Receiving accurate insurance and patient payments is the biggest challenge when you run a medical practice. When medical practices run into cash flow problems, it becomes that much harder to treat patients effectively and keep your staff happy. When you have to wait several months to get paid the money you’ve earned, it becomes harder to cover your recurring operating expenses, such as rent, utilities, salaries, insurance, and medical supplies. As you start spending more and more time collecting outstanding payments, you may start lacking the energy and time needed to focus on patient care. The simpler way to get paid faster is by outsourcing your medical billing operations to a billing company. There are lots of advantages of outsourcing your medical billing operations to a billing company. In this article, we covered how a medical billing company can assist you in receiving accurate and faster insurance and patient payments.
Complete RCM Services
Medical billing companies offer complete Revenue Cycle Management (RCM) services. Complete RCM services include eligibility verification, coding, charge entry, payment posting, denial management, and AR collection. You just need to share appointment details and billing companies will start their work from checking patient insurance coverage up to posting payments received from insurance. You just need to review the reports to get an idea about the financial state of your practice. As all activities are taken care by billing, coding, and Account Receivables (AR) experts, you collect accurate and quick payments from insurance as well as from patients.
Collecting of Patient Payments
You will be provided with an insurance coverage report for new patients, prior visits. The insurance coverage report will include covered services, co-payments, and unpaid deductibles. So, your front desk staff will be well informed about the patient responsibilities and you can collect all the patient responsibilities at the time of visit. An insurance coverage report will help you to understand whether planned services are covered under a patient insurance plan or not. If insurance is not covering the planned services, then you can communicate with patients and ask them to make an alternate payment arrangement either by self-pay or sharing other insurance details. Once the patient leaves the office, it becomes very difficult to collect the patient payments. You must have an insurance coverage report a few days prior to their visit.
Clean Claim Submission
Claim submission experts from medical billing companies can help you to submit clean claims. If your submitted claim has errors like wrong insurance details or wrong patient demographics then your claim will get rejected. You have to work on such rejected claims and need to ensure that all filled claim information is correct. This process of correcting rejected claims and resubmitting them costs a lot of time. Submitting the clean will ensure the payer will receive your claim and can process it quickly helping you to receive quicker insurance reimbursements. With assistance from medical billing companies, your practice can achieve more than 95 percent of clean claim submissions.
Denial Management
Denial management and resolution is an important process of revenue cycle management. When such payment is denied, you have to correct the submitted information or provide additional information and request the payer to reprocess the claim. Medical billing experts from such companies are well versed with common denial reasons. So, they ensure that all claims are submitted accurately without any errors or missing information. Even if the claim gets denied they know the resolution for that denial code and they will resubmit the claim quickly. This expertise in submitting clean claims as well as resubmitting denied claims with proper resolution ensures that you will receive quicker insurance reimbursements.
Customized Services
Medical billing companies provide complete revenue cycle services, at the same time you can choose which services you will require from them. If you just need assistance in finding out the patient insurance coverage, you can choose eligibility and verification services only. If you need assistance in recovering old accounts receivable then you can choose only for Accounts Receivable (AR) services. Most of the medical billing companies charge only on insurance collection received. They will charge a fixed percentage on monthly insurance collection received.
There is no doubt that outsourcing your medical billing services to a billing company will ensure quicker payments for your practice. When you associate with a medical billing company, you just need to review billing reports to get an idea about the financial health of your practice. Medisys Data Solutions is such a HIPAA-compliant company that can assist you in medical billing for your practice. To know more about how we can help you in collecting accurate insurance as well as patient payments, contact us at info@medisysdata.com / 302-261-9187
