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 frequent questions asked are… Am I collecting the utmost amount possible? How do I know I am collecting as much as possible? Just how can I increase my revenue? Perhaps a Medical Billing Service could answer most of these questions and calm the angst that’s related to them. There are lots of benefits to a Medical Billing Service. Listed here are six benefits that are explored in more detail.
Increase Collection Rates with a Medical Billing Service
Many folks are beneath the impression that Medical Billing is merely data entry; however, it is a whole lot more than that. To be able to make the utmost amount of money on the claims being submitted there needs to be follow-up on the claims covid billing. This often times is where in-house billing falls short, with regards to the amount of staff that’s area of the department, claim submission and payment posting end up being the priorities. As an example if you have one biller in a two physician practice that sees a good amount of patients per day, the biller’s time is principally going to be used 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. This really is also true with payment posting; it is time consuming to publish the cash received to each CPT code, yet extremely important. With just those two responsibilities, there’s very little time left for the claims that need more action. Frequently the claims that are denied require little action in order to become paid claims. However, it does make time to follow-up with the insurance company to see what must obtain the claim paid. Follow-up alone is just a full-time position. With a Medical Billing Service there are multiple personnel working for your practice. Sometimes there’s one full-time dedicated person following up on all claims that need further action. In place of spending money on two full-time employees most Medical Billing Services have follow-up on claims as a typical service of Claim Processing.
Increase Profitability with a Medical Billing Service
You will find multiple ways a Medical Billing Service can boost the profitability of a Medical Practice, including, however, not limited to staff availability, eligibility services, and CPT trending. When you hire a Medical Billing Service you are getting multiple billers working on your account. There is constant activity with claims submissions, payment posting, follow-up, patient billing and account inquiries. If one of those billers is actually out, there are multiple billers there to fill in, ensuring that no work is left until that biller is back in the office. What this means is there’s no disruption in the Billing Process and no hiccup in the revenue received. Patient Eligibility is among the easiest ways to ensure proper payment of claims. Before the in-patient even walks through the entranceway, the in-patient has received their eligibility verified. As a result ensures the practice that the in-patient happens to be covered beneath the insurance carrier on their file, and any referral that’s needed has been obtained. It also makes for any Insurance Carrier discrepancies (such as a change of insurance, mistyped ID number, etc) to be fixed before the visit, ultimately causing an increase in “clean” claims, which in turn results in an increase 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 pattern as to the codes are now being paid and simply how much is being received per code. This could often result in two different scenarios. One being that certain codes are not being paid on, which in turn allows the practice to decide whether or not to continue to supply that service with their patients, or find an alternative solution or comparable service that they may provide and which is paid. The next scenario is that the practice is performing a procedure often, therefore allowing a renegotiation with the Insurance Carrier of simply how much to be compensated. The above are only three out of many ways a Medical Billing Service can help Increase Profitability for a Practice.
Increase Physician Productivity with a Medical Billing Service
Each time a physician is certain that the financial aspect of these business is in good hands, and is not concerned about whether or not claims are now being submitted and money is being collected, they are able to give attention to what is the main facets of a physician’s job – patient care. With a Medical Billing Service if there is a CPT code under consideration or perhaps a diagnosis code that cannot be found, the Medical Billing Service will have the ability to help in discovering that code. As a result allows the physician to keep on seeing patients and charting without skipping a beat, in place of sitting and trying to find out what the code is. Just like CPT trending, which supports increase profitability, an identical trend happens when the billers are reviewing claims prior in their mind 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 help the physician and save them time when doing their chart notes. Many Medical Billing Services provide services of a Business Analyst who will continue to work with the physician and their office staff and provide suggestions on how to maximize the usage of tools on hand (i.e. EMR, MAs, office flow, etc). This may increase efficiency and productivity.
Increase Staff Productivity with a Medical Billing Service
In addition to offering the services of a Business Analyst, some Medical Billing Services will even offer training on how to properly register a patient, collect co-payments, and create an optimal office flow that may increase productivity through the entire office. Many office workers do not realize the importance of their job; not realizing they are projecting the initial impression on patients that walk through the door. Properly trained office staff will give more of these focus on the patients, which in turn will be appreciated by those patients who are also prone to recommend the physician with their friends and relatives. Alongside increasing the efficiency of any office a Medical Billing Service also eliminates many patient calls regarding their accounts. Each time a patient features a question regarding a record, or perhaps a bill that they have received either from any office or an insurance carrier, the decision is handled by the Medical Billing Service. They have the ability to assist your patient in a specialist manner, minus the pressure of having to check in patients, answer the telephone, etc. The interest and professional way the Medical Billing Service personnel conduct their business will assure the patients that their questions and concerns are now being dealt with properly.
Decrease Claim Denials with a Medical Billing Service
With a Medical Billing Service, the staff that’s specialized in your practice goes through each claim before it is submitted to be sure that it is just a “clean” claim. A “clean” claim is what it sounds like; a state that has the correct CPT codes related to the diagnosis codes, complete patient information, and complete insurance information. This decreases the chance of denial by the insurance company. Medical Billing Services make certain that the best percentage of “clean” claims possible are now being submitted to the insurance carrier. This escalates the revenue finding its way back to the practice as well as decreases the total amount of labor had a need to follow-up on claims. Medical Billing Services realize that the full time spent reviewing claims to ensure they meet the insurance carrier standards is worth the time.
Gain insight into your practice financials with a Medical Billing Service
A Medical Billing Service knows which reports to operate to provide physicians complete insight to the financial side of these practice. Medical Billing Services know what money is being billed out to the insurance carriers, as well as what is being received from insurance carriers and patient payments. This really is turn allows the Medical Billing Service to operate the right reports that show the physicians what they would like to know, in place of giving reports that show miscellaneous data that does not pertain to the main financial insight of the practice. Many Billing Services will also be able to offer physician requested financial reports very easily. As an example, in case a physician needs to understand how many specific procedures were done in a romantic date span for Credentialing, the Medical Billing Service can certainly obtain this information. Another way to achieve insight in to the financial side of the practice would be to trend how the insurance carriers are paying. If an Insurance carrier increases or decreases the total amount received, it will be seen right away by the Medical Billing Service, thereby allowing the correction or renegotiation of any discrepancy in payments.