Get Paid Faster By Outsourcing Medical Billing

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Get Paid Faster By Outsourcing Medical
Billing
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Get Paid Faster By Outsourcing Medical Billing
Receiving accurate insurance and patient payments
is the biggest challenge when you run a medical
practice. When medical practices run into cash
flow problems, it becomes that much harder to
treat patients effectively and keep your staff
happy. When you have to wait several months to
get paid the money youve earned, it becomes
harder to cover your recurring operating
expenses, such as rent, utilities, salaries,
insurance, and medical supplies. As you start
spending more and more time collecting
outstanding payments, you may start lacking the
energy and time needed to focus on patient care.
The simpler way to get paid faster is by
outsourcing your medical billing operations to a
billing company. There are lots of advantages of
outsourcing your medical billing operations to a
billing company. In this article, we covered how
a medical billing company can assist you in
receiving accurate and faster insurance and
patient payments. Complete RCM Services Medical
billing companies offer complete Revenue Cycle
Management (RCM) services. Complete RCM services
include eligibility verification, coding, charge
entry, payment posting, denial management, and AR
collection. You just need to share appointment
details and billing companies will start their
work from checking patient insurance coverage up
to posting payments received from insurance. You
just need to review the reports to get an idea
about the financial state of your practice. As
all activities are taken care by billing, coding,
and Account Receivables (AR) experts, you collect
accurate and quick payments from insurance as
well as from patients.
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Get Paid Faster By Outsourcing Medical Billing
Collecting of Patient Payments You will be
provided with an insurance coverage report for
new patients, prior visits. The insurance
coverage report will include covered services,
co-payments, and unpaid deductibles. So, your
front desk staff will be well informed about the
patient responsibilities and you can collect all
the patient responsibilities at the time of
visit. An insurance coverage report will help you
to understand whether planned services are
covered under a patient insurance plan or not. If
insurance is not covering the planned services,
then you can communicate with patients and ask
them to make an alternate payment arrangement
either by self-pay or sharing other insurance
details. Once the patient leaves the office, it
becomes very difficult to collect the patient
payments. You must have an insurance coverage
report a few days prior to their visit. Clean
Claim Submission Claim submission experts from
medical billing companies can help you to submit
clean claims. If your submitted claim has errors
like wrong insurance details or wrong patient
demographics then your claim will get rejected.
You have to work on such rejected claims and need
to ensure that all filled claim information is
correct. This process of correcting rejected
claims and resubmitting them costs a lot of time.
Submitting the clean will ensure the payer will
receive your claim and can process it quickly
helping you to receive quicker insurance
reimbursements. With assistance from medical
billing companies, your practice can achieve more
than 95 percent of clean claim submissions.
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Get Paid Faster By Outsourcing Medical Billing
Denial Management Denial management and
resolution is an important process of revenue
cycle management. When such payment is denied,
you have to correct the submitted information or
provide additional information and request the
payer to reprocess the claim. Medical billing
experts from such companies are well versed with
common denial reasons. So, they ensure that all
claims are submitted accurately without any
errors or missing information. Even if the claim
gets denied they know the resolution for that
denial code and they will resubmit the claim
quickly. This expertise in submitting clean
claims as well as resubmitting denied claims with
proper resolution ensures that you will receive
quicker insurance reimbursements. Customized
Services Medical billing companies provide
complete revenue cycle services, at the same time
you can choose which services you will require
from them. If you just need assistance in finding
out the patient insurance coverage, you can
choose eligibility and verification services
only. If you need assistance in recovering old
accounts receivable then you can choose only for
Accounts Receivable (AR) services. Most of the
medical billing companies charge only on
insurance collection received. They will charge a
fixed percentage on monthly insurance collection
received.
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Get Paid Faster By Outsourcing Medical Billing
There is no doubt that outsourcing your medical
billing services to a billing company will ensure
quicker payments for your practice. When you
associate with a medical billing company, you
just need to review billing reports to get an
idea about the financial health of your practice.
Medisys Data Solutions is such a HIPAA-compliant
company that can assist you in medical billing
for your practice. To know more about how we can
help you in collecting accurate insurance as well
as patient payments, contact us at
info_at_medisysdata.com / 302-261-9187
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