What Are the Services Offered by a Medical Billing Company?

Consistent medical billing services are a great benefit for healthcare facilities and medical groups. To help medical facilities claim timely reimbursements and maximize their revenue, many leading medical billing companies offer well-planned medical coding and billing services across the United States. This article provides information about the major services that are offered by a reliable medical billing company.

Comprehensive Medical Billing Solutions

Submission of medical bills and insurance claims without errors within the prescribed time limit is important for medical entities for proper management of their revenue cycle. Any sort of coding errors or processing flaws in claims and bills can be costly, and would lead to denial or rejection of claims. Outsourcing medical coding and billing tasks to professional companies would be an ideal solution for medical practices and practitioners. These companies manage each phase of the billing, coding and processing procedures with efficiency and help submit error-free bills and claims on time. Medical billing services offered by an experienced medical billing company cover:

Enrollment into the billing system: While claiming for reimbursement, it is necessary to submit complete information about the patients. Therefore, most companies primarily focus on patient enrollment. They electronically enroll patient details from a hospital registration system with basic information such as:

•    Demographic information
•    Insurance information

This would help insurance companies collect necessary data about the patients with just a click of the mouse on a single screen.

Verification

•    Insurance verification: Verification of patient’s eligibility and insurance benefits is the most crucial part of the medical billing process. Professional billing companies manage the verification procedures with efficiency and would verify patients’ active medical coverage with the insurance company, type of plan, policy status, plan exclusions, claims mailing address, patient responsibilities comprising co-pays, co-insurances and deductibles, effective date and much more.

•    Authorization: Receiving insurance authorization is a time-consuming task. A reliable medical billing company performs this task efficiently. Such a firm would contact the insurance company and get the assurance that the insurer would pay promptly for the services that they are looking for. Thus any odds of last minute cancellation of claims can be avoided and maximum cash flow ensured.

Coding:  Reliable firms carry out medical coding procedures with precision and clarity. They manage medical coding audits, CPT coding, DRG/ICD-9-CM coding validations and other related coding procedures with excellent accuracy to ensure maximum reimbursement.

Billing and reconciling of accounts: Providers of professional medical billing services focus on all phases such as collecting monthly bills, calculating self-accounting totals, handling transfer of funds and more to ensure maximum revenue for healthcare practices. The major areas covered are:

•    Charge entry
•    Cash posting
•    Reconciliation

Accounts receivable collections: Medical billing firms offer quality AR collection solutions to help medical facilities do away with credit and collection issues. These firms ensure professional solutions for:

•    Insurance collection
•    Patient collection
•    AR follow up and collections

Audit: Most companies audit the charges entered by the charge team to evaluate the accuracy of keying and ensure that the billing rules are followed properly. They also verify the accuracy of the claims based on carrier requirements.

Accurate Billing and Coding Services

To deliver quality medical billing and coding services most companies are staffed with experienced billing specialists, AAPC certified coders, accountants and other supporting personnel. Utilizing advanced billing software and technology they perform every phase of the billing procedures with accuracy, strictly following the latest medical reimbursement rules.

Look for a Professional Company

Structured services offered by a professional medical billing company would help medical entities obtain maximum reimbursement and increase revenue. While looking to outsource medical billing jobs, look for a company that prioritizes accuracy and ensures customized billing solutions in minimum turnaround time, HIPAA compliant data security, 24/7 based technical assistance and more. Entrusting billing tasks to such a firm also brings 30 to 40% cost savings.

To know more about Medical Billing we have written a new blog on July 4, 2018 “How Outsourcing Medical Billing can Minimize Claim Denials and Maximize Reimbursement“