Leave the Medical Billing Complexities to Us
Transform your practice with our expert medical billing services! Our team is dedicated to providing end-to-end billing solutions.
Our experienced team ensures timely submission of error-free claims, focusing on maximizing your revenue, while you focus on patient care. Enjoy streamlined operations, enhanced cash flow, and peace of mind knowing your billing is in capable hands.
Our End-to-end Medical Billing Services
Coding
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Claims Processing
Our team ensures accurate and timely submission of insurance claims to maximize reimbursements and reduce denials. We scrub and validate all data meticulously to ensure completeness and accuracy.
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Charge Posting
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Payment Posting
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Denial Management
Our team of experts actively identifies, analyzes, and appeals denied claims to recover lost revenue and minimize losses. Our proactive approach ensures that practices recover the maximum possible revenue from their denied claims.
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AR Follow Up
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What Makes Us the Ideal Medical Billing Outsourcing Partner?
Expertise
Our expertise, technology, and resources help you overcome RCM hurdles, collect overdue payments, and maximize reimbursement.
An Extension of Your Practice
We function as an extension of your practice, freeing up your staff to focus on patient care and practice management.
Pricing Transparency
We ensure transparent pricing, no hidden fees – just clear, upfront costs.
Medical Specialties We Support
We serve all 50 states
Why Outsource Medical Billing?
Why OSI?
Our Medical Billing Process
1
Patient
Registration
Submission
Verification
Posting
Capture
Follow Up
Coding
Management
1
Patient Registration
Flexible Pricing Plans
Full-Time Equivalent
In this model, services are billed based on the equivalent cost of a full-time employee (FTE) for a specified duration, usually monthly or annually.
Fixed Cost Pricing
Like an FTE model, a person is dedicated to your practice. Perfect for a practice that is busy. They work as an extension to your business.
Per Transaction Pricing
This option is ideal for a practice that is unsure about their work requirements. This can have per request pricing for eligibility and other functions.
At present, we provide only the FTE pricing model for Accounts Receivable (AR). We are also considering a blended model for AR.
FAQs
How hard is medical billing?
What does medical billing involve?
The medical billing process involves the following steps:
Step 1: Registering the patient: The first step is collecting essential patient information, such as demographics and insurance details, to create a patient record.
Step 2: Determining financial responsibility: This step entails verifying the patient’s insurance eligibility before services are provided. It confirms a patient’s insurance policy details, what is covered, and the patient’s financial responsibility for medical services or out-of-pocket costs such as deductibles, co-pays, and coinsurance.
Step 3: Capturing codes: This involves translating the services provided into standardized codes (ICD, CPT, etc.), which are crucial for billing accuracy and insurance reimbursement.
Step 4: Creating the superbill: A superbill is generated, summarizing the services rendered, associated codes, and relevant patient information, serving as the basis for claim submission.
Step 5: Preparing and submitting claims: In this stage, claims are prepared based on the superbill and submitted to the relevant insurance companies for reimbursement.
Step 6: Monitoring payer adjudication: This step involves tracking the claims as they are processed by the insurance company, ensuring timely adjudication and addressing any issues that arise.
Step 7: Creating patient statements: Once claims are processed, patient statements are generated to inform individuals of their financial responsibilities and any outstanding balances.
Step 8: Following up: In the final step, the billing team follows up on unpaid claims and outstanding patient balances to ensure all payments are collected.
What are the 3 types of medical billing systems?
The 3 types of medical billing systems are:
1. Closed medical billing system: In a closed medical billing system, all billing processes are managed internally within a healthcare organization, allowing for greater control and security over patient information.
2. Open medical billing system: An open medical billing system allows for external parties, such as third-party billing companies, to access and manage billing processes, offering flexibility and potential cost savings.
3. Isolated medical billing system: This system operates independently from other healthcare management systems, often leading to challenges in data sharing and integration with clinical records.
What is the basic medical billing workflow?
- Patient registration: Patients’ personal and insurance information are collected to establish a record for billing purposes.
- Insurance eligibility verification for the visit: Before the office visit, the healthcare provider confirms the patient’s insurance coverage and clarifies any out-of-pocket expenses.
- Patient appointment scheduling and check-out: Patients schedule appointments and attend the consultation. When it is complete, their visit is officially logged for billing.
- Checking for coding and billing compliance: Billing staff review the captured codes and billing information to ensure compliance with regulations and accuracy.
- Preparing and transmitting claims: Claims are prepared based on verified codes and submitted to insurance companies for reimbursement.
- Monitoring claim status: The status of submitted claims is tracked to ensure they are processed correctly and in a timely manner by insurance companies.
- Generating patient statements or bills: After claims are adjudicated, patient statements are created to communicate any financial obligations.
- Patient payment collection: Payments received from patients are recorded, and arrangements are made for any outstanding balances to facilitate prompt payment collection.
How do we get started?
Getting started is easy! Just visit our Contact Us page. To help us assist you better, please share relevant details about your practice, such as your practice model, specialty, and any specific concerns you may have. Additionally, let us know the best time to reach you. We look forward to connecting with you!
Why should I trust OSI for billing?
We have built comprehensive compliance and HIPAA programs tailored to fit the unique needs of individual practices. Our team of trained professionals has a proven track record of helping clients enhance profitability while easing the challenges associated with managing a billing department.
What makes OSI different from other billing services?
Why OSI?
By functioning as an extension of your practice, we help eliminate the burdens of staffing, record-keeping, and the expenses of in-house billing. This approach not only saves you money but also ensures that you receive the expertise necessary for optimal reimbursement in the ever-evolving insurance landscape.
Additionally, we offer a transparent and flexible pricing structure, with no hidden fees or costs.
What services are available at OSI?
We understand that each provider faces unique challenges and has distinct goals, which is why we offer flexible services tailored to your needs. Our primary focus is to deliver solutions that support the long-term success of your practice. Our standard offerings include medical billing and coding, verifications and authorizations, virtual office staffing, and credentialing.
How are payments received and posted?
Does OSI have a compliance plan?
Can your services integrate with my existing systems?
How do you handle denied claims?
Is your service EMR/EHR integrated?
Will there be a dedicated team to handle my practice account?
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by Natalie Tornese | Posted: May 20, 2022