Running a chiropractic practice is no easy task. Chiropractic treatments usually take longer and require frequent visitations, as a result of which focusing on the other related tasks becomes quite difficult. Medical billing and coding regulations are always changing in the chiropractic and pain management arena. The amount of administrative work involved in the daily routine of a chiropractic practice has made it difficult for a lot of practices to focus on medical billing. Outsourcing your chiropractic billing and coding functions to a chiropractic billing company could be really beneficial to you as it will not only make your practice compliant but also increase your practice collections. The benefits associated with outsourcing chiropractic billing services are aplenty.
Of these, a few primary ones revolving around compliance, denial management, reporting, and others are listed below.
Benefits of Outsourcing Chiropractic Billing Services are:
Improved Billing Compliance
When we speak about medical billing compliance, it means that healthcare practice has set up a program to run the practice according to the regulations set forth by the United States Office of Inspector General (OIG). Medical billing compliances are designed to prevent fraud and abuse by healthcare providers and as a practice owner, you must be well aware of the basics of compliance. Simple billing or coding mistakes might trigger penalties under the False Claims Act.
When you outsource your medical billing and coding functions to chiropractic medical billing companies, they are well aware and up-to-date on the latest amendments to regulations. Not only that medical billing experts from such outsourcing medical billing company, have sufficient experience to know how and when non-compliant activities can be detected, preventing them from affecting filings.
Normally practice owners only focus on submitting claims with correct data and expect that insurance companies will reimburse them within a stipulated time span. Medical billing is not simple as that. Submitting accurate claims is just one of the steps in medical billing. Following up on submitted claims and having constant communication with payers for the denied claims is the most important step. Such a dedicated follow-up process ensures faster reimbursements which may not be possible with in-house billing staff.
Your staff may be experienced in chiropractic billing services but might not be aware of payer-specific billing and coding guidelines. When a well-informed billing person contacts the insurance company for denial claims, you will find a quicker resolution to denial and quicker reimbursements. The cost involved in resubmitted a denied claim or appealing a denied claim increases with time. The chiropractic billing company will also have separate accounts receivable department for such denied claims. AR analysts and the AR follow-up team will ensure quicker and better reimbursements.
Management of Denied Claims
As discussed earlier, most practice owners think the medical billing process ends with submitted a clean claim. For any chiropractic medical billing company, submitting a clean claim is just the initial step in medical billing followed by denial management and resolution. You have to start taking claim status to ensure that all submitted claims are getting paid and denied claims are sorted out for further processing. Denial management is a crucial step in medical billing and if ignored, it will directly affect practice collection.
Overlooking denied claims can lead to huge repercussions as large amounts can get stuck in denials. Medical billing companies can easily manage a large number of cases as they have the skilled manpower required to handle such denials. This helps chiropractors to get the baggage of denial management off their backs, while at the same time reap the benefits of successful claims coming through.
Regular and Insightful Reporting
Regular reporting, claims data analysis, and resolutions on pain areas, can ensure financial stability for your practice. Medical billing companies can share reports like submitted claims, collections patterns, payer reimbursement stats, AR bucket, patient responsibility, and many others. Such an analysis into the accounts of the medical practice facility keeps one informed on how well the business is doing. Such reports along with analysis provide valuable insights that will ensure financial sustainability in a long time. Regular and insightful reporting also helps chiropractors to retune their operations to improve the overall functioning of their facility.
Qualified Billing Experts
Medical billing and coding are complex process that needs to be overseen by experts who can validate the claims being made. Chiropractic billing experts must aware of billing and coding guidelines, state-specific billing guidelines, payer-specific billing guidelines, common denials and resolutions, medical billing proficiency, latest coding updates, and documentation. Finding such chiropractic billing experts could be difficult for any chiropractic practice. When you outsource your chiropractic medical billing and coding functions, you connect with qualified billing and coding experts.
Such medical billing company has experts from various departments like chiropractic coding, accounts receivable, denial management, and coordinators for patient follow-up. Medical Billers and Coders, a leading chiropractic billing, and coding company is proficient in handling a range of services pertaining to revenue cycle management, billing and coding, and denial management. We cater to the chiropractic community with the latest technology, assisting chiropractors to meet their billing requirements for successful reimbursement.
Our team of experts enables a plethora of large and small medical practices to carry out their daily operations smoothly and provide better care to the patients while it handles the back-end services of the facilities. To know more about our chiropractic billing and coding services contact us at firstname.lastname@example.org/ 888-357-3226