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Can Medical Practice Billing Services Help Grow Your Practice?
Billing is the most critical task of any medical practice. Without the proper billing process, no organization can expect to grow or sustain in the industry for longer. Therefore, you need to hire a medical billing service that can take responsibility for your entire billing task. They can help you grow your business and beat the competitors in the industry. Read further to learn what the billing service providers are, how they work, and how they can ensure the growth of your business.
What is Medical Practice Billing Service?
Medical billing services are the process of submitting a claim and reimbursing for the services a practice has provided. Once a claim is submitted for the medical treatments and procedures, billers in healthcare providers follow it up to receive remittance.
Medical billing companies can help your business to grow. This is because the billers will ensure cash flow, increase the business’s revenue, and prevent loss of money over time.
How Do Medical Practices Work?
The medical billing service provider ensures speed and top-notch accuracy. These companies need to follow a strict process that maximizes efficiency and human error. The right medical software and a consistent workflow can speed up reimbursements and claims. Submitting claims is a challenging process. Medical practice billing service provider follows the following steps to submit the claims:
- Register the patient’s information
- Verify patient information from insurance carriers
- Review the healthcare expert’s patient notes
- Convert medical treatments, procedures, medicines, and other services into codes
- Add required charges it medical claims
- Review the claim and file it
- Follow up on payer adjudication
- Send statements to patients
- Update and pursue payments
Offers revenue cycle management
Feed the information in practice management software
I'm very thankful for Portiva who I know is looking after my practice while I'm gone the virtual assistants can manage prescription refills, documents they can triage patients and just kind of answer administrative questions and they can handle a lot on their own. But also, they're very good about contacting me if there's any emergency or anything I need to attend to. So I'm very thankful for Portiva they can help almost any provider almost anywhere and it really allows for some good work-life balance as I'm getting to experience right now at my family farm so I'm very thankful for Portiva and I'm very happy to use their services"
Board Certified Family Medicine Physician
Portiva's Virtual Medical Assistant - I have all the support I need. There's somebody checking my email, any patient messages. Patients are still able to schedule and handle any scheduling issues and any kind of billing that needs to still go through. Portiva hands handles it all for me. I have support i have somebody that I can access 24/7 pretty much. It's all very seamless. If somebody has an emergency or needs a medication called in. I know that the va's at portiva will handle that for me.
Board Certified Family Medicine Physician
Partnering with the Medical Billing Services is a Key to Growth
Associating with the medical billing provider is an ideal approach to guarantee the growth and success of the practice. When you have the support of a team of experts, there are very few risks of getting into payment problems and billing issues. There are many ways billing firms can help your business grow. Here we have discussed some of them.
Relive Billing Burdens
Operating in-house billing is a great administrative and operational burden on the medical team. Billing staff is infamous for their high turnover rate. This makes you train new staff members every few months and provide benefits to retain the. As a result, it will drain costs and reduce your operation.
Outsourcing your billing task to a quality medical billing process eliminates this burden and stress. They have a team of experts working with the company for years and have specialized training and certification. Hence, you don’t need to deal with the billers directly. The billing company will perform most of your billing-related tasks to lower your administrative burden and allow you to focus entirely on your patients.
Helps to Reduce Loss Revenue
Nothing more than lost revenue will prevent you from growing in the industry. Note that lost revenue is the outcome of the denied claims that may have slipped through the cracks or were unresolved. They can cost you hundreds of thousands of dollars annually based on the type, size, and services your practice offers.
If you hire the best medical billing services, they can help you reduce lost revenue through a strategic denial management process. They will stop denials in their tracks and boost your reimbursement rate. Credible and experienced medical billers have a tested and proven mechanism that they use to provide you best services, leading to fewer denied claims. They also try to reclaim the denied bills until they get approved.
Offers Claims Tracking/Scrubbing
The best medical billing service will work diligently to track and scrub every claim. To help you understand, claim scrubbing is the method of reviewing and improving a claim before it gets submitted. This reduces its risks of getting denied and maximizes your reimbursement.
Once your claims are submitted, tracking claims will help billing teams to ensure you get approval. However, if claims are denied, they will identify and correct the issues. After that, the billers will resubmit the claims to streamline your payment. This is challenging for in-house billing services, as they don’t have the resources and time to work on past claims, leading to an incredible loss.
Finds Overlooked Revenue Opportunities
Health experts are too busy to devote enough time to optimize revenue opportunities. Trained and experienced medical billers can step in and improve healthcare facilities’ revenue system to increase effectiveness. Many factors can clog clinics, hospitals, small practices, ambulatory surgery centers, laboratories, or other medical institutions’ revenue management systems and cause bottlenecks, such as:
- Protracted denied procedures
- Issues with the collected procedure
- Erroneous medical coding
- Problems with the unpaid claims submission
- Issues in the insurance verification
Billing professionals are ideal at identifying and solving issues to offer a smooth and seamless process for medical practices. They can also guide you to examine the revenue cycle, increase revenue, and provide consistency.
Provides Data to Power Growth
A professional medical billing company takes pride in not only resolving your facility’s revenue problem but also playing an important role in the organization’s overall success. The medical billing solution can easily understand the factors that affect your profits by analyzing the practice’s operational data.
When you want to grow your practice in the right direction, it’s crucial to identify the factors that are helping or hurting revenues. This is why; healthcare practices can leverage billers’ senses to get insightful charts and graphs to improve their operations.
They can guide you to look at data differently to understand how everything influences revenue generation. Most healthcare companies, especially small organizations, never get to analyze or see this level of transparency. Medical billing expertise combined with data application can greatly impact a healthcare institution’s long-term success.
Increase Clean Claims
Keep in mind that clean claims are crucial to maximize your revenue. When you partner with the leading billing companies in the industry, they can maximize your clean claim rate. In fact, you can expect to submit more than 99 percent right claims.
A strong partnership with an expert team will ultimately grow your bottom line. They can help you find the balance your organization needs to provide the best patient care without sacrificing your revenue. Handing the billing and coding services to professionals will help you get paid for your services to patients.
Educate Patients about Billing
Parenting with a billing service provider means you will receive more benefits than just the payments for your medical services. It means you will be able to educate your patients about the billing process. The biller will be willing to work with your patients to understand their bills, their responsibility as patients, and what things are included in the bill.
Your patients must understand that they are charged the right amount and have received all the treatments and services you mentioned in the bill. While most patients don’t cause issues paying the bill, some may object to certain services. The billing company working in the industry for years know how to communicate with the patients and resolve their concern. This helps you get payments on time and improper your revenue cycle.
Allows to Focus on Patients
One of the most common problems medical practices experiences that prevent them from growing is diverting the attention of doctors, nurses, assistants, and other experts. Since the medical team needs to perform administration tasks, billing and coding, and collecting and managing patient information, they had a hard time focusing on their patients. They may take longer to treat patients or make mistakes while diagnosing or training patients.
These problems lower the client satisfaction rate, reducing the number of patients in the future and the practice’s overall revenue. The only solution to these issues is to hire expert billers. This will save time and energy for your medical team and allow them to focus on patients. Also, they will prevent coding errors and verify information with insurance billing. Note that billing errors can lead to large penalties and fees that can impact the financial health of your business.
Offers Revenue Cycle Management
Medical billing services can provide revenue cycle management to hospitals and clinics. This way, they will help you with payment posting, check accounts receivable, keep electronic health records, provide patient eligibility verification, and submit electronic claims for you.
This service allow medical patient billing provider to contact the insurance company and ensure to get payment. RCM services will also allow billing specialists to manage the patient portal and ensure your patient gets the right information.
Medical Billing Services General Questions
Frequently Asked Questions
What is the meaning of medical billing services?
Medical billing services refer to billing and collecting medical charges on behalf of practising physicians and healthcare practices. Medical billing services compare to a physician’s billing service, which helps medical procedures to streamline their billing and collection process. It is an administrative service provided by third-party organizations that specialize in billing services for medical practices. These services include submitting medical claims to insurance companies, tracking shares, follow-up on denied claims, and processing payments.
In short, medical billing services are an essential part of medical practice, allowing physicians to focus on the core aspects of their courses while a dedicated team handles the billing and administrative aspects. Thus, medical billing services act as a bridge between healthcare services and medical practices, helping help guarantee that patients receive the treatment they require while physicians can focus on practising medicine.
What are best practices in medical billing and coding?
Medical billing and coding are critical healthcare services that require strict adherence to best practices to ensure efficient and accurate billing. To this end, there are several best practices in medical billing and coding that physicians billing providers and healthcare services compare to ensure effective billing practices.
The first of these best practices is to ensure accurate documentation of all patient information, medical diagnoses, and treatment procedures. Correct documentation enables efficient billing and reduces the risk of billing errors. Additionally, medical billing services must stay current with the latest coding practices and guidelines to avoid coding errors and ensure accurate billing.
Another crucial medical billing practice is verifying patient insurance coverage and obtaining pre-authorization before rendering services. This ensures billing services know coverage limits and can avoid billing errors due to incorrect policy information. It also helps healthcare services avoid denied claims by verifying coverage before rendering medical services.
Furthermore, healthcare services must compare billing services and choose reputable providers with experience processing medical billing claims to minimize billing errors, improve claim submission rates, and increase revenue. By choosing medical billing services specializing in their field, healthcare services can optimize billing procedures and maximize revenue.
Medical billing and coding practices are critical to ensure the accuracy and efficiency of physician billing services. By following strict documentation practices, staying up-to-date with the best coding practices, verifying patient insurance coverage, and choosing reputable billing services, healthcare services can optimize their billing procedures and ensure maximum revenue.
What is medical billing platform?
A medical billing platform is an innovative software solution that streamlines the medical billing process by automating tasks such as creating invoices, submitting claims, and managing patient billing information, helping healthcare providers increase efficiency, reduce errors, and improve revenue.
What is the main purpose of billing?
The primary purpose of billing is to accurately and efficiently document and track financial transactions between businesses and their customers, ensuring that both parties clearly understand the goods or services provided and the associated costs. It is a critical tool for ensuring timely payment and maintaining transparent financial records.
What is the responsibility of billing?
The responsibility of billing is to accurately track and manage financial transactions, ensuring that all charges and payments are recorded correctly and efficiently. A billing department must thoroughly understand billing policies and procedures to provide accurate and reliable customer service. Ultimately, billing is responsible for maintaining the organisation’s financial health by ensuring all revenue is collected correctly and accounted for.
How can healthcare providers improve their billing process and management services with the help of a reliable billing company?
Healthcare providers can significantly improve their billing process and management services by partnering with a reliable billing company. A billing company can provide expert knowledge, advanced technology, and dedicated resources to streamline the revenue cycle, reduce billing errors, and enhance claim collections. With a trusted billing partner, healthcare providers can focus on delivering quality patient care while efficiently managing their finances.
Medical Billing Service and Medical Coding: Bottom Line
Hiring the best medical billing services provider can help your healthcare facility to grow. With expert help, you can ensure to boost revenue and provide the best services to patients. If you are looking for an experienced and trained team of experts, Portiva is the right option for you. We have a team of professional experts who are fully equipped to deal with all the billing issues. Our team will guide you to streamline your medical services and help you generate revenue.
You can discuss your concern and the problems you are experiencing with us. Our experts will help you find the right solution for them. With a proven record, our professionals will do the entire billing-related task, from gathering patient information to resubmitting the insurance claims process that allows you to focus on your practice. So, contact us to get help!