Medical

Engaging Medical Billing Outsourcing Companies For Good

Smart medical billing outsourcing companies act as life savers to many practices. They are bound to track down process pitfalls and all possible opportunities for improvement. Here is how they help; 

1.Smoother patient check-ins

Medial billing outsourcing companies serve to streamline the patient check in process at the front desk by various means. For one, they bring in savvy front office software and implement new systems of demographics entry. This way, both the patient information and insurance details can be capture at the front desk without committing errors. 

One significant change billing company can bring into your practice is regarding the preauthorization process. With prior verification of insurance coverage, there is clarity about payment collection. Also, One just has to enter the patient’s insurance details in the respective dashboard, all details regarding co-pays and financial liabilities can be retrieved on every visit. This way, collecting co-pays and deductibles is much smoother. 

2.Faster financial clearance

Medical billing outsourcing companies implement ways to makes payments happen faster with numerous techniques. One of them is offering more options to the patient to make payment via phone applications and payment portals. There is clarity in the detail invoices send out to the patient and all their concerns are answers at the online support centres. All these prompts the patient to make the payment at the earliest.

3.Error-free charge entry and bill capture

With EHR integration software’s and integrated charge capture tool, the provider himself can assign the most suitable code for the right diagnoses. Since this gets complete at the time of patient encounter itself, the codes flow automatically to the backend billing. This way, the biller can go forward with the bill capture without any possible ambiguity. 

Medical billing outsourcing companies are very keen in auditing and screening each step of the process, be it coding or billing. With this, the expert team can pin down all the coding errors, documentation errors and missing codes. They are adopt in appropriate us of code modifiers as well to make sure all services render is well representing. 

4.Claim management and tracking system

Billing companies have a well-plan system of processing a claim, sending it out and tracking its status till the account receivables on a particular patient touch zero. Now, this is very important to the healthcare revenue cycle of any practice. With repeated audits and edits at every stage of claim processing, followed by a clean scrubbing, they make sure the claim is ‘first pass worthy’.

Often, the healthcare staff fails to track the status of a claim after sending it out in their busy schedule. Without proper follow up one cannot deal with payment collection and claim denials, if at all they happen. However, Denial management is a valuable service availed from medical billing outsourcing companies. Also, they appoint a team of experts to analyse the denial pattern and follow up with the denied claim. Further they work on the claim and appeal for a reconsideration. So that, the deny claim doesn’t end up as a ‘write off’ for the provider.

5.Recommendations on process improvement

Medical billing outsourcing companies can guide the provider take their practice to a higher level. Also, With business analytics tools and periodic auditing, they spot the hitches in the process and alert the staff.
So, All it takes is proper training and improved workflow, and your practice is good to go. 

Practolytics

Practolytics is a 20+ year old healthcare technology and management company. We partner with healthcare practices to provide end-to- end solutions including medical billing, healthcare consulting and practice analytics, allowing practices to eliminate revenue cycle management inefficiencies. Our diverse background in every aspect of healthcare allows us to maximize revenue and consistently deliver optimum results.

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