Many medical practitioners have been facing the dilemma if they should use an in-house team for billing or outsource it. Medical billing requires you to possess appropriate skills and an in-depth understanding of all the rules. That is why most medical practitioners find it convenient to hire medical billing companies.
Medical billing companies have brought some significant changes to medical practices and have worked in the direction of significantly decreasing the workload. The companies have been proven helpful in refunds and maximizing the revenue. Any errors or delays in coding and billing can result in the rejection of claims and may cause a huge loss to the practitioner.
Therefore, more and more medical practitioners are outsourcing the stress to professional medical billing companies. These companies lead a team of trained professionals and offer a wide range of services, including physical therapy billing services, to help healthcare practitioners.
7 Major Services Provided by a Medical Billing Company
Given below are seven services that medical billing companies provide to take away the stress off your shoulders:
1. Enrolment Into the Billing System
When you are filing to claim reimbursement, you need to submit all the patients’ details. So one of the most basic and important services provided by medical billing companies is enrolling patients into the billing system and submitting the patients’ demographics and insurance details. This allows the insurance companies to get all the required data, thus helping you claim insurance without hitting a snag.
2. Medical Coding
Medical coding needs to be managed very carefully and precisely. This reduces the chance of any denial from the insurance company. A medical billing company has just the right team that you need for coding audits, DRG/ICD-9-CM coding validations, CPT coding, and several other coding procedures to increase revenue and reimbursement.
3. Insurance Verification and Authorization
An important part of the billing process is verifying the eligibility of the patient and the benefits that he/she can receive from the insurance company. The billing company will use the required resources to verify the patient’s eligibility and active medical plan and everything to make sure that there will be no issue while claiming the insurance.
Additionally, they have the required knowledge and experience to minimize the time taken to authorize insurance claims. Also, they make sure that the insurer will pay for the services, and there will be no last minutes obstruction.
4. Collection Solutions
Medical billing companies have a wide experience and knowledge of the issues that arise with credit and collection. They can readily come up with a solution for almost any kind of billing problem regarding patient collection, insurance collection, and AR follow-up collections. It helps you in overcoming issues without affecting the business.
5. Audit
Another important service provided by billing firms is auditing the charges and verifying if the rules have been followed properly. Additionally, they evaluate the claims with respect to the carrier. An audit provides credibility and confidence that the claims are valid and fair.
6. Billing Services
Medical Billing companies are equipped with billing experts, AAPC certified coders, accountants, and every piece of equipment required. They use modern-day technology and possess extensive knowledge of software to maneuver the billing process smoothly with accuracy.
Also, they are aware of all the medical reimbursement rules and tend to stick to them. It helps in reducing any chance of delays in cash flow. Also, they use the data to help you make better decisions and grow.
7. Billing and Reconciling of Accounts
A professional medical billing firm offers services to assist through all the phases of the billing procedure. These include collecting monthly bills, evaluating self-accounting totals, managing transfer of funds, and a lot more, ensuring maximum profit for the medical practitioner. The most significant sections covered by them while billing is charge entry, cash posting, and reconciliation.
Summary
Well planned services that you can receive from medical billing companies will help practitioners to increase their earnings. Therefore, hire a company that has a trustworthy record and complete data security. Allowing the outsourcing companies to take care of billing will allow you to save your resources and time to focus on the core aspects of your medical entity.