Importance of Medical Billing Solutions for Medical Practices

Importance of Medical Billing Solutions for Medical Practices

When it comes to optimizing your revenue cycle to ensure a smooth functioning of your medical practices then medical billing is the one and the only solution to boost the profitability and cash flow. When a patient visits any medical facility then there are some expenses incurred by the medical department and there are also some extra expenses when they extend their treatment which can later be claimed by the patient’s insurance provider. In this process, the medical billing services help the clinic to claim the amount from the insurance provider, without letting the clinic’s staff bothered about the process.

To take on your most consuming task, medical billing service with hands of experts and powerful technologies ensure that your medical practice is running at maximum efficiency and higher profitability.

It is their responsibility to check whether the medical claims of clients are processed properly and are submitted on time. Billing is done in a very efficient manner to enable maximum reimbursements for all submitted claims.

The billing cycle starts as soon as the patient’s information has been recorded and updated so the physician office must check with the insurance provider regarding their specific billing requirements.

And with this starts the perfection with which practitioners and experts perform their task to reduce errors and optimize this cycle. However, even with advanced technology and upgraded software, it is hard to stay error-free.

So before venturing into this profession, be sure that you are aware of the important aspects of medical billing to boost and optimize revenue cycle for the company.

1. Demographics: Feeding correct data related to patient’s name, address & phone, work, insurance and verifying eligibility.

2. Charge entry: assigning an appropriate $ value as per the coding and appropriate fee schedule after creating patients’ account. Based on account specific, rules charges are entered into the client’s medical billing. A wrong charge entry may lead to denial of the claims.

3. Transit claims: percentage of electronic claims and time from charge entry to transmission.

4. Post payments: all payers either send an explanation of benefits or electronic remittance advice towards the payment of a claim. A negative balance prevails for the claim when the client’s office delays in either responding to payer check or sending the electronic remittance advice and explanation of benefits.

5. Manage Denials: by doing quick corrections at time of posting payments and how to track denial reasons.

6. Unpaid and Appeals: these are more complicated than denial claims and it requires making a follow-up call to check on the status of the check that is not responsive.

To know more about our professional medical billing services, please contact us at 877-333-1760