Medical billing is the process of creating healthcare claims to submit to insurance companies. The intend is to get the payment for various medical services rendered by service providers and organizations of provider.
Medical biller provides the healthcare billing services by translating the healthcare service into a billing claim and then follow up the claim to ensure that the organization receives reimbursement for the work the service provider is performing.
A well experienced and knowledgeable medical biller optimizes the performance of revenue for various healthcare organization or practice of physician.
Outsourcing billing services is more than options for healthcare businesses. This is because you would need help with manpower as well as with all the compliances involved in the whole process. If you depends totally on in-house teams, you will put your medical businesses on risk.
Healthcare billing services are third-party companies that handle the revenue cycle management of medical practice. The cost of healthcare billing services varies from 3% to 10% of a monthly collections of practices.
Lets discuss about the services provided by healthcare billing company.
1. Submission of bills and claims:
Healthcare billing companies automates the process of claim submission and billing by integrating with your Electronic Medical Records system. They do all this by pulling detail of each visit, relevant information of patient and other data directly into a standardized claim form.
2. Verification of benefits:
These companies ask right questions to your team to find out whether an insurance plan of a patient will cover certain services before you render them.
3. Credentialing:
These companies handle all the necessary credentialing in case a new physician joins your team or if you want to contract with a new payor.
The payors included are commercial payors as well as government payors.
They also keep your staff active and providers upto date to make sure that you don’t miss out any reimbursement due to not having credentials with a given payor.
4. Review of complete utilization:
In addition to verification of benefits for patients, these companies also obtain Authorization from the payors to perform specific services that are willing to do but not doing because you are contracted for certain codes.
5. Collection of payment for patient:
One of the task which is very time consuming, handled by your staff on daily basis is communicating with previous patients who still owe for the services you render. These companies reach out to those past patients via email, phone or mail to secure these payments. This can free your team so that they can focus on some other important tasks.
6. Management of account receivable:
Along with revenue cycle management, these companies keep an eye on your practice’s accounts receivables.
7. Transparent Reporting:
This medical billing company makes sure you have access to the most up-to-date financial information regarding the services.
They also do reporting sessions.
Final thoughts:
If you want to take and sigh of relief, you can outsource billing services. These service providers are very knowledgeable and experienced and are well updated to handle everything on their own.
