In these uncertain times, with all the changing regulations of how claims are submitted, received and processed by Insurance Carriers, it can be very overwhelming financially. The most typical questions asked are… Am I collecting the maximum amount possible? How can I know I am collecting around possible? Just how can I increase my revenue? Perhaps a Medical Billing Service could answer all of these questions and calm the angst that’s associated with them. There are many benefits to a Medical Billing Service. Here are six benefits that are explored in more detail.
Increase Collection Rates with a Medical Billing Service
Many individuals are beneath the impression that Medical Billing is merely data entry; however, it’s far more than that. In order to bring in the maximum amount of cash on the claims being submitted there needs to be follow-up on the claims medical billing company. This often times is where in-house billing falls short, with regards to the quantity of staff that’s part of the department, claim submission and payment posting end up being the priorities. For instance when you yourself have one biller in a two physician practice that sees a good quantity of patients per day, the biller’s time is mainly planning to be used on 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. This really is also true with payment posting; it’s frustrating to post the amount of money received to each CPT code, yet extremely important. With just those two responsibilities, there’s very 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 does remember to follow-up with the insurance company to see what is needed to get the claim paid. Follow-up alone is just a regular position. With a Medical Billing Service you can find multiple personnel working for your practice. Sometimes there’s one regular dedicated person following through to all claims that want further action. Rather than paying for two regular employees most Medical Billing Services have follow-up on claims as a regular service of Claim Processing.
Increase Profitability with a Medical Billing Service
You will find multiple ways a Medical Billing Service can raise the profitability of a Medical Practice, including, however, not restricted to staff availability, eligibility services, and CPT trending. Once 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 out, you can find multiple billers there to complete, ensuring that no work is left until that biller is back the office. What this means is there’s no disruption in the Billing Process and no hiccup in the revenue received. Patient Eligibility is one of many easiest ways to make certain proper payment of claims. Before the in-patient even walks through the door, the in-patient has already established their eligibility verified. Therefore ensures the practice that the in-patient is covered beneath the insurance carrier on their file, and any referral that’s needed has been obtained. It also permits any Insurance Carrier discrepancies (such as a change of insurance, mistyped ID number, etc) to be fixed prior to the visit, ultimately causing an increase in “clean” claims, which often contributes to an increase in profit for the practice. Another way to increase profitability with a Medical Billing Service is through CPT trending. When payments are becoming posted to CPT codes, the billers often see a trend to what codes are now being paid and simply how much is being received per code. This may often cause two different scenarios. One being that certain codes aren’t being paid on, which often allows the practice to decide if to keep to offer that service with their patients, or find an alternative solution or comparable service that they may provide and which is 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 mentioned are merely three out of numerous ways a Medical Billing Service can help Increase Profitability for a Practice.
Increase Physician Productivity with a Medical Billing Service
Whenever a physician is confident that the financial aspect of their business is in good hands, and isn’t focused on if claims are now being submitted and money is being collected, they could concentrate on what is the most important facets of a physician’s job – patient care. With a Medical Billing Service when there is a CPT code in question or even a diagnosis code that can not be found, the Medical Billing Service will be able to aid in discovering that code. Therefore allows the physician to help keep on seeing patients and charting without skipping a defeat, in place of sitting and trying to determine what the code is. Much like 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 when there is 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 offer the 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 utilization of tools on hand (i.e. EMR, MAs, office flow, etc). This will increase efficiency and productivity.
Increase Staff Productivity with a Medical Billing Service
As well as offering the services of a Business Analyst, some Medical Billing Services will also offer training on how to properly register an individual, collect co-payments, and create an optimum office flow that will increase productivity throughout the office. Many office workers do not realize the importance of their job; not realizing that they’re projecting the initial impression on patients that walk through the door. Properly trained office staff will give more of their attention to the patients, which often will undoubtedly be appreciated by those patients who are also more prone to recommend the physician with their friends and relatives. Along with increasing the efficiency of any office a Medical Billing Service also eliminates many patient calls regarding their accounts. Whenever a patient features a question regarding a statement, or even a bill that they have received either from any office or an insurance carrier, the call is handled by the Medical Billing Service. They have the ability to assist your patient in an expert manner, with no pressure of having to test in patients, answer the telephone, etc. The interest and professional manner in which the Medical Billing Service personnel conduct their business will assure the patients that their questions and concerns are now being handled properly.
Decrease Claim Denials with a Medical Billing Service
With a Medical Billing Service, the staff that’s focused on your practice experiences each claim before it’s submitted to make sure that it is just a “clean” claim. A “clean” claim is what it sounds like; a claim that has the correct CPT codes associated with 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 now being submitted to the insurance carrier. This increases the revenue finding its way back to the practice along with decreases the amount of labor had a need to follow-up on claims. Medical Billing Services know that enough time spent reviewing claims to be sure they meet up with 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 perform to provide physicians complete insight to the financial side of their practice. Medical Billing Services know very well what money is being billed out to the insurance carriers, along with what is being received from insurance carriers and patient payments. This really is turn allows the Medical Billing Service to perform the correct reports that report the physicians what they want to know, in place of giving reports that report miscellaneous data that will not pertain to the key financial insight of the practice. Many Billing Services may also be able to provide physician requested financial reports very easily. For instance, if a physician needs to learn exactly how many specific procedures were done in a date span for Credentialing, the Medical Billing Service can quickly obtain this information. Another way to achieve insight into the financial side of the practice is always to trend how a insurance carriers are paying. If an Insurance carrier increases or decreases the quantity received, it will undoubtedly be seen straight away by the Medical Billing Service, thereby allowing the correction or renegotiation of any discrepancy in payments.