Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

How Medical Billing Management Services Can Improve Revenue Collection

By Outsource Strategies International Subscribe to RSS | May 1st 2012 | Views:

Verifying patient demographics, entering the details into the eligibility system, verifying insurance, filing claims on time, and so on are medical billing processes that must be carried out in a professional manner. Any laxity would affect practice reimbursement and revenues. Busy physicians find it increasingly difficult to manage these tasks and provide efficient patient care at the same time. It is to this end that professional outsourcing companies provide medical practitioners with medical billing management services to improve revenue collection.

Why In-house Medical Billing is Difficult

The billing procedures in a physician practice have to follow a standardized format, following a set of billing codes recognized by insurance companies. When a patient arrives for treatment, all relevant patient information has to be collected and entered correctly into an electronic health record (EHR) system. This will allow physicians to determine whether the patient is eligible for insurance and to collect the payment from the insurer. Each diagnosis and treatment has a specific code and reimbursement depends on entry of the accurate code.

In-house billing is therefore a time consuming task that would demand the attention of skilled and experienced medical billing staff and medical coders. Rather than set up the infrastructure and hire the human resources needed to perform in-house medical billing, most medical practices now prefer to outsource the job to a professional medical billing company.

End-to-end Medical Billing and Management Services

Medical billing companies provide end-to-end solutions to help physicians manage all their medical billing hassles and reduce the risk of non-payment or delayed payment. Services offered include:

•Patient scheduling and reminders

•Patient enrollment

•Insurance enrollment and verification

•Coding and audits

•Billing and reconciling of accounts (payment posting)

•Account Analysis and Denial Management (EOB Analysis)

•AR management

•Financial management reporting

An established medical billing company can work with any type of billing software system. Compliance to the rules and regulations of the insurance companies is essential to avoid accusations of fraud and abuse. Their expert medical billing and coding specialists are up-to-date with the latest codes, standards and procedures, and work diligently to ensure timely reimbursement:

•Record and register patient information, including treatment records, insurance details, bills, payments received, pending payments, and so on

•Correspond with insurance companies to verify policy information

•Organize patient's records, bills and statements and confirms that they are error-free prior to coding

•Assign accurate codes to diagnosis and treatment procedures

•Submit the bills to the insurers to obtain timely payment

If claims are denied, AR (Account Receivables) specialists analyze the reasons for the denial and strive to collect the payment within the shortest possible time.

Outsource to the Right Service Provider

It would be to your advantage to outsource to a service provider that does not bind you down with a long-term yearly contract. Make sure that the company offers system based eligibility checking and system based claims scrubbing before claims go out. Also, it’s important that the medical billing company provides custom monthly reports on progress with payment collection. The right partner for medical billing management services can definitely help minimize claim rejection to improve your revenue collection.

Outsource Strategies International - About Author:
OSI is a medical billing service provider,standing abreast with the best medical billing companies in the US.OSI also offers quality physician billing services to prevent heavy financial losses in medical practices

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Business Articles Subscribe to RSS

Techniques for medical equipment manufacturers Through Supercharge your provide you with company lately!
Published by Samuel Willie on May 29th 2012 | Business
Advancing produce thread control might be a section of concern through a large amount of insurance c...
Use internet for buying medical supplies online
Published by Chooseems on July 6th 2012 | Business
You need to be extra careful while shopping on the internet. When it is about buying medication, the...
Discount medical supply store in your city
Published by Chooseems on July 6th 2012 | Business
You need to be extra careful while shopping on the internet. When it is about buying medication, the...
HIPAA compliant medical billing and coding for the healthcare industry
Published by Outsource Strategies International on June 7th 2012 | Business
HIPAA compliant medical billing and coding enable healthcare firms to submit insurance claims prompt...
Predicting the scope of medical billing consultants after 2014 and beyond
Published by Jacob Thomas on May 24th 2012 | Business
Although it has been quite a while since the Federal Government announced a series of far-reaching h...
Medical billing classes include introduction to the procedure of medical billing
Published by Medicalbill12 on February 3rd 2012 | Business

The development of Medical billing classes is an outcome of the growth of the healthcare industr...
Enhancing medical device regulations - Facing this implies to get a industrial sectors?
Published by Gerald Keith on May 31st 2012 | Business
Exactly so are we on course with the healthcare industry ski they medical device regulations on hand...
Being aware of the Sorts of medical Loans
Published by John Schubert on August 17th 2012 | Business
The charges of medical procedures and therapies can add up easily to thousands of dollars. When you ...
Get best medical facilities with the help of James Zadroga Act
Published by Jennifer Weinstein on January 20th 2012 | Business
There are exceptionally skilled lawyers available in United States who have vast knowledge about the...
Dermatologists’ Shortage in the US – a medical billing perspective
Published by Jacob Thomas on December 5th 2011 | Business
Contrary to mounting demand, US healthcare industry continues to be plagued by shortage of dermatolo...
Zadroga attorney enable to get better medical aid and healthy lifestyle
Published by Jennifer Weinstein on January 6th 2012 | Business
Zadroga attorney assist the victims of 9/11 terror attack, to get well deserved reimbursement for be...
HIPAA compliant physician billing services for gastroenterologists
Published by Outsource Strategies International on March 5th 2012 | Business
Medical billing companies provide all healthcare specialists, including gastroenterologists, efficie...
Averting common operational & legal pitfalls at your medical practice
Published by Deepak Rupnar on June 5th 2012 | Business
Medical practice and legal issues have long been inseparable. History is full of examples wherein pr...
Medical Loans for All Forms of medical Therapies and Procedures
Published by John Schubert on August 17th 2012 | Business
It has been mentioned time and time yet again that health is wealth and men and women are willing to...
Zadroga claim helps to provide medical and financial support to victims
Published by Jennifer Weinstein on December 19th 2011 | Business
The Zadroga Claim provides financial aid to the victim which helps them to fight the health problem ...
Catheter along with it's medical applications
Published by Ema Sis on April 18th 2012 | Business

In medical science catheter marking relates to the usual process in virtually all health facilit...
Home medical equipment monitors your every health problem
Published by Chooseems on June 19th 2012 | Business
Purchasing home medical equipments offers surplus vantages that can never compared with any other. I...
The many medical device distribution programming back European union
Published by Caedmon Scott on May 25th 2012 | Business
Absolutely new Euro directives is discussed completely for any selling and additionally passing them...
Optimising venture who have medical equipment suppliers to boost productivity
Published by Jose Larry on May 29th 2012 | Business
Well being appliances are replacing frequently with fresh, new products are going online on the mark...
Which were i would say the top medical device companies? and furthermore go about doing their specific be taken bracelets problem?
Published by Ryan Roger on May 30th 2012 | Business
Trading wants a wide range of plans and in addition association. This may equal more true designed f...