Medical billing services come as a welcome respite to medical practices that are hard-pressed for time and resources. They take over the tedious job of claim filing and related administrative tasks from the health care provider and increase their income. Medical billing services are on the way to becoming the industry standard because of the numerous advantages they have to offer.
Medical billing services offer both accurate claim filing and complete practice management solutions. Generally, companies that are either home-based or are small scale only offer regular billing services. Larger practice management organizations offer full services that deliver long-run benefits for the medical practice or hospitals. These services can offer a number of services such as advertising to setting up appointments, and much more.
Based on your organizational needs you can hire a medical billing provider who offers suitable services. The services are broadly categorized into standard billing services, extended billing services and practice management services.
Standard billing services
The services covered by a standard billing service are the least any medical billing provider offers. These include:
Claim filing: Billing providers use software to submit claims. The patient data, encounter data, and insurance details are stored in a database accessed by software that is programmed to validate the claim for accuracy. Error-free claims reduce the odds of claim being turned down by the health insurance. The validated claim is submitted electronically in less than a day.
Rigorous follow-up of claims: This is where medical billing providers prove their mettle. They aggressively follow up on claims till they are paid. The medical practice reaps the rewards of this policy by getting bills paid on time.
Systematic reporting: Medical billing services capture and analyze key statistics through analytical reports every month. The reports equip medical practices with decision-making information to take steps to boost the growth, output and cost-savings.
Patient invoicing and answering inquiries: Medical billing services manage the logistics of the billing function, and handle queries at the reception.
Extended billing services
Extended billing services manage tasks that are not directly connected to the billing procedure. They include:
Diagnosis and procedure coding: Billing providers do the medical coding for the patient record before it is fed into the medical billing software.
Medical transcription: Medical transcription is done before the medical coding stage. Many medical billing providers offer transcription as an administrative service.
Certifying insurance agencies: Credentialing services are a real help to new medical practices. Medical billing providers check the license, reliability, track record and performance history of insurance companies, and initiate a relationship with them.
Practice management services
Practice management services offer comprehensive services that completely revamp the medical office’s administrative practices. Services include:
Financial services: Financial services begin with claims filing, submission, and follow-up and move on to accounting, tax preparation, financial planning, accounts payable and more.
Getting the best deal in agreements: Medical billing providers have the essential knowledge to discuss the terms and rates of a contract with medical institutions and managed care representatives. Healthcare providers can leave this job to the billing providers with confidence.
Human resource services: Medical practices can hire third party human resource functions such as payroll administration, staffing, incentive schemes, and staff contracts to medical billing providers.
Medical billing services enable healthcare practitioners to focus and improve on patient care without getting harassed about outstanding receivables and hence dwindling cash flow. Medical billers take away the burdensome managerial jobs related to insurance claims and revenue management and promise improved collections, improved productivity and improvement in quality of service.