Medical Coding And Billing Service - Do You Know What To Expect From Them?
Medical billing services come as a welcome respite to health care practices that are hard-pressed for time and resources
. They take over the load of claim filing and associated administrative tasks from the health care provider and increase their income. Medical billing services are gaining popularity and getting accepted as the industry standard because of the many advantages they offer.
Medical billing services offer both accurate claim filing and complete practice management solutions. Generally, organizations that are either home-based or are small scale only offer regular billing services. Bigger practice management companies offer comprehensive solutions that promise long-term improvements for the medical practice or hospitals. These solutions can include everything from marketing to scheduling assistance, and much more.
Based on your organizational requirements you can hire a medical billing provider who offers appropriate services. The services are broadly categorized into standard billing services, extended billing services and practice management services.
Standard billing services
The services rendered by a standard billing service are the minimum any medical billing provider offers. These include:
Claim submissions: Billing providers use software for claim submission. The patient data, encounter data, and insurance details are stored in a database accessed by software that is programmed to verify the claim for correctness. Accurate claims reduce the chances of claim being turned down by the health insurance. The validated claim is submitted electronically in less than a day.
Constant follow-up of claims: This is where medical billing providers show why hiring them was the better choice. They don't let up till a claim is approved or resolved. The health care practice is benefited by this approach by getting more claims approved in a short time.
Analytical reporting: Medical billing services collect and analyze key data in monthly reports. The reports can help business heads of the medical practice implement measures to boost the development, productivity and cost-savings.
Patient billing and answering inquiries: Medical billing services take care of the logistics of patient billing, and handle queries at the reception.
Extended billing services
Extended billing services manage responsibilities that are not directly connected to the billing process. Some of these are:
Diagnosis and procedure coding: Billing providers do the medical coding for the patient record before it is entered into the medical billing software.
Medical transcription: Medical transcription is done before the medical coding phase. Lots of medical billing providers offer transcription as part of a package.
Credentialing insurance agencies: Credentialing services offer a much needed helping hand to new healthcare practices. Medical billing providers evaluate the license, trustworthiness, track record and performance history of insurance agencies, and initiate a relationship with them.
Practice management services
Practice management services offer holistic services that completely revamp the health care office's administrative practices. Services include:
Financial services: Financial services start with claims filing, submission, and follow-up and move on to accounting, tax preparation, budgeting, accounts payable and more.
Negotiation of agreements: Medical billing providers are better equipped skill to discuss the terms and rates of an agreement with health facilities and managed care representatives. Healthcare providers get the best deal by leaving this task to billing service provider.
Human resource services: Medical practices can hire third party human resource functions such as payroll administration, staffing, motivational policies, and employee agreements to medical billing providers.
Medical billing services allow medics to focus and improve on patient care without worrying about outstanding receivables and hence reduced cash flow. Medical billers take away the burdensome organizational tasks related to insurance claims and revenue management and promise higher collections, higher productivity and improvement in quality of service.
by: Daljeet Sidhu
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Medical Coding And Billing Service - Do You Know What To Expect From Them? Anaheim