X

CONTACT US NOW

X
X
X
Toll Free 888-357-3226
presentation

Hospital Billing

MBC Deciphers Core Problem Areas in Hospital Billing

Hospitals are primarily concerned with providing optimum patient care. However patient care, operational efficiency and revenue generation are pressing issues that can make or break a practice or a hospital.

Hospital billing is a complex subject and one that is affected by continuous changes. It is therefore critical that hospitals entrust their medical billing requirements in the hands of experts. Research indicates that errors in hospital billing are an extensive problem affecting the healthcare industry with around 30% to 40% bills containing errors. This has deep ramifications on the functioning of hospitals which are always under financial constrain.

Medicalbillersandcoders’ experienced medical billing professional’s in depth knowledge of different areas of medical billing can steer small and large hospitals and practices to operational efficiency and improved revenue generation. The experts at MBC are trained and are well versed with latest changes in the medical billing areas.

MBC has vast experience in the field, impeccable understanding of client requirements, and knowledge of best industry practices, making them the ideal partner for most small and large hospitals. The medical billing expertise available to MBC professionals has allowed them to identify potential challenges and issues that plague hospitals. Using state-of-art technological tools MBC has provided customized solutions to various revenue management issues for hospitals.

Billing problems faced by hospitals

Erroneous billing is a huge problem affecting most hospitals and private practices. Without adequate resolution of this problem, hospitals risk losing thousands of dollars in revenue each year.
  • Charge capturing & Claim problems:Many hospitals experience problems of incomplete claims, claim denials and incomplete charge capturing. In many cases the system is not properly designed and medical billing professionals find it difficult to deal with problems of missing information. What hospitals require is an exhaustive and comprehensive charge and claim verification procedure to ensure services are billed correctly.Unlike a practice, hospitals have various people who handle the patient information thus processes are difficult to correct if information is incomplete.
  • Insurance Verification problems: Insurance verification is an important step and without proper verification, claims may be denied. Eligibility issues may result in loss of time and requirement for rework on the claims due to patient ineligibility.
  • Complexity of Emergency Room Billing:Emergency room hospital billing is a complex issue and many hospitals and private practices lose money due to improper tracking or inability to report the treatment under the urgent care criteria. Comprehensive experience and familiarity with ER billing is critical in ensuring higher patient collections.
  • Hospitals pending Account Receivables: Cash generation through account receivables is critical as it ensures healthy revenue or cash flow streams within the hospitals. Timely identification of uncollected claims and regular follow-ups are required for conversion of uncollected claims into cash flow. Hospital AR generally runs into 120 days which is highly detrimental to RCM.

Using the AR bucketing approach, though the easiest and the most logical approach to handling huge AR accounts but is not followed by many accounting departments. Variations of Payer specific and code specific AR is still a more remote concept for many hospitals managing their revenues in-house.

Why don’t hospitals outsource in the first place?

  • Most hospitals believe that in-house hospital billing professionals and practice administrators can autonomously deal with billing procedures and resolve issues ensuing from it.
  • Hospitals are also wary of sharing sensitive data through outsource of multimillion/ billion dollar collections.
  • Hospitals fear losing control by having to depend on external experts for their billing requirements.
  • Hospitals often believe that outsourcing of medical billing requirements will be very expensive, though sometimes, it is difficult to predict the loss of revenue that is incurred due to erroneous billing by in-house staff.

The Solutions MBC can offer:

  • MBC has set processes that ensure verification of each patient visit. With a dedicated account management team at hand, physicians and hospitals can be assured of comprehensive solutions and consistent support.
  • The professionals at MBC have the expertise in evaluation of the structures, technology and processes in medical billing departments, thereby identifying potential problem areas and help in streamlining them better.
  • The streamlined processes and use of advanced software tools at MBC ensure that each claim is comprehensively followed up to a logical resolution. Our standard systems and practices are designed to perfect the claim quality. Ultimately the aim is to ensure that claims meet the standards of the payer requirements.
  • Timely delivery of innovative solutions is a hallmark of MBC. Irrespective of how the receivables are submitted, the processing of claims occurs in quick time. Regular aging reports identify old charges. The process of receiving data, checking the errors in data, making the relevant corrections and submission of claims is done in quick time.
  • The MBC advantage that you enjoy includes instant improvement in cash flow, reduction in administrative costs, consistent support and compliance with industry standards, better accountability and immediate resolution of issues.

Medicalbillersandcoders.com is a market leader with proven capability at providing full Hospital Billing services. A strategic plan is put into place to deliver premium solutions to clients at affordable prices. A complete suite of billing services that apply best- breed software and technical knowhow, streamline processes and improve revenue generation for hospitals and physician practices alike.