Independent medical billing services are utilized to process, file, and monitor all health claims in order to keep your staff from wasting time on tedious processes. These services employ specially trained personnel who are highly knowledgeable regarding individual payers, can work within every company in particular rules to extract a high percentage of payment in a shorter period of time, and are familiar with the latest technologies. With a variety of technologies currently in use, you will find that your employees spend more time processing claims which will bring down your overhead and increase your profit margin. In this article we will discuss three specific technologies that you can use for your business.
Technology has changed and progressed so quickly that your practice should be able to adapt. Some of these companies have twenty-four hour technical support and can integrate all of your systems and applications with one another. They will not only track and process claims; they can also integrate your electronic billing system, your EMR’s (electronic patient records), your PPO’s (preferred provider organizations) and CPO’s (co-pays), and even connect you to the insurance companies that underwrite your practice.
Technology has greatly advanced the way that medical billing services companies process your patients’ claims. In this current economic climate it is important that you have a high percentage of claims processed quickly and accurately. Your business will benefit if you can retain a high percentage of your claims eligible for re-imbursement within a reasonable period of time. In addition, your practice will save a great deal of money by avoiding unnecessary duplication of services such as visiting the same physician for multiple treatments. Also, by avoiding missed claims, you will be on the path to becoming more efficient and to increasing your revenue flow.
The first step to implementing medical billing services for your practice is creating a comprehensive revenue cycle.
Your revenue cycle will consist of the date of your first patient, your first service rendered to that patient, the date of the last treatment rendered to that patient, the date of the first insurance claim filed by that patient and the date of the last service rendered by the practitioner that is associated with that insurance claim. There may be other important dates associated with your revenue cycle. You will want to discuss these dates with your medical billing company.
Once you have established your revenue cycle and an accurate percentage of denials, reimbursements and errors, then you are ready to upgrade your managed billing and collection systems. Your medical billing company can offer you a full range of managed collections services such as claim submission, automated entry of information, query management, paperless filing and printing, claim evaluation and rejections, claims resubmit, claim response, electronic claims, client notification and paperless filing. Your medical billing company can also offer specialty options that will include in-person billing, non-medical billing, web-based billing, virtual receptionist service, voice response, online authorization and non-medical billing.
Once your staff is trained to use the new billing software, you can implement it throughout your practice. If you are still unsure about how to implement it, you should contact the help desk services of your medical billing services company. They will be able to guide you through the process and help you install and integrate the new system. They will also train your staff to use the new systems.
This will allow your practice to become more cost-effective and efficient.
If you choose to utilize billing experts to help you implement these new technologies, they can provide a full range of services that will not only improve your financial performance but will also create efficiency in the way that your office operates. These experts can help you streamline your billing processes, increase your productivity and reduce the costs associated with these processes. They can also train your office staff in using the new technologies. Your staff will be able to complete the necessary paper work, reduce errors and quickly make follow-ups on claims that have been submitted. Your medical billing experts can also train your billing personnel in how to handle these new technologies and reduce the chances of being incorrectly credited or reimbursed.
There are many reasons why a medical billing company may choose to outsource its work to a private vendor. For example, if your office space is too small to accommodate the equipment and furniture needed for billing, it may be better to hire a vendor who has the space to perform these tasks. Also, if you need to purchase the necessary software, board software, and hardware for implementing the new technologies, your medical billing services company may be able to provide this service for a fee. If your medical facility is limited in the number of users allowed on the network, you may also save money by contracting with a vendor who can manage the number of user accounts. Finally, companies that specialize in outsourced medical billing services often have access to other technical skills, expertise and resources that your small business may not be able to obtain.