Medical Billing Facts

If you think of medical billing as sending out an invoice and waiting for the payment, you may need to look at it again. Medical billing is a complex process that requires each and every condition, procedure and service to be translated into medical code, sent to insurance companies, and then returned to the patient for final payment. This is such a long, complex process and it makes sense to outsource it to a professional medical billing company.

When medical practices try to take on their own billing practices, it costs them more. For in-house billing infrastructure and staff, you need to pay salaries, benefits, office space, equipment, software and training.

On the other hand, outsourcing medical billing works out much cheaper. These companies have experienced billing professionals on call. They also have the latest information on coding and billing and the latest software to process that information and accurately bill to get you the payments you deserve. Their billers know exactly what can be done to ensure great customer service and payments. A good billing company can accurately and quickly generate your medical bills and send them off to the insurance company. This makes sure that you’re paid and your clients are getting billed faster than ever.

Here are a few things you can expect from a good billing company.

Accurate Billing and Coding

Even small billing or coding mistakes can make the insurance company deny your bill or completely reject the payment. This can not only delay your payments but you may have to restart the entire process all over again. Having a company that specializes in coding and billing process is a great way to ensure you can avoid delays and non-payments. Fewer errors mean fewer problems with the insurance company and hence, fewer problems with the clients.

Auditing

A good medical billing service would perform an audit of your revenue cycle. This would help to identify and fix leaks in your billing and payments process. With the audit, you will be able to understand how to make necessary changes to maintain accuracy, compliance and client privacy.

Medical billing companies can also –

• ensure more claims go through on first pass to increase revenues
• manage denials to reduce them and improve revenues
• manage outstanding claims to generate more revenues
• handle back office operations
• allow you anytime access to all the information about your practice
• reduce the burden of pricing, coding, medical billing and other administrative aspects of your practice

To learn more about specialist medical billing services, such as drug and alcohol rehab center addiction treatment center billing services or chiropractor medical billing service, call Medical Practice Management Resources at 951-757-2056.