In this fast-pacing healthcare industry, medical practitioners are looking for innovative solutions to keep their revenue cycle management optimized. It is only possible through the best healthcare billing services.
Medical billing and coding is a full-time job and healthcare providers find it difficult to manage it with their busy schedules. They stay engaged in providing healthcare to their patients and don’t get enough time to oversee the revenue collections management. If they continue to ignore this aspect, they can’t survive for a long time.
As a result, they will lose control over their financial matters and may end up with revenue loss. Practitioners must keep in mind that the long term survival of their medical business depends on financial stability.
It’s a fact that nearly every physician wishes to see a fixed amount of patients during check-up hours. But as a medical practitioner, if you pay attention to the healthcare billing services and take your patients’ care for granted. Then you can face dire consequences in terms of low patients’ volume.
Because when you don’t spend a considerable amount of time with your patients due to the administrative burden, your patients feel undervalued. Next time they will not prefer your healthcare facility and ultimately you may lose the opportunities for revenue generation.
So, in order to keep a balance between their medical and non-medical obligations, healthcare providers prefer to outsource healthcare billing services. Because they know the fact that they can sustain their reputation and existence in the highly competitive market only with the best medical billing services.
Outsourced medical billing experts eliminate your excessive burden and enable you to concentrate on providing reliable healthcare service to your patients. Moreover, on the basis of their extensive industry experience, they reduce the billing errors and maximize the reimbursements in a very short time period.
In this modern era, if you are still neglecting your medical billing services, then stop this practice. You need to understand the importance of this aspect. Here are the following reasons why your medical practice needs the best healthcare billing services.
1. Minimized Coding Errors
Medical coding plays a vital role in the optimization of medical billing services. Because accurate coding is the first step towards optimized cash flow. It is not only compulsory from a compliance perspective, but it also reduces the claims’ denial rate.
Coding is the process of translating patients’ diagnoses, treatments, and medical procedures into standard medical codes. Insurance companies get an idea of all the healthcare services through these medical codes. Errors in medical coding can lead to claim denials, which can lock your hard-earned revenue.
However, if your billing department is running successfully, then you don’t need to worry about such issues. In-short, accurate medical coding ensures the best possible reimbursements for the medical practice. Accurate medical coding is only possible when your medical billing services are on the right track. So, in the best interest of optimized collections, accurate coding is crucial before submitting the claims.
Coding errors have become a common phenomenon because it is undoubtedly a time-consuming and hectic process. If medical claims are rejected due to coding errors, you should adopt the following strategies to stay away from denials:
- It is the job of a specialist, therefore you should hire certified medical coders.
- Incorporate payer-specific guidelines in your coding to stay clear of denials & underpayments.
- Stay updated with the latest or modified medical codes to process the claims as per industry standards.
- Stay away from malpractices such as unbundling, under-coding, up-coding, etc,
2. Reduce Claim Denials
The maximum revenue collection is highly dependent on the effective management of medical claims. You cannot get paid until you submit the error-free claims in a given time frame.
Because a higher percentage of denied/rejected claims can put your medical practice at risk. The best healthcare billing services can add profitability to your medical business by minimizing the rate of claim denials. Because efficient medical billers make every possible effort to ensure the submission of clean medical claims.
It’s a reality that the industry average of First Pass Acceptance (FPA) of claims is only between 79-85% when the minimum FPA that you should aim for is 97% or more. It’s pertinent to mention here that, this rate only calculates acceptance based on the first submission of the claims.
If your FPA rate is not over 97%, you should adopt innovative medical billing solutions. Outsourcing healthcare billing services is the best approach to keep your claims process tight. Off-shore medical billing companies hold dedicated and highly trained billing experts. They follow a systematic procedure to increase the clean claims rate.
For instance, they have access to advanced billing software to process medical claims, which reduces the chances of errors. Hence, best healthcare billing services incorporate error-free medical codes and timely submission of claims.
3. Prevents Revenue Leakage
Medical practitioners lose millions of dollars every year, just because of the inefficient denial management system. Because leaving your healthcare business at the mercy of orthodox administrative methods such as manual revenue cycle management is not suitable for modern industrial practice.
Well-experienced medical billers track and monitor a medical claim throughout its journey until healthcare providers get paid. In case of claim denials, they take immediate actions to appeal the rejected claims in a timely manner.
Insurance companies return medical claims along with complete information. Billers closely analyze this information to find out the reasons for claim denials. Then they rectify the errors and resubmit the claims before the due date. Which prevents revenue loss. So, we can say that the best healthcare billing services ensure the effective management of denied /rejected claims.
The most common reasons for claim denials are: incorrect patients’ information (name, date of birth, gender, address, phone number, insurance ID, policy number, etc.), wrong medical codes, late submission of claims, and duplicate billing.
The best healthcare billing solutions increase the efficiency of your billing system and reduce human errors. Since a well-qualified medical billing workforce will be using up-to-date billing software to automate the entire revenue cycle management system and drive improved financial results.
Have you decided to outsource your billing services? Medcare MSO is a renowned medical billing company in the United States. Which has been providing the best healthcare billing services to ensure the financial stability of your medical practice.