In the healthcare industry, it is quite challenging for the physicians to manage their office and secure reimbursement for their services along with taking care of their most important responsibility, namely patient care. So, outsourcing medical billing services to medical billing companies is the right solution for physicians.
Providers of medical billing services ensure efficient claims processing by submitting patient claims to insurance agencies in a timely manner and help the physicians get the payment due. Thus, it increases the accounts receivable collections for your practice. Hiring medical billing services helps practices to manage their claims processing in an efficient manner. An efficient medical billing service provider would ensure many benefits for healthcare practices.
To ensure efficient claims processing, medical billing service providers offer the following services:
Patient statement creation and mailing
Patient information collection and analysis
Processing medical insurance claims
Insurance verification and insurance authorizations
Constant monitoring and follow up of rejected claims and resubmitting them after resolving any problems
Effective collection of reimbursement due
Payment plan setup
Credit bureau reporting
Solving the billing queries personally
Continuous evaluation of accounts
Providing regular quality checks
Charge entry
Cash posting and reconciliation
Analysis and recommendations
Scheduling and rescheduling
AR collections
Creating reports with details of payments and claims, which helps you in adjusting your billing practices and improving cash flow
24/7 customer support and technical assistance
Customized reporting to track business activity and productivity
Medical billing outsourcing firms upload the files to the bill payers by means of secure file transfer protocol (FTP). Before sending off to the payers, various techniques are used to match the bills with claim numbers. To carry out the process efficiently, electronic medical claims billing services utilize various advanced software packages such as Medical Manager, Eclipse, Medisoft, e-clinical, Misys, Lytec, Inception and Next Gen.
The main benefits of outsourcing claims processing services are:
Reduced billing and insurance errors
On time management of your accounts receivables
Free direct access of data from any Internet enabled computer
Fast turnaround time
Improved cash flow
Low processing rates
No upfront costs
Faster processing
Quicker reimbursement
No need to install expensive hardware/software
No maintenance expenses
Backup and restore data
Timely reports and claims status information
Today, there are many outsourcing firms that offer medical billing and electronic claims processing services. To get the best service, compare the features and processing rates of various companies in the industry. Only a reliable and experienced service provider can offer state-of-the-art medical billing services at affordable rates. Before hiring medical billing service providers, you will have to ensure whether your workforce is proficient enough to perform the tasks.
