If you are considering outsourcing your medical billing to a third party, read on to learn about the services that medical billing companies offer!
Medical billing is a complex process, and healthcare professionals believe that outsourcing medical billing might be expensive. Though managing the complexities in in-house medical billing may cost money.
By hiring your own billing staff, you will be responsible for claims and coding. For handling rejected claims and codes, you will need a certified medical coder on staff. Your billing team should also keep up with the constantly changing regulations and policies. Your staff will have to manage everything while performing their other duties because even a single oversight might result in a loss of revenue.
That is why outsourcing medical billing services from a billing company could save you more money than it would cost. Now, let us know more about medical billing services.
What Services Does a Medical Billing Company Provide?
When you outsource medical billing services, the medical billing company will process and submit health insurance claims. In addition, they follow up on claims and also handle troublesome accounts. They have trained staff who work with individual payers. Most medical billing companies have certified coders, billers, and accountants.
If you want a well-managed revenue cycle, you should submit error-free bills and insurance claims on time. In order to reduce coding and billing errors, outsourcing medical billing and coding services are the best way. When you outsource, medical billing companies handle medical coding and billing for you. Here are the tasks that comprehensive medical billing services cover.
An important part of filing reimbursement claims includes submitting patient information. In order to enroll patients, medical billing companies use a hospital registration system. Through this registration system, medical billing companies enter patient’s insurance information and demographics. In this way, the insurance companies get the required data of the patients.
Billing For Medical Practices Coding
Medical billing companies perform medical coding with precision. This is because coding errors are one of the biggest challenges of the in-house billing department. Coding errors often cost your practice revenue. Therefore, medical billing companies accurately manage:
- Coding audits
- DRG/ICD-9-CM coding validations
- CPT coding
So, when you outsource, you get max reimbursement.
Insurance Verification and Authorization
Medical billing can not happen until the patients’ eligibility and insurance benefits are verified. When you outsource from medical billing companies, they verify the active medical coverage of your patients’. They also check plan type and exclusions. Other than that, they also get the claims mailing address and identify the following:
- Patient responsibilities
Outsourcing medical billing services also include handling the most time-consuming Teck of authorization. That includes contacting insurance companies to verify whether the insurer will pay for services.
Billing and Accounts Reconciliation
When you decide to outsource medical billing services, be sure that they will focus on collecting monthly bills. That includes
- Calculating self-accounting totals
- Handling the transfer of funds
- Concentrating on charge entry
- Concentrating on cash posting
- Concentrating on reconciliation
Accounts Receivable Collections
Medical billing companies also handle AR collections. Therefore, outsourcing medical billing helps your practice avoid collection issues. When you decide to outsource, the medical billing company will be responsible for:
- Patient collection
- Insurance collection
- AR follow up
The responsibility of auditing charges for accuracy also lies on the medical billing company when you outsource. The medical billing company ensures that the charge team follows proper billing rules. The auditing also verifies that the claims match the insurer’s requirements.
Why Do I Need Medical Billing Services?
The main reason for outsourcing medical billing is that it frees up medical practice’s in-house staff. However, there are many other reasons to outsource medical billing and coding. Here are a few of them.
Cost and Convenience
Medical billing has many direct and indirect costs. If you decide upon keeping that in-house billing, it implies taking on all those costs. Some of these costs may take you by surprise. Whereas when you outsource, you pay the medical billing company an agreed-upon fee. Any surprises won’t take you, and then you can concentrate more on patient care. Medical billing companies save a lot. You may save on the following:
- Office furniture
- Office supplies
- Hiring staff
- Training staff
Hardware and Software Upgrades
The software that is needed to maintain billing requires frequent upgrades. In-house medical billing also requires extra hardware for your staff, and that costs. Whereas by outsourcing medical billing, you can avoid the costs associated with equipment and software.
Medical billing companies reduce lag time for insurance claims, and thereby they increase your revenue. Medical billing services help you raise the percentage of payments for bills sent and a steady stream of money coming in. This allows your practice to grow.
Compliance with Regulations
Outsourcing medical billing means secure billing because outsourcing companies adhere to privacy and HIPAA requirements. Medical billing services providers are up to date with any changes in the regulation and the latest versions of ICD 10 coding. By outsourcing medical billing, your practice may get relief from the burden of compliance.
Improved Customer Service
When you outsource medical billing services, the workload on your staff decreases. This gives your team more time to focus on patients. It is known that quality patient care goes well with quality customer service.
As patient flow improves because of outsourcing, patient satisfaction also increases. Medical billing companies also provide dedicated customer service for billing concerns and queries.
Things to Consider when Choosing a Medical Billing Company
In order to make your billing processes more effective and efficient and ensure a revenue’s stable flow to your medical practice, choosing the best medical billing company is essential. Here we have gathered a few things that make a medical billing company perfect for outsourcing:
- History and Reputation
- Dedication to Improve Services
- Cost of Services
- Communication and Transparency
- Expertise and Experience in Your Specialty
It Is A Wrap!
If you are looking for a way to make your medical practice more productive and effective, it is a good idea to consider outsourcing your medical billing services. UControl billing is one of the best medical companies. It is a reliable and experienced company that will benefit your medical practice in many ways. For more information, visit its website by clicking here.