As a practitioner, you are always stuck with patients and their medical billing paperwork, which consumes a lot of your time. Well, time is money, and if you are spending your time in billing, you can lose your practice revenues due to a lack of focus. So it is better to outsource your medical billing (fully or partially) to a professional, reliable medical billing company. Their sane and sorted services bring a lot of revenue to your practice. Now you may wonder what tasks or services you should hand over to them to generate more revenue.
Set worries aside as we list some services related to medical billing and revenue cycle management. From claim submission to RFA and patient follow-up to insurance eligibility verification, we will evaluate all.
Here’s an inclusive list of the medical billing services you can get to boost revenues:
Bills/ Claim Submission
This is the core medical billing service, and the company automates the bills and claim submission process through electronic integration with EHR/EMR system. It helps them directly pull details of each visit, relevant information about the patient, and other related data into a standardized claim form. They use claims scrubbing tools to send claims to the payor and ensure that the information is appropriate and complete with proper coding details. The process makes sure to maximize payment reimbursement.
Additionally, their team handles the denied claims with all the needed follow-ups and resubmits claims to ensure medical practice gets the desired target revenue while providing better care.
Insurance Eligibility And Benefits Verification
It’s frustrating to realize that the service you provide to a patient isn’t covered under their insurance plan, which leads to claim denials and increased accounts receivable. With outsourced medical billing services, you will be able to check insurance eligibility verification timely to determine the benefits and services covered under a patient’s insurance plans before you render them. It will save your of time and eventually help you increase your practice revenues.
Enrolment and Credentialing
Enrolment and credentialing is a service if a new physician, medical staff, or practitioner joins a healthcare facility and you verify their eligibility or want to renew their contract with a new payor. It is a lengthy and prolonged process and, if not done with care, can cost a lot of money in terms of penalty. You can outsource this service; you will be able to get credentialing your physician credentialed with government as well as commercial payors, including Medicaid, Medicare, and VA insurance. They keep your medical staff and providers updated. It ensures you don’t miss out on any payment reimbursement just because of the physician enrolment and not having credentials with a given payor.
Patient Payment Collection
The most time-consuming and bizarre task your healthcare facility’s staff handles is communicating with patients in the past still owing you for the medical services you render. Outsourced medical billing companies reach them out by phone, e-mail, and other mediums like post mail to recover and secure these payments. Not only will you be able to reimburse outstanding payments, but you will also free up your team to handle and tackle other important and attention-deserving tasks.
Management OF Accounts Receivable
Practice revenue cycle management is necessary to evaluate which unresolved payments your practice is yet to receive. It will let you pursue the patient or payor owing you the balance. You can also outsource AR management to post payments on time and record both electronic and paper filings for your records. An efficient revenue collection strategy will let you worry free of the task and avail services at nominal rates.
Transparent reporting is essential to ensure the most up-to-date financial information. The reporting and analytics service with monthly meetings will make you realize your progress and your final goals. If you have outsourced this service, hold frequent reporting sessions to review claim submission and acceptance rate. Additionally, the state of accounts receivable and major payment reimbursement and transactions during the last period will help you grow your practice revenue.
What Should You Look Into Before Outsourcing Medical Billing?
The medical practice should carefully assess its staff, daily expenses, and volume metrics to determine which financial services are best suited for outsourcing. These decisions will ultimately shape how much revenue can be generated sustainably without compromising your organization’s patient care or safety standards.
What Are The Benefits Of Outsourcing Medical Billing?
Outsourced medical billing is best to have peace of mind, and many more benefits come with it. Let’s have a look at some of them:
Reduce Administrative Requirements
You can outsource your medical billing when your practice life becomes too hectic. With so many responsibilities on a day-to-day basis and not enough time to do everything necessary to properly take care of patients and manage staff duties around the office, some doctors opt for an easier way by hiring medical billing outsourcing companies. They specialize in all billing and administrative work instead, saving doctors’ valuable energy otherwise devoted towards filling out paperwork or training new employees who are often overworked since most offices don’t offer much support regarding vertical integration within company dimensions outside strictly finance-related fields.
That makes sense, right?
Get rid of unwanted and hidden expenses.
When you outsource your medical billings, not only are there no more hidden or unwanted expenses, but the extra money can also go toward higher-priority items. Revolutionizing how a practice works can be done with just this one decision! Most small-scale practices cannot maintain an effective billing department due in part because they don’t have enough funds available, which results in them using resources extensively for financial management tasks that could otherwise wait until after revenue has been generated from patient care services rendered at present instead of expending precious hours every day doing manual labor when computerized assistance would suffice perfectly well.
Revenue Collection is Rapid
Medical billing is a tedious and time-consuming process that takes up much of physicians’ day. Outsourcing this work to an outside company not only eliminates errors but also speeds things along, which means more revenue for hospitals as they can make their reimbursements from outsourced vendors quickly instead of taking days or weeks like before when there were many interruptions in processing due [to] human error on behalf doctor’s office staff who would staple invoices together at night after being submitted during business hours so it could be reviewed first thing tomorrow morning – all while trying not to miss any payments because someone
There are a plethora of services that fall under the medical billing category, and they all lead you to revenue generation if tackled with utmost precision. We have discussed some of them that you can outsource to get the job done professionally. Many companies out there giving services at a minimal rate that are cost-effective and professional. All you have to do is to make regular checks and balances and keep an eye on transparent reporting.
Medical Lien Management is one of the emerging medical billing management companies that help you manage your work related to medical revenue, Medical Lien Management is also a good revenue cycle management company , practice management, AR management, and many others. Contact them to get your revenue spiked up within months.