Medical Billing Services
Medical Billing Is your medical billing department performing up to standard? Are collections too slow? With accurate accounts receivable reports you can analyze the performance of the processes you have at your practice.
Is your medical billing department performing up to standard? Are collections too slow? With accurate accounts receivable reports you can analyze the performance of the processes you have at your practice. Once you know the percentage of claims over 120 days, you have a good idea. The national averages published by the Medical Group Management Association (MGMA) can show you how you compare. If your percentage is higher than that of the average, then you have funds in insurance claims uncollected and should act to insure their reimbursement. If your average percentage is higher than 15-20%, you have issues to address in your medical billing department.
There are different actions to take in getting claims paid more quickly.
Getting a claim paid involves your front desk. Good information is most important. Copies of insurance cards, driver's license or ID are a must. You should verify that the patient filled out your patient forms accurately and completely. Insurance coverage must be verified Demographic information should not be entered into the computer system.
With all of the varied duties your front office may have, mistakes can easily happen. They should enter enough demographic information to make an appointment. Accurate information will make the claim process easier as the medical billing process progresses.
The patient should sign a legally reviewed financial agreement. Many are not legally effective. You should include in your agreement verbiage on collection fees, interest, attorney and court cost. If you have to pursue collection with the patient, they are must pay the additional costs of collecting the funds. You can include a section on after hours telephone advice, no-show fees, prescription, returned check fees and fees if a patient does not remit their copay at time of service. A proper financial agreement gives you the ability to collect your past due balances. Through active analysis of your process, you can raise the performance of your medical billing unit to exceed the national averages.
Mr. James Collins has consulted health care providers over the last 15 years in a variety of areas including medical billing. Helping practices to organize their accounts receivable and software applications has been a primary focus. His experience in the health care field goes back over 25 years, working with non-profits in substance abuse and rehabilitation groups.
Medical Billing Services: (By Ali SM-CMS/EMR/PMS Certified)
Choosing a right medical billing service has always been a question for healthcare providers, it comes up with lotsof concerns and questions, should we outsource? Will it affect our control over practice? Will the cash follow be constrained in-case? Why am in losing money/collecting less with an in-house billing team?
Here are few numbers that tells how much healthcare providers are losing on average due to lack of SOP design i.e: 18 - 20 % Poor denial management & claim appeals process, 10 â€â€ 12 % Inappropriate & under coding, 7 - 10 % Missing encounters & late filing, 5 - 6 % Inefficient low reimbursement tracking, 3 % Not working the rejects timely.
Well! Nothing to panic and worry about let professionals take the responsibility of your practice so that you can concentrate on your patient care. With the right service provider on board you can even expand your practice add more services, set credentials and contracts with many different insurance companies/Payers and IPAs.
When the quality medical billing services are delivered your practice's all clean claims are paid within 30 days and whole AR is followed up with-in 45 days. On top of it there is an efficient denial management and upfront rejection handling ensuring prompt payments & problem resolution.
Moreover, you stay up to date will all cutting edge changes in the Healthcare Industry. In the modern era, medical billing companies are not just providing the billing service they are joining hands with EMR and PMS vendors to be their reseller and providing all in one financial and clinical solution, facilitating healthcare providers to comply with the 2015 EMR deadline.
Boost your practice's profits. Accelerate cash flow and eliminate lost revenue with r right medical billing solution that integrates seamlessly into your clinical workflow.
Mr. Ali S M has been working in high principle with some top medical billing services provider organizations. He has been part of healthcare industry for past seven years and with five years in direct and in-direct management. He is one of the certified professionals in the industry that holds credentials with CMS and some top EMR and PMS vendors. He has acquired an excellence award in 2010 with one of the organizations he has been working for over his performance and analysis on speciality practices and have expertise over twenty five different professional and couple of institutional practices. He has also helped in developing new medical billing companies to healthcare providers in Oklahoma
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