In these uncertain times, with the changing regulations of how claims are submitted, received and processed by Insurance Carriers, it can be quite overwhelming financially. The most typical questions asked are… Am I collecting the maximum amount possible? Just how do I am aware I am collecting around possible? How do I increase my revenue? Perhaps a Medical Billing Service could answer many of these questions and calm the angst that’s associated with them. There are numerous benefits to a Medical Billing Service. Guidelines six benefits which are explored in more detail.
Increase Collection Rates with a Medical Billing Service
Many people are under the impression that Medical Billing is merely data entry; however, it is much more than that. To be able to generate the maximum sum of money on the claims being submitted there must be follow-up on the claims covid billing. This often times is where in-house billing falls short, depending on the number of staff that’s part of the department, claim submission and payment posting end up being the priorities. For instance if you have one biller in a two physician practice that sees a good number of patients daily, the biller’s time is mainly likely to be spent on creating, submitting and posting payments for claims. Entering in the claims, and reviewing each claim before it gets provided for the insurance carrier is time consuming. That is also true with payment posting; it is time consuming to create the money received to each CPT code, yet extremely important. With only those two responsibilities, there is little time left for the claims that need more action. Usually the claims which are denied require little action to be able to become paid claims. However, it will take care to follow-up with the insurance company to see what is required to obtain the claim paid. Follow-up alone is just a full time position. With a Medical Billing Service you will find multiple personnel doing work for your practice. Sometimes there is one full time dedicated person following through to all claims that need further action. Instead of investing in two full time employees most Medical Billing Services have follow-up on claims as a standard service of Claim Processing.
Increase Profitability with a Medical Billing Service
You can find multiple ways that a Medical Billing Service can raise the profitability of a Medical Practice, including, however, not restricted to staff availability, eligibility services, and CPT trending. Once you hire a Medical Billing Service you’re getting multiple billers working on your account. There’s constant activity with claims submissions, payment posting, follow-up, patient billing and account inquiries. If one of those billers is out, you will find multiple billers there to complete, ensuring that no work is left until that biller is back in the office. This means there is no disruption in the Billing Process and no hiccup in the revenue received. Patient Eligibility is one of the easiest ways to make sure proper payment of claims. Before the patient even walks through the doorway, the patient has already established their eligibility verified. This in turn ensures the practice that the patient happens to be covered under the insurance carrier on the file, and any referral that’s needed has been obtained. It also makes for any Insurance Carrier discrepancies (such as an alteration of insurance, mistyped ID number, etc) to be fixed ahead of the visit, leading to a growth in “clean” claims, which contributes to a growth in profit for the practice. Another way to improve profitability with a Medical Billing Service is through CPT trending. When payments are getting posted to CPT codes, the billers often see a tendency from what codes are increasingly being paid and just how much has been received per code. This will often result in two different scenarios. One being that certain codes are not being paid on, which allows the practice to determine whether or not to carry on to provide that service for their patients, or find an alternate or comparable service that they can provide and which will be paid. The second scenario is that the practice is performing a procedure often, therefore allowing a renegotiation with the Insurance Carrier of just how much to be compensated. The aforementioned are only three out of several ways a Medical Billing Service will help Increase Profitability for a Practice.
Increase Physician Productivity with a Medical Billing Service
Whenever a physician is certain that the financial aspect of the business is in good hands, and is not worried about whether or not claims are increasingly being submitted and money has been collected, they can focus on what’s the most crucial aspects of a physician’s job – patient care. With a Medical Billing Service if you have a CPT code in question or even a diagnosis code that can not be found, the Medical Billing Service will be able to aid in finding that code. This in turn allows the physician to keep on seeing patients and charting without skipping a defeat, as opposed to sitting and trying to figure out what the code is. Similar to CPT trending, which supports increase profitability, the same trend happens once the billers are reviewing claims prior to them being submitted to the insurance carrier. The billers will assist the physicians when there is a conflict in the codes being billed or if they see something that’s being repeated that will assist the physician and save them time when doing their chart notes. Many Medical Billing Services offer the services of a Business Analyst who works with the physician and their office staff and provide suggestions on how to maximize using tools on hand (i.e. EMR, MAs, office flow, etc). This will increase efficiency and productivity.
Increase Staff Productivity with a Medical Billing Service
As well as offering the services of a Business Analyst, some Medical Billing Services will even offer training on how to properly register someone, collect co-payments, and create an optimum office flow that will increase productivity through the entire office. Many office staff members do not realize the importance of their job; not realizing that they’re projecting the very first impression on patients that walk through the door. Properly trained office staff gives more of the awareness of the patients, which is going to be appreciated by those patients who are also prone to recommend the physician for their friends and relatives. Alongside increasing the efficiency of any office a Medical Billing Service also eliminates many patient calls regarding their accounts. Whenever a patient features a question regarding a record, or even a bill that they have received either from any office or an insurance carrier, the call is handled by the Medical Billing Service. They have the ability to assist your patient in a specialist manner, with no pressure of having to check in patients, answer the phone, etc. The eye and professional way the Medical Billing Service personnel conduct their business will assure the patients that their questions and concerns are increasingly being managed properly.
Decrease Claim Denials with a Medical Billing Service
With a Medical Billing Service, the staff that’s dedicated to your practice goes through each claim before it is submitted to ensure that it is just a “clean” claim. A “clean” claim is what it sounds like; a claim that’s the correct CPT codes associated with the diagnosis codes, complete patient information, and complete insurance information. This decreases the possibility of denial by the insurance company. Medical Billing Services make sure that the best percentage of “clean” claims possible are increasingly being submitted to the insurance carrier. This increases the revenue finding its way back to the practice as well as decreases the amount of labor had a need to follow-up on claims. Medical Billing Services understand that enough time spent reviewing claims to ensure they meet with the insurance carrier standards is really worth the time.
Gain insight into your practice financials with a Medical Billing Service
A Medical Billing Service knows which reports to perform to offer physicians complete insight to the financial side of the practice. Medical Billing Services know very well what money has been billed out to the insurance carriers, as well as what’s being received from insurance carriers and patient payments. That is turn allows the Medical Billing Service to perform the appropriate reports that show the physicians what they wish to know, as opposed to giving reports that show miscellaneous data that will not pertain to the key financial insight of the practice. Many Billing Services will also be able to offer physician requested financial reports very easily. For instance, in case a physician needs to understand just how many specific procedures were done in a romantic date span for Credentialing, the Medical Billing Service can simply obtain this information. Another way to get insight into the financial side of the practice is to trend how a insurance carriers are paying. If an Insurance carrier increases or decreases the total amount received, it is going to be seen right away by the Medical Billing Service, thereby allowing the correction or renegotiation of any discrepancy in payments.