Unique Medical Billing Operations in the Year 2022
With a considerable number of claims being denied, most medical practices have struggled during the COVID-19 pandemic. Recently, Apollo Healthcare has published its finding on how physicians are coping with the unique challenges of the COVID-19 pandemic.
According to the ‘2022 Apollo Healthcare Predictions Report’, US doctors are more than twice as likely to feel burned out compared to their European counterparts. The same report also highlighted staffing shortages as the main concern in practice management. Almost 45 percent of US physicians acknowledged staffing shortage as the main area of concern.
This stress of burnout and a lack of support staff has led to one in three US doctors considering leaving the profession in the past year, and this year’s number (34 percent) is nearly double what it was in 2018. With a primary focus on patient care, most providers would like to stay away from the administrative work of medical billing.
Outsourcing Medical Billing Operations Can Be the Answer
Data Security
As medical billing involves, sharing patient data and other confidential medical information, most providers are not confident sharing it with the billing companies. MedicalBillersandCoders (MBC) is a leading HIPAA-compliant company.
HIPAA compliance will ensure patient confidential data is shared and processed by authorized personnel only. Computer systems are safeguarded against any malware attack as per HIPAA compliance rules. Experts in medical billing companies are well-trained to ensure data confidentiality and safely process the data.
Reduced Denials
Practices lost a lot of money due to poorly handled rejected and denied claims. For better denial management, you have to quickly identify the denial reason and resubmit the claim with the correct information or additional documentation.
Medical billing companies have expert billers and coders as per medical specialty. Plus, they are well aware of common denial reasons and their resolutions. Medical Billers and Coders (MBC) has a denial management team that includes specialty-wise medical billers, coders, and account receivable experts.
We have the ability to detect denials and quickly resubmit the claim with accurate information or additional documentation. Such initiative will ensure minimum claim denials with more than 90 percent of claims being paid within 30 days of claim submission.
Coding and Billing Speciality
When small practices owners, try to do everything on their own, they tend to use 2-3 procedure codes, irrespective of patient or procedure. Medical Billing company has specialty-wise medical billing and coding expert which ensure accurate selection of diagnosis codes, procedure codes, and modifiers.
The wrong selection of procedure codes could result in an external payer audit. Medical specialty-wise billers and coders will ensure more than 90 percent of clean claims.
Billing Reports
Medical Billers and Coders (MBC) share various types of billing reports. These billing reports will give a complete financial picture of your practice.
Medical billing reports like AR reports claim submission reports, and denial work reports will give you an idea about how many claims are submitted, their dollar value, amount of paid claims, amount of unpaid claims, and patient responsibility.
Providers who are constantly busy in their day-to-day activities can review these weekly work reports for better understanding.
Flexible Pricing
Medical Billers and Coders (MBC) offers complete medical billing services, starting from medical coding, charge entry, payment posting, denial management, benefits verification, and AR management. You can choose if you need professional assistance in a specific billing function.
We will try to accommodate all your billing requirements under single billing services. Still, if you need assistance in any, we will accommodate your billing requirement.
Outsourcing your medical billing operations to reliable medical billing companies like Medical Billers and Coders (MBC) will surely increase your monthly insurance collections. Lesser denials and a higher clean claim rate will ensure that you are not keeping any money on the table.
To know more about our specialty-wise billing and coding serve specific RCM functions, contact us at info@medicalbillersandcoders.com/ 888-357-3226
FAQs
1. What challenges did U.S. doctors face during the COVID-19 pandemic?
U.S. doctors faced high levels of burnout, with staffing shortages being the primary concern for 45% of physicians. This has led to a significant number considering leaving the profession, nearly doubling from 2018.
2. How can outsourcing medical billing help physicians?
Outsourcing medical billing can relieve physicians from administrative tasks, allowing them to focus more on patient care. This also helps with reducing claim denials, improving coding accuracy, and ensuring data security.
3. What role does data security play in outsourcing?
HIPAA-compliant billing companies ensure that patient data is handled securely, processed only by authorized personnel, and protected from malware or cyber threats.
4. How does outsourcing reduce claim denials?
Expert billers and coders from medical billing companies specialize in identifying and resolving common denial issues. This leads to faster resubmissions and improved claim approval rates, with over 90% of claims paid within 30 days.
5. Why is specialty-specific billing important?
Using specialty-specific billers ensures the accurate selection of diagnosis codes, procedure codes, and modifiers, minimizing errors that could lead to payer audits and increasing the percentage of clean claims.
