In these uncertain times, with all the current changing regulations of how claims are submitted, received and processed by Insurance Carriers, it can be very overwhelming financially. The most frequent questions asked are… Am I collecting the most amount possible? Just how do I understand I’m collecting around possible? How can I increase my revenue? Perhaps a Medical Billing Service could answer many of these questions and calm the angst that’s related to them. There are numerous 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 people are beneath the impression that Medical Billing is only data entry; however, it is a great deal more than that. To be able to bring in the most sum of money on the claims being submitted there needs to be follow-up on the claims medical billing. This sometimes is where in-house billing falls short, depending on the level of staff that’s the main department, claim submission and payment posting become the priorities. As an example when you have one biller in a two physician practice that sees a significant level of patients each day, the biller’s time is especially likely to be allocated to creating, submitting and posting payments for claims. Entering in the claims, and reviewing each claim before it gets sent to the insurance carrier is time consuming. That is also true with payment posting; it is time intensive to create the amount of money received to each CPT code, yet extremely important. With only those two responsibilities, there is little time left for the claims that want more action. Usually the claims that are denied require little action to be able to become paid claims. However, it will remember to follow-up with the insurance company to see what is needed to get the claim paid. Follow-up alone is really a regular position. With a Medical Billing Service you can find multiple personnel working for your practice. Quite often there is one regular dedicated person following up on all claims that want further action. Instead of paying for two regular employees most Medical Billing Services have follow-up on claims as a standard service of Claim Processing.
Increase Profitability with a Medical Billing Service
There are multiple ways that a Medical Billing Service can increase the profitability of a Medical Practice, including, but not limited by staff availability, eligibility services, and CPT trending. Whenever you hire a Medical Billing Service you’re getting multiple billers taking care of your account. There’s constant activity with claims submissions, payment posting, follow-up, patient billing and account inquiries. If one particular billers is out, you can find multiple billers there to complete, ensuring that no work is left until that biller is back the office. This implies there is no disruption in the Billing Process and no hiccup in the revenue received. Patient Eligibility is one of many easiest ways to make sure proper payment of claims. Before the individual even walks through the entranceway, the individual has had their eligibility verified. Therefore ensures the practice that the individual happens to be covered beneath the insurance carrier on their file, and any referral that’s needed has been obtained. In addition, it makes for any Insurance Carrier discrepancies (such as a big change of insurance, mistyped ID number, etc) to be fixed before the visit, ultimately causing an increase in “clean” claims, which often contributes to an increase in profit for the practice. Another way to boost profitability with a Medical Billing Service is through CPT trending. When payments are receiving posted to CPT codes, the billers often see a tendency to what codes are increasingly being paid and simply how much has been received per code. This may often lead to two different scenarios. One being that certain codes are not being paid on, which often allows the practice to decide whether to continue to offer that service to their patients, or find an alternative or comparable service that they can provide and which will be paid. The second 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 just three out of numerous 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 confident that the financial aspect of their business is in good hands, and isn’t focused on whether claims are increasingly being submitted and money has been collected, they are able to concentrate on what is the most important aspects of a physician’s job – patient care. With a Medical Billing Service when there is a CPT code under consideration or even a diagnosis code that can’t be found, the Medical Billing Service will be able to help in finding that code. Therefore allows the physician to help keep on seeing patients and charting without skipping a defeat, instead of sitting and trying to find out what the code is. Similar to CPT trending, which helps increase profitability, an identical trend happens once the billers are reviewing claims prior to them being submitted to the insurance carrier. The billers will assist the physicians if you have a conflict in the codes being billed or should they see something that’s being repeated that can help the physician and save them time when doing their chart notes. Many Medical Billing Services provide the services of a Business Analyst who works with the physician and their office staff and provide suggestions on the best way to maximize use of tools available (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 also offer training on the best way to properly register an individual, collect co-payments, and create an optimal office flow that may increase productivity throughout the office. Many office workers do not realize the significance 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 their focus on the patients, which often is likely to be appreciated by those patients who’re also more likely to recommend the physician to their friends and relatives. Alongside increasing the efficiency of work a Medical Billing Service also eliminates many patient calls regarding their accounts. Each time a patient has a question regarding a record, or even a bill they have received either from work or an insurance carrier, the decision is handled by the Medical Billing Service. They can assist your patient in an expert manner, minus the pressure of having to check on in patients, answer the telephone, etc. The eye and professional manner in which the Medical Billing Service personnel conduct their business will assure the patients that their questions and concerns are increasingly being handled properly.
Decrease Claim Denials with a Medical Billing Service
With a Medical Billing Service, the staff that’s dedicated to your practice experiences each claim before it is submitted to ensure that it is really a “clean” claim. A “clean” claim is what it sounds like; a state that’s the proper CPT codes related to the diagnosis codes, complete patient information, and complete insurance information. This decreases the possibility of denial by the insurance company. Medical Billing Services make sure that the highest percentage of “clean” claims possible are increasingly being submitted to the insurance carrier. This escalates the revenue returning to the practice along with decreases the total amount of labor needed seriously to follow-up on claims. Medical Billing Services understand that enough time spent reviewing claims to ensure they meet the insurance carrier standards is well worth the time.
Gain insight into your practice financials with a Medical Billing Service
A Medical Billing Service knows which reports to run to provide physicians complete insight to the financial side of their practice. Medical Billing Services know what money has been billed out to the insurance carriers, along with what is being received from insurance carriers and patient payments. That is turn allows the Medical Billing Service to run the appropriate reports that report the physicians what they wish to know, instead of giving reports that report miscellaneous data that doesn’t pertain to the main financial insight of the practice. Many Billing Services are also able to offer physician requested financial reports very easily. As an example, in case a physician needs to know exactly how many specific procedures were done in a date span for Credentialing, the Medical Billing Service can certainly obtain this information. Another way to get insight in to the financial side of the practice is always to trend how the insurance carriers are paying. If an Insurance carrier increases or decreases the total amount received, it is likely to be seen straight away by the Medical Billing Service, thereby allowing the correction or renegotiation of any discrepancy in payments.