Medical billing providers have turned around the revenues of many healthcare providers through effective application of technology and expertise. Some medical practitioners have increased their revenue by over 35% by hiring medical billing services.
Medical billing companies maximize collection in shortest possible time. Most medical practices are wanting in their billing procedures, which is one of the main reasons insurance companies get the chance to deny or reject claims. Billing providers spruce up the entire revenue system from the time of patient appointments to receiving payments.
Revenue cycle management refers to the complete overhaul of the medical provider’s existing revenue system. Billing services include collection of claims and billing consulting services. The long-term objective of this service is to increase the efficiency and accountability of the entire cycle. The predictable outcome is timely and accurate submission of claims and increased cash flow.
Revenue cycle management
A medical practice’s revenue cycle is its source of cash flow and its efficient management should be of the highest priority of medical practitioners, right behind patient care. Medical billing providers examine and improve the revenue cycle from the patient visit to collection of claims. They also examine other processes related to budgeting, resource utilization, financial planning, and so on. Patient data and related activities are tracked and recorded at every step in the revenue collection plan to ensure timely submission of accurate claims.
Billing software services
Medical billing providers leverage technology to optimize billing services. Revenue management applications have gone online with web-based applications that are user-friendly, accessible 24×7, HIPAA compliant, secure, customizable, and that support business intelligence. These applications make it possible to track data at every step.
The application system is first fed the necessary data to make it work as per the business processes of that medical practice. Activities include:
* authorizing services
* determining and validating insurance coverage
* assessing payment risks
* scheduling resources
Electronic medical records (EMR) technology enables medical practitioners to record information in a hand held device during a patient appointment. This data is synchronized with a central database ensuring accurate patient records in real-time.
At the end of the patient’s appointment, the automated billing software pulls the necessary details to prepare the claims for submission. The accurately filled claim is submitted to the insurance payer within a day.
Electronic billing speeds up the billing process significantly, unlike the manual process of data entry and coding. Faster and accurate billing results in higher collection rates and increased revenue.
Billing consulting services
Medical Billing consulting services ensure the effective use of technology. The major function of medical billing companies is the implementation and management of the billing application and follow-up by:
* updating software
* supporting software
* providing financial reporting and statistics
* strategic assessment check-ins
* negotiating with insurance companies
* updating insurance forms
* updating membership requirements
Revenue cycle management includes collecting claims and improving the effectiveness of the process by bringing accuracy, accountability and timeliness to the process. Medical practitioners increase their revenue and the efficiency of their revenue management system by outsourcing billing services.