A medical billing company provides complimentary, smart and efficient solutions to submit claims generate patient statements and drive maximum reimbursement. As simple as that sounds, payment collection management often entails a fairly complicated sequence of events because both patients and insurance companies are partially responsible. However, a medical billing company proceeds the complicated details and makes a huge difference to your private practice. Generally, a medical billing company provides the following services;
Data Management
A medical billing company contains sufficient equipment, software solutions and a team of certified medical billing professionals. They record and manage ongoing data entries to configure essential records for healthcare offices.Typical data entry includes:
- Patient information.
- Physician information.
- Insurance information.
- Payment information.
- Medical Billing Codes.
- ICD Codes.
- CPT Codes.
- CPT Modifiers
A huge percentage of patients visit a healthcare office daily. These frequent patients’ visit results in the use of similar or commonly used codes depending on the type of medical practice. Physicians will often enter these codes manually instead of using a coder by simply mentioning them on a patient interaction form.
Provides a communication channel
A healthcare treatment may seem like a simple one-to-one interaction between patients and providers. However, a simple patient visit to a physician’s office includes the communication between the related parties (patients, physicians, insurance companies, and government agencies). When claims are denied, come back unpaid, need to be adjusted, re-submitted, and/or clarified, a medical billing company performs the necessary research, correct any mistakes, and prepare claim appeals as necessary.
Recover denied claims
A medical billing company resubmit and adjust erroneous claims and appeal denied claims. A good medical billing company will obtain essential information that helps to prepare clean claims. In-house medical billing practices may end up in getting you to tie-up in an expensive back-and-forth with insurance companies in a vain attempt to get reimbursement. However, a medical billing company can help to reduce claim denial rates or the percentage of claims that have to be resubmitted. They help to recover your bad debt and maximize your financial growth.
Optimize payment collection
It is quite a complicated task to collect payment from healthcare insurance companies and patients. A medical billing company is responsible to keep the track record of collected and uncollected debts. They post regular bills to patients for medical services. A medical billing company typically interprets and post the EOB (Explanation of Benefits) received from healthcare insurers. When patients ask questions, medical billing professionals are often the most capable people to provide a relevant solution to them.
Enhance data security
Ideally, a medical billing company provides services for secure and monitored data accessibility. Although, they use the same practice management services as private medical billing professionals will do. However, they provide essential scrutiny features for security purposes to protect your data. A medical billing professional can’t look up real-time account balances, research patient accounts and generate reports all alone. These parallel tasks require a team of qualified medical billing professionals to empower healthcare financial practices.
Keep your protected health information (PHI) safe
The number of encrypted emails in medical billing services is increasing at an alarming rate. Most of the healthcare practitioners don’t have an idea that how does medical billing services destroy PHI or data inventory. A medical billing company ensures compliance with PHI information.They provide services to record protected health information such as diagnoses, treatment information, medical test results, and prescription information are considered under HIPAA compliance. Medical billing specialists utilize national identification numbers and demographic information such as DOB, gender, ethnicity, contact and emergency contact information. This information is stored, transmitted, or received electronically via PHI or ePHI.
Conclusion
Efficient insurance and patient collections are extremely important to the financial health of your medical business. Medical practice revenue cycle management companies comprehend the time-relationship between your patient’s visit and the final payment for it. They record, monitor and secure essential information for payment collection. It is the ultimate responsibility of a medical billing company to recover bad debt and drive maximum financial growth.
If you want to learn more about medical billing services, then find out the latest updates and news on Medical Billing Benefits to leverage your practice.