-up of rejected claims and resubmitting them after resolving any problems; effective collection of excellent compensation; generating customized reporting to track business activity and productivity; credit bureau reporting; generating reports with details of payments and claims, which helps you in adjusting your billing practices and improving cash flow; frequent assessment of accounts; providing quality checks; charge entry; cash posting and reconciliation; scheduling and rescheduling; AR collections and more.

Here Are the Advantages of Medical Billing Services

•    Accurate billing and coding
•    Quick and maximum reimbursement
•    Reduced paperwork, which in turn increases practice productivity 
•    Claim submission on time
•    Reduced billing and coding errors
•    Minimal chance for claim rejections, resulting in better turnaround time and higher revenue
•    More consistent cash flow
•    Timely follow-up on all rejected and denied claims
•    Reduced write-offs
•    Improved collections

Established medical billing companies offer medical billing services for almost every medical specialty. Find a provider that can meet the specific requirements of your specialty and enjoy more streamlined practice functioning and improved revenue. 

Medical Billing and Coding Process - A General Overview

It may seem to be the most mundane thing in a medical office, but medical billing and coding can turn out to be the most frustrating task if not handled properly.   Of utmost importance when it comes to maintaining a steady revenue cycle, these vital processes often remain like the evading genie slipping out of your hand when you think you have it in control. Healthcare practitioners as well as medical students who are to be the physicians of the future must be fully aware of the various processes involved in medical billing and coding if flawless billing is to become a reality.

Core Tasks Involved in Medical Coding and Billing

To ensure that medical reimbursements and claims are provided by the insurance companies on time for all the services rendered to the insured patients, the coding and billing process has to be thorough and flawless. Coding and processing  of medical bills and insurance claims comprise a series of complex  tasks that need to be done with extreme accuracy, as any sort of errors in billing and coding can lead to claim denials and rejections. Let us look at the processes involved in medical billing:

•    Patient Enrollment (Demographics and Charges)

•    Patient Scheduling and Reminders

•    Insurance Enrollment (for Physicians and Offices)

•    Insurance Authorizations

•    Insurance Verification

•    Coding and Audits

•    AR Management (Insurance and Patient)

•    Account Analysis and Denial Management (EOB Analysis)

•    Billing and Reconciling of Accounts (Payment Posting)

•    Financial Management Reporting

Taking into account the busy schedule of healthcare providers, it is advisable to hand over these tasks to a professional medical billing firm.

Reduce Coding and Billing Errors and Maximize Profit

To meet the billing and coding requirements of various healthcare entities, many experienced outsourcing companies are providing professional medical billing and coding services throughout the United States.   Outsourcing the billing and coding tasks of your healthcare practice to such medical billing companies will help you benefit from quality solutions. Experienced outsourcing companies provide consistent services covering all the major billing and coding tasks outlined above.

Outsourcing companies that offer medical billing services are equipped with advanced infrastructure, and have on staff experienced billing and coding specialists. These professionals utilize the latest medical billing software such as Practice Admin, IDX, Eclipse, Medisoft, NextGen, Lytec, and eClinicalWorks among others, to process all medical bills and claims without errors within a minimum time.  Specialized medical coding services from dependable medical coding companies help healthcare entities considerably reduce expenses that may be otherwise required to train and recruit coding and billing staff. Efficient services of these companies also ensure many additional benefits such as:

•    Helps submit accurate medical bills and insurance claims

•    Timely reimbursement

•    Reduce workload

•    Reduce medical coding and billing backlogs

•    Streamline the  workflow of your medical practice

Pick a Reliable Firm for Affordable Services

In short, well-organized medical coding services can help improve the overall efficiency of your healthcare facility as well as make it more profitable through maintaining a balanced revenue system. Entrusting your medical coding and billing jobs to professional firms also ensures many other benefits including:

•    100% HIPAA compliant solutions

•    Fast turnaround time

•    24/7 based customer support

•    Free trial offer

•    Competitive pricing 30% to 40% lower than market rates

Considering this array of benefits, healthcare practices planning to outsource medical billing and coding tasks should ideally get in touch with a reliable medical billing and coding company. With such a firm you stand to benefit from customized and budget-friendly medical billing solutions that best suit the requirements of your healthcare facility.

Article Source: http://www.ideamarketers.com/?Medical_Billing_and_Coding_Services&articleid=3548135

Medical Billing Companies Make Your Task Easier

Medical billing is an important process in a medical office and demands great care and attention on the part of the medical biller. Moreover, the billing regulations keep on changing from time to time and your staff might find it difficult to keep up with all these changes. Medical billing companies can make your task easier by providing accurate and timely medical billing service. With advanced software and highly qualified and experienced medical billers and coders, these firms see to it that you benefit from maximum reimbursement for all submitted claims.

Medical billing and coding involves assigning the correct diagnostic and procedural codes, detailed documentation and related services. If you want to carry out this process in-house, you would need to invest heavily on qualified staff, training and infrastructure. On the other hand, outsourcing the medical billing process to a reliable company would be beneficial. This ensures that you no longer suffer financial loss due to under pricing, under coding, or missed charges. Medical billing companies serve hospital-based physicians, clinicians, group practices, multi-specialty groups, long term care facilities, acute care facilities and other healthcare entities.

Accurate Medical Billing Services

Medical billing companies active in the field have the latest advanced medical billing software and experienced medical billers to provide accurate medical billing and coding. The special software employed is user friendly and makes the entire process easy and efficient. A healthcare institution partnering with these companies can be assured that quality work will be delivered in accordance with its specific requirements. Here are the medical billing solutions you can expect:

•    Enrollment into the Billing System

o    Demographic information
o    Insurance information

•    Verification

o    Insurance verifications
o    Authorizations

•    Coding

•    Billing and Reconciling of Accounts

o    Charge entry
o    Cash posting
o    Reconciliation

•    Accounts Receivable Collections

o    Insurance collection
o    Patient collection
o    AR follow up and collections

Customized Medical Billing According to Client Requirements

Medical billing companies provide services customized to meet client requirements. A reliable company can work as an extension to your office streamlining all medical billing processes. As a busy healthcare professional, you can devote more time to patient care and benefit from improved patient satisfaction. The company you partner with will prepare and submit your medical claims in a timely manner and focus on getting you maximum reimbursement. Moreover, the professionals there will regularly follow up on the submitted claims. One of the greatest advantages of outsourcing is that you get the service of skilled professionals who know the requirements of Medicare as well as private insurance payers.

Advantages of Outsourcing Medical Billing

•    A full research of all accounts to determine the necessary action and subsequent development of a prioritized action plan
•    Constant evaluation of each account as to the amount of returns possible and the timing
•    Regular QA checking
•    A US or toll free number to call with questions
•    Weekly meetings to discuss progress and go over reports

Usually, medical billing companies offer free trial of their services. Make use of this offer so that you can have a firsthand experience of their service quality before actually signing up for their services. There is no doubt that medical billing companies make your task easier, provided you find a dependable service provider.

Physician Billing Services to Perfect Your Billing Processes

A practicing physician has to spend most of his/her time on patient care. This means that there is hardly any time left to keep abreast of the various coding and billing regulations, familiarize oneself with the new HIPAA privacy and security standards, carry out the paperwork on individual patients and so on. Undoubtedly, medical practices need the service of certified and experienced coding and billing professionals to ensure streamlined functioning, error-free billing and coding, speedy reimbursements and minimum denials. By outsourcing the coding and billing jobs to dependable service providers, healthcare providers including private practices, individual physicians, clinics, hospitals, physician groups and others stand to benefit from cost-effective and timely physician billing services.

Go for a Medical Billing Company Specialized in Physician Billing

A medical billing firm with proven experience in this field usually has professionals well-versed in all billing and coding rules and periodic changes in these. Moreover, they are sensitive to all the issues a medical practice faces on a day by day basis. They manage your patient records flawlessly, give you regular feedbacks and keep your records ready for easy access any time you want. They would provide physician medical billing services for all major specialties including radiology, chiropractic, cardiology, pediatrics, family practice, gastroenterology, and more.

What Services Can You Request for?

You can request for a range of physicians’ medical billing services.

•    Patient enrollment
•    Insurance enrollment
•    Insurance verification
•    Insurance authorization
•    Scheduling and rescheduling
•    Coding
•    Billing and reconciling of accounts
•    Collections
•    AR collections

With the medical billing company taking care of all these above processes and more, medical professionals can relax and concentrate on their core tasks.

Advantages of Outsourcing Your Billing Requirements

Outsourcing of these vital tasks guarantees attractive benefits for medical practices and related institutions. The reduced burden of paperwork and valuable time saved are the primary advantages. Add to that the following benefits:

•    Revenue generation and improved efficiency
•    Reduced overhead (30 to 40% below operational)
•    Improved core business focus
•    Complete security and confidentiality
•    Speedy reimbursement
•    Customized turnaround time
•    Regular QA checking
•    Regular feedback and reports
•    HIPAA compliance standards
•    24/7 technical support

Ensure that You Approach a Good Medical Billing Company

While it is true that outsourcing is beneficial in terms of the above aspects, everything depends on the company you choose to partner with. Reliable providers offer free trials which will help you evaluate their service quality. Here are some important points to consider:

•    Check if the company is HIPAA compliant
•    Find out how experienced the company is in the field
•    See who their clients are and what they say of the company
•    Clearly understand all the benefits that you stand to receive
•    Check out the quality of their work, accuracy and turnaround time with the free trial offer
•    Make sure they have the necessary staff and the latest infrastructure
•    Ensure that they have certified billers and coders working for them

Once you have satisfied yourself regarding all the above, request for the company’s physician billing services and benefit from improved productivity and profit.