A healthcare practice is more than just taking care of the patients. And for the same reasons physicians are finding it tough to handle the in-house medical billing company. Medical billing requires to be handled by specialized professionals, so if you are one of those who does handles health care practice and medical billing on your own there are chances that you might lose your revenue in an effort to balance both. Spending too much time on coding and medical billing your core practice gets ignored and leaves patients to feel unwanted and less cared for. In such situations; outsourcing your medical billing to a professional medical billing service provider can take away the hassles and helps in growing your clinic’s revenue.
How Does Your Medical Billing Company Help In Boosting Your Clinic’s Revenue?
It’s a two-way thing. True that after hiring medical billing company your billing process will be much more streamlined and accurate, but it requires a small amount of time and commitment to make it happen from your (Physician) end.
The medical billing process is not undertaken by a single individual. Medical billing coding is a tough thing hence there are different professionals working as a service providers to offer you a hassle-free facility.
The basic tasks of a medical billing service provider involve:
- Understanding every patient’s responsibility for the payment, as they all differ in their medical treatments
- Evaluate and analyze insurance coverage and other medical charges and generate accurate medical billing forms
Your medical billing service provider will need your support such as…
Your medical billing provider can help you keep track of how long a claim has gone unpaid by giving providers access to a number of reports. This report reflects the individual payers and the patient accounts that are associated with each payer. This can be managed through your medical billing services provider.
- It is important that your service provider get all the relevant information – the patient appointment sheet, intake forms, and the proper services documentation.
- Verifying that these are perfect in order to do so helps prevent timely filing issues later on.
- The practice staff requests signed acknowledgments from the patient prior to the delivery of care to help secure appropriate payment for procedures and services.
- The service provider may require a summary of the action taken by the doctor. The patient may be asked to provide billing codes, which should be on the summary you get from your doctor.
- Attaching a summary credit card bill or statement is not sufficient for most health insurance providers – they require an itemized bill in order to accurately assess. Fiasco in attaching an itemized bill most often results in outright denial of the claim.
- Know if there is an issue that can cause the claim to be delayed? If so, know how it can be fixed.
- Does it need any additional information? If so, get a fax number and send the necessary information
Once the above is accomplished, the claim form and supporting documentation are sent to the insurance company.
Medical Billing Service providers have helped many clients achieve the financial success they struggled for by minimizing their potential for missed revenue and maximizing their collections to their fullest potential.
The majority of the clients have realized a 10% or greater increase in their collections from that when compared with their in-house billing staff. Such accuracy guarantees that your claims are processed faster and paid quicker, which means you are able to focus on patient care and implement improvements or new ideas, or even change things up in order to increase your services and grow.
