15th May 2019
Estimated reading time : 5 Minutes
MEDICAL BILLING OUTSOURCING
Medical billing involves a healthcare provider submitting, following up on, and appealing claims with health insurance companies in order to receive payment for services rendered; such as testing, treatments, and procedures. Essentially, medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider. Medical billing translates a healthcare service into a billing claim. The responsibility of the medical biller in a healthcare facility is to follow the claim to ensure the practice receives reimbursement for the work the providers perform. A knowledgeable biller can optimize revenue performance for the practice.
Medical billing and coding specialists are largely responsible for making sure medical office revenue cycles run smoothly. When a service is performed, a medical coder assigns codes to the services rendered. The diagnoses and procedure codes are taken from medical record documentation, such as transcription of physician’s notes, laboratory and radiology results, etc.
Although a medical biller’s duties vary with the size of the work facility, the biller typically assembles all data concerning the bill. This can include charge entry, claims transmission, payment posting, insurance follow-up, and patient follow-up.
Medical billers regularly communicate with physicians and other healthcare professionals to clarify diagnoses or to obtain additional information. The medical biller must understand how to read the medical record and, like the medical coder, be familiar with CPT, HCPCS Level II and ICD-10-CM codes.
Why outsource Medical Billing??
- The medical and healthcare industry is constantly changing. Doctors and medical professionals can use outsourced medical billing services in a bid to keep abreast of the latest rules and regulations. Outsourcing billing services enable physicians to focus on patient care and adhere to high standards of medical diagnosis and interventions.
- Physicians who outsource medical billing operations gain distinct benefits in terms of the vast knowledge base that is at the disposal of the medical billing Company. The act of outsourcing also allows doctors and healthcare professionals to manage fewer staff members. This boosts the business bottom line of their medical practice. In addition, medical billing outsourcing enables doctors to network with other members of the medical fraternity.
- Physicians who outsource their billing services can gain timely reimbursements. The Medical billing company will provide an accurate picture of dues realized at regular intervals. This fact helps physicians gain a snapshot of their earnings in real time. Such information helps Physicians to boost their regular income from a steady increase in their revenue numbers.
- Doctors who chose to outsource their billing risk fewer interruptions in cash flows. This stems from the fact that the Medical Billing companies offers the services of specialists to every client. These specialists remain aware of the latest updates and regulations that attend the medical billing industry. This professional approach helps the Physicians to realize payments from both Insurance and patients far quicker than from doing it in-house within a typical doctor’s office.
- Medical billing companies help Physicians to reduce billing errors, improve patient satisfaction, enhance revenue and ensure compliance with billing regulations. These important aspects animate the medical services industry. Hence, it is always beneficial that every Physician must consider outsourcing their services to a professional Medical Billing Company.
Viaante provides a wide range of Revenue Cycle Management (RCM) services to large-mid-sized medical billing companies, Physician groups, Radiology groups, and Medical center. We leverage people, processes, and technology to provide operational and financial solutions to our clients. Our goal is to help you maximize reimbursement while reducing the overall cost of RCM. Our services include Medical Billing, Medical Coding, Charge Capture, Payment Posting, and Accounts Receivable Follow-Up. These can be provided on a standalone basis or under our complete RCM offering. We have experience and expertise in the medical billing and coding procedures which enables us to deliver high quality and accurate results on time. Our experienced team of AAPC, CPC, and CPC-H certified coders, with expertise in CPT, ICD 10-10, HCPCS Level 3 and DRG codes. We specialize in Internal Medicine, Radiology, E&M, Inpatient Hospital Coding, ER Hospital Coding. For more information about us, log on to www.viaante.com
There is high pressure on insurance companies to improve their performance and visibility and comply with all the regulations. With so many areas coming into the picture, analytics is the best option. You can use analytics to improve your performance and comply with regulations at the same time. Analytics and automation helps insurance companies to bring about improvements in the operations, bridge process gaps and improve services rendered to the members. In the current scenario, insurance companies are usually in the dark about the source of the errors and problems. Analytics will provide insurance companies the right capabilities to avoid common errors and handle complex claims due to which performance variability can be removed, operating costs can be reduced and the people with the best skills can be deployed in the right areas, all with the help of analytics.
Following these best practices in medical claims processing will help improve efficiency and streamline processes. The National Health insurer Report Card has stated that close to $17 Billion can be saved annually by eliminating claims errors. It would be unrealistic to think that claims processing errors will be completely eliminated in the future. But insurance companies can take a dedicated step towards reducing errors that can benefit a large number of people who avail medical insurance. Medical insurance companies can effectively overcome the challenges of processing speed, accuracy, volume, regulatory compliance and administrative costs by outsourcing to an expert medical insurance claims processing service provider and improve customer satisfaction levels.
For more information on how Viaante Business Solution will effectively manage your Medical Insurance Claims Processing requirements, reach us at marketing@viaante.com or log on to www.viaante.com
