Medical Billing Outsourcing

1
Medical Billing Outsourcing

• What is Medical Billing?
• When it comes to settling payments from insurance
  companies, medical practitioners, hospitals, and
  healthcare facilities face a lot of hassles. For
  the patients, the bill is settled once they
  provide the details of their insurance at the
  front desk of the healthcare facility. However,
  the hospital or healthcare center receives the
  reimbursements only when the claim is settled by
  the insurance companies.
• Medical billing refers to the process of filing
  and following up on claims with health insurance
  companies / providers in order to receive
  payments for the healthcare services rendered to
  patients by the practices / physicians.
• Medical billing serves as an effective channel
  between medical service providers and insurance
  companies.
• Read More

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
2
Medical Billing Outsourcing

• Need of Medical Billing Services
• With time, as the medical practice scales to new
  heights and grows, medical practitioners,
  doctors, and healthcare providers would need to
  delegate the medical billing task by hiring an
  in-house team of experts or outsourcing the task
  to a medical billing service provider.
• The objectives of medical billing services are as
  follows
• Boost the profitability of medical practitioners
  and healthcare centers
• Streamline everything from start to end (Patient
  Appointment Scheduling to Collections)
• Leverage on coding expertise and technical
  knowledge to maximize revenue generation from
  insurance payments
• Reduce the chances of claim denials
• A/R Follow up to reduce the accumulated A/R

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
3
Medical Billing Outsourcing

• Common challenges faced by Physicians and
  Practitioners with Medical Billing
• Lack of quality and effective medical billing
  resources
• Lack of appropriate tools and techniques to
  minimize revenue loss
• Staying up-to-date with the latest guidelines
• Inaccurate data entry for patient information
• Frequently changing medical billing codes
  increase the chances of claim denials
• Old redundant software and the capital investment
  to upgrade it frequently
• Duplicate charges or multiple billing for a
  patient
• Late handling of denied or rejected claims
• Delayed claim submissions

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
4
Medical Billing Outsourcing

• Cons of In-house Medical Billing
• In-house billing refers to the process of
  handling all the medical billing aspects by a
  medical practitioners own expert in-house team.
• However, keeping everything in-house has a lot of
  disadvantages.
• Highly Expensive
• Having an in-house medical billing practice
  involves a lot of capital expenditure and
  investment in getting a medical billing software
  and recruiting a team that knows how to operate
  the software. The cost incurred for recruiting,
  training and salaries of the medical billing team
  would definitely be more than the cost to
  outsource.
• 2) Support Issues
• A major drawback of having an in-house medical
  billing team is the ability to provide the
  required support to the clients. If a limited
  number of medical billers are hired, it would be
  difficult to handle a larger client base. On the
  contrary, having a large team for limited number
  of clients means more expense for the business.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
5
Medical Billing Outsourcing

• 3) Liabilities
• Having an in-house medical billing team means
  that they need to be constantly monitored with
  regards to the security protocols and compliance
  guidelines followed by them. Any violations of
  PHI security or protocols can result in huge
  liabilities for the company. In order to get rid
  of the liabilities, a lot of cash inflow needs to
  take place.
• Need for Outsourcing Medical Billing Services
• Outsourcing medical billing refers to the hiring
  of an external agency by a healthcare provider
  who takes care of all the medical billing
  aspects.
• Outsourcing is an effective way to manage medical
  billing. According to Verified Market Research,
  the medical billing outsourcing market worldwide
  was valued at 7.4 billion USD in 2018 and is
  expected to reach 15.6 billion USD by 2026.
• In reality, medical billing can be quite tedious
  and a time-consuming task for medical
  practitioners. In order to overcome this, it
  makes sense for them to outsource the processing
  of medical claims. This would allow them to free
  up both time and space, thus enabling them to
  focus on what they do best, i.e. take proper care
  of the patients. Choosing the option to outsource
  limits their liability and helps to save capital
  in the long term.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
6
Medical Billing Outsourcing

• Benefits of Medical Billing Outsourcing
• 1) Boost in revenue generation
• Medical billing outsourcing helps healthcare
  providers, especially small practices to collect
  more money and improve cash flow. This is because
  collection rate improves with timely submission
  of medical claims. This increases the inflow of
  reimbursements from the side of the insurance
  companies.
• 2) Compliance with ICD-10
• The latest version of the International
  Classification of Diseases (ICD), i.e. ICD-10 is
  a growing concern in the healthcare and medical
  industry. The new coding changes as per ICD-10
  has resulted in a severe impact on the
  reimbursements of healthcare providers.
  Outsourcing medical billing means that compliance
  regulations and coding changes of ICD-10 will be
  taken care of by the service provider.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
7
Medical Billing Outsourcing

• 3) Saves money
• One major benefit of outsourcing medical billing
  is that it is cost effective and helps healthcare
  providers and medical practitioners save money.
  The infrastructure, expertise and procedures,
  everything comes at a lesser price when
  outsourced. Thus, outsourcing medical billing is
  a profitable decision.
• 4) Improved focus on patients
• By outsourcing billing, medical practitioners can
  spend more time with their patients and offer
  better services to them. This is because they do
  not have to look into the medical billing work.
  More focus and attention to patients means more
  satisfaction and quality patient care.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
8
Medical Billing Outsourcing
5) A/R follow-up The accounts receivable (A/R)
follow-up by the outsourced medical billing
company ensures easy recovery of overdue payments
from the insurance companies. The A/R follow-up
team takes care of the denied claims and reopens
them to get the maximum compensation from the
insurance companies. 6) Denial management The
main aim of the denial management process in
outsourcing medical billing is that it focuses on
minimizing the lost reimbursements and denials
with highly efficient systems and solutions. The
denial management team of the outsourced company
works on resolving the problems that lead to
denials and strives to cut-short the accounts
receivables cycle.
info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
9
Medical Billing Outsourcing
7) HIPPA Compliance While choosing to partner
with a medical billing service provider, it is
necessary to ensure that the company is HIPPA
(Health Insurance Portability and Accountability
Act) compliant. An HIPPA compliant medical
billing service provider needs to ensure that all
the patients records and personal information is
kept completely secure and confidential. HIPPA
compliance requires healthcare entities to ensure
complete privacy of patients sensitive
information. 8) Reduced Billing
Errors Outsourcing medical billing
services helps medical practitioners to minimize
billing errors. The medical billing service
provider leverages on various technologies to
reduce billing errors. Any medical billing
mistake results in loss of reimbursements,
thereby affecting the revenue. Medical billing
errors can be reduced by ensuring and verifying
that all the patient details are correct,
investing in training and avoiding duplicate
claims.
info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
10
Medical Billing Outsourcing

• Why choose 24/7 Medical Billing Services?
• One stop shop solution for all your medical
  billing needs
• Customized services depending on the nature of
  your challenge
• Improved cash flow and collection rate of your
  healthcare center
• Multi-level authentication and security system in
  place for data security
• Reduced operational costs of your medical center
• Fixed cost for all services with no hidden
  charges
• Strict deadlines for reimbursements from
  insurance companies
• CPT and ICD-10 coding compliance eliminates
  hassles in filing a claim
• Skilled expertise in different domains
• Competitive pricing for all medical billing
  related services
• Flexible plans depending on your requirements
• Complete transparency for all procedures
• Detailed reporting of your accounts receivables

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
11
Medical Billing Outsourcing

• 24/ Medical Billing Services has been in the
  industry for more than 12 years now We have
  been offering end-to-end Revenue Cycle Management
  services for huge practices multi-specialty
  clinics. We specialize in Durable Medical
  Equipment (DME) Medical Billing, Chiropractic
  Medical Billing, Tele-Health Billing close to
  40 other specialties.
• Free Credentialing
• Credentialing is a key step of becoming a trusted
  medical practitioner and healthcare provider in
  the list of medical insurance companies in the
  market. It is essential for healthcare service
  providers to be a part of the insurance companys
  network. If they are not a part of the list, many
  patients may refuse to take treatment.
• At 24/7 Medical Billing Services, as a part of an
  on-going promotional offer, we are providing free
  insurance credentialing to doctors, hospitals,
  and small practices who partner with u as a part
  of the medical billing services. We verify and
  update the credentials of healthcare providers
  with insurance companies at regular time
  intervals. Credentialing serves as an effective
  medium to be recognized by insurance companies
  and get paid by them for the services rendered to
  patients.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
12
About us

• We are a medical billing company that offers
  24/7 Medical Billing Services and support
  physicians, hospitals, medical institutions and
  group practices with our end to end medical
  billing solutions. We help you earn more revenue
  with our quick and affordable services. Our
  customized Revenue Cycle Management (RCM)
  solutions allow physicians to attract additional
  revenue and reduce administrative burden or
  losses.
• Our company was founded in 2005 and is now a
  leading organization of highly motivated and
  certified coders billers in the US medical
  billing industry. Our current employee strength
  is 500 and we have ambitious plans to grow more
  rapidly.
• As a leading Medical Billing Outsourcing Company
  we take care of the complete setup enrolment in
  about one to four weeks time depending on the
  complexity of the project. We have certified
  trainers with 10 years of experience to train
  the newcomers so they can get acquainted with the
  specialty jargons stay updated with the recent
  coding developments.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
13
Contact us

• 24/7 Medical Billing Services
• 16192 Coastal Hwy,
• Lewes, DE 19958
• USA
• Phone no
• 1 888-502-0537
• Email Address
• info_at_247medicalbillingservices.com

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537