What Are the Services Offered by a Medical Billing Company?

Consistent medical billing services are a great benefit for healthcare facilities and medical groups. To help medical facilities claim timely reimbursements and maximize their revenue, many leading medical billing companies offer well-planned medical coding and billing services across the United States. This article provides information about the major services that are offered by a reliable medical billing company.

Comprehensive Medical Billing Solutions

Submission of medical bills and insurance claims without errors within the prescribed time limit is important for medical entities for proper management of their revenue cycle. Any sort of coding errors or processing flaws in claims and bills can be costly, and would lead to denial or rejection of claims. Outsourcing medical coding and billing tasks to professional companies would be an ideal solution for medical practices and practitioners. These companies manage each phase of the billing, coding and processing procedures with efficiency and help submit error-free bills and claims on time. Medical billing services offered by an experienced company cover:

Enrollment into the billing system: While claiming for reimbursement, it is necessary to submit complete information about the patients. Therefore, most companies primarily focus on patient enrollment. They electronically enroll patient details from a hospital registration system with basic information such as:

Demographic information

Insurance information

This would help insurance companies collect necessary data about the patients with just a click of the mouse on a single screen.

Verification

Insurance verification: Verification of patient’s eligibility and insurance benefits is the most crucial part of the medical billing process. Professional billing companies manage the verification procedures with efficiency and would verify patients’ active medical coverage with the insurance company, type of plan, policy status, plan exclusions, claims mailing address, patient responsibilities comprising co-pays, co-insurances and deductibles, effective date and much more.

Authorization: Receiving insurance authorization is a time-consuming task. A reliable medical billing company performs this task efficiently. Such a firm would contact the insurance company and get the assurance that the insurer would pay promptly for the services that they are looking for. Thus any odds of last minute cancellation of claims can be avoided and maximum cash flow ensured.

Coding: Reliable firms carry out medical coding procedures with precision and clarity. They manage medical coding audits, CPT coding, DRG/ICD-9-CM coding validations and other related coding procedures with excellent accuracy to ensure maximum reimbursement.

Billing and reconciling of accounts: Providers of professional medical billing services focus on all phases such as collecting monthly bills, calculating self-accounting totals, handling transfer of funds and more to ensure maximum revenue for healthcare practices. The major areas covered are:

Charge entry

Cash posting

Reconciliation

Accounts receivable collections: Medical billing firms offer quality AR collection solutions to help medical facilities do away with credit and collection issues. These firms ensure professional solutions for:

Insurance collection

Patient collection

AR follow up and collections

Audit: Most companies audit the charges entered by the charge team to evaluate the accuracy of keying and ensure that the billing rules are followed properly. They also verify the accuracy of the claims based on carrier requirements.

Accurate Billing and Coding Services

To deliver quality medical billing and coding services most companies are staffed with experienced billing specialists, AAPC certified coders, accountants and other supporting personnel. Utilizing advanced billing software and technology they perform every phase of the billing procedures with accuracy, strictly following the latest medical reimbursement rules.

Look for a Professional Company

Structured services offered by a professional medical billing company would help medical entities obtain maximum reimbursement and increase revenue. While looking to outsource billing jobs, look for a company that prioritizes accuracy and ensures customized billing solutions in minimum turnaround time, HIPAA compliant data security, 24/7 based technical assistance and more. Entrusting billing tasks to such a firm also brings 30 to 40% cost savings.

When Preventive Exams Result in Medical Bill Debt

There are many common and unique situations where the average American patient can receive hugely inflated medical bills. Some of the most egregious examples are related to simple screening procedures that can easily get out of hand in terms of the total cost to you. Some of these have been covered extensively by nationally known senior advocate organizations and other groups that look out for the financial well-being of America’s older consumers. Others affect all ages of patients equally. All of them are creating enormous pressure on the average family, as medical costs continue to represent one of the biggest financial challenges, and one of the most present threats of bankruptcy, for the majority of American households.

Routine Colonoscopy and Anesthesia

One prime example of this hidden cost is a colonoscopy procedure that helps screen for colon cancer. Many Americans agree to undergo this procedure as they age, in order to protect themselves from a disease that can often go unrecognized. However, one of the problems with the colonoscopy procedure is the way that sedation care typically works.

In a clinical sense, there’s nothing wrong with the system. Doctors allow patients to elect the type of anesthesia that they want for this procedure, including twilight sedation or full general anesthesia. The problem comes in, as it usually does, when outside anesthesiologists show up on the scene.

Typically, an anesthesiologist has a contracting agreement with a hospital or doctor’s office. This doesn’t mean that the patient’s insurance will cover this provider. It’s rare that a patient takes the time to ask about these financial relationships while he or she is receiving care. However, very few providers will volunteer this information up front. That leads to a flood of out-of-network bills for anesthesia procedures that get sent out to American homes each year.

Vigilance in Health Care Costs

These kinds of problems are endemic in the American healthcare system. Essentially, there’s no one looking out for the average consumer, and there doesn’t seem to be much of a consolidated, national political will to really put procedures in place to guard against surprise medical bills. Until the nation as a whole comes to its senses about how to approach private healthcare insurance and its role in the “medical market,” third-party medical bill consumer advocates will continue to play a larger role in helping American families, not just to deal with huge medical bills, but to avoid these kinds of financial heartaches in the first place. Minimize your risk by asking questions and getting the details of your procedure before receiving treatment.

Is Your Podiatry Practice Making Use of Latest Medical Billing Software?

The financial strength of a podiatry practice is based on its accuracy in billing and timely reimbursements. There is a strong need to hire skilled coders and billers who are well-trained in helping podiatrists sail through billing and modifier challenges in medical coding. They also need to invest in the latest medical billing software to ensure that they get paid for every rendered service as soon as possible.

Importance of Investing in Latest Billing Software

Medical billing software is a very important investment for any podiatry practice. It not only enables providers to support patients’ requests in an effective manner but also helps them enhance everyday operations and handle time-consuming tasks.

The latest billing software is ideal for podiatrists who want to increase the number of patients at their practice and ensure extra control over their business operations. Since this medical specialty is always under pressure to bring down costs and boost productivity and revenue, this software becomes a necessity for streamlining billing practices. This can give podiatrists and their staff sufficient time to concentrate on patient care.

Why should your Practice Have the Latest Software?

Podiatrists should have the latest medical billing software that is programmed with billing and diagnostic codes that are frequently used in this medical specialty. Here are some of the benefits offered by the latest software:

Tracking Collections

Even after an error-free completion of claims, most often than not this medial specialty has to re-submit claims because of its complicated coding. With the help of a medical billing software, it becomes easy to track claims in the billing pipeline. The software also makes it easy to manage self-pay patient accounts.

Reducing Errors in Coding

The insurance companies deny claims when the submitted claims don’t have the correct encounter code or diagnostic code. In such cases, the medical billing software helps in reducing billing errors due to which claims either get denied or delayed.

EHR and Practice Management Software Integration

Podiatrists can eliminate administrative challenges by investing in medical billing software that integrates with EHR and practice management applications. This also helps podiatry practices save on overhead costs.

HIPAA Compliant, Secure Records

The latest medical billing software come with enhanced security features that ensure the confidentiality of Protected Health Information (PHI). HIPAA laws get violated when paper records are misplaced or thrown in the garbage. With billing software, it becomes easy to maintain HIPAA compliance and security of records.

In comparison to the manual billing process, medical billing software has made billing and other functions easy and efficient for podiatry practices. For many podiatrists, buying the software and training the staff to use it is a daunting task because of time and money constraints. In such cases, outsourcing to a billing company such as MedicalBillersandCoders.com is the best way to ensure timely payments. MBC has a team of skilled billers and coders who are well-trained in handling billing challenges for 42 medical specialties, including podiatry. The team has been serving practices across all 50 states in the US, helping providers strengthen their revenue cycle and improve cash flow.

How to Find Skilled Medical Billing Specialist?

Medical Billing specialists are the important player of medical billing industry. Are you looking for skilled and professional medical billing specialists? Before choosing expert and practiced medical billing specialist some important notes should kept in mind. Here we go with important guidelines to choose specialists:

Cost of Specialist: An important factor while selecting medical billing specialist. You can search out what is the trend of industrial salary structure. You can get information online through the Bureau of Labor Statistics (BLS) that provides salary information based on geographic location.

Skill of Specialist: Specialist mainly deals with insurance companies for claim processing. They must be quick and accurate to manage overall medical billing process. Process starts with collecting information till claim acceptance. They can able to perform basic bookkeeping as well as have understanding of health insurance system.

Knowledge of Specialist: Just Knowledge of billing is not enough. There are many specialists who are having also knowledge of coding. This type of medical billing specialist gives more advantage to your organization. That will enhance the medical billing process.

Communicate with Other Processional: You can ask to some processionals and get the better idea about the medical billing specialist. You can get information from them about what type of services specialist deliver. You can ask about the salary range, their likings about their daily activities.

Education of Specialist: You must know how much solid foundation of medical biller. They have knowledge of billing, insurance, reimbursement and software operation and other. You can also check that they had attended any training program or not. Training enables them to operate multiple tasks very efficiently without loosing focus.

Search for Certified: Certified specialist give an advantage in the field of medical billing. This certification shows dedication for billing career and creates firm image of medical biller. You can hire a specialist who passed out Certified Medical Billing Specialist exam. Certified medical biller helps you to be highly accurate in billing process.

Know your Requirements: Do you have large amount of work that can’t be handled by one specialist? Or just having small amount of work that is enough for a specialist? Know your requirements. On that basis decide how many specialists you need and how much they cost to you.

If you can’t afford the cost or you want better option, you can outsource your billing requirements to the company who is having skilled team of medical billing specialists.

Medical Billing Specialist: Profitable Job Profile

In every organization, systematic recording of transactions is very much important whether it is corporate sector or medical sector. In medical centers also there is need to maintain the proper record of entries. It not only helps in maintaining the accounts but also used for the purpose of medical insurance billing. It refers to the recording of payments made by insurance companies. In medical insurance billing, physicians receive the payments from various insurance companies. It involves two parties such as insurance companies and doctors. This method of billing is usually used in large health care centers. It also includes the process of coding on which whole process is based.

The system is specially used to tackle the administrative area of the organizations. On the visit of each patient, complete information is being recorded by the receptionist. Before submitting the bills to the insurance company, codes are being given. The codes are assigned in the form of numeric numbers. After completing the process of coding, consent is made by the insurance company. After that the payment is transferred to the hospitals or in the account of doctors. For the execution of whole procedure Medical Billing Specialist must be hired for several purposes.

It refers to a professional who can execute the process in a desired manner. He is the one who can encode the patient’s data accurately by filling forms/ preparing bill records. The maintained records are used for reimbursement procedures from the insurance companies and other third parties. Medical specialist can handle complex environmental situations like problems, fixing the issues regarding client’s records. He was trained under special training programs conducted by various medical institutions. You can also learn under the training sessions in order to become a responsible professional. Training is necessary because it educate the candidates regarding how to maintain the patient’s record accurately for the purpose of reimbursement. Since coding is one of the important areas in medical insurance billing procedure, therefore it requires medical billing specialist for maintaining records.

There are many advantages to hire the specialist for maintaining the records. As they are highly skilled professionals therefore they are aware of the facts related to reimbursement. Following are the advantages gained after hiring the specialist such as:

1. Maximize reimbursement
2. Increase workflow
3. Provide improved patient care
4. Increase office efficiency
5. Provide improved patient care
6. Reduce claim denial and write-offs

Apart from the above they also help in reducing the operating cost. They also help in avoiding overheads on manpower and technology. With the help of skilled professionals you can lower the volume of administrative paperwork. If you are practicing in medical field then you must apply for this post. You must apply for this because this job profile is one of the high paying jobs even in the starting level. You can apply for the job through internet search. Conduct the online search in order to find the vacancies in various hospitals or health care centers. You can also gather information by visiting various websites. After that you can also apply by filling the online registration form.