Tag Archives: Medical Billing

What Are The Common Misconceptions About Medical Billing Outsourcing?

With medical billing changing so fast, it has become difficult for an independent practice or even a single hospital to profitably manage the task in-house. Since there is an overwhelming number of tasks that medical practice managers have to contend with, outsourcing of clinical and administrative functions seems like an attractive option to many.

Farming out functions like medical billing allows practice staff and providers to focus on what they do best while a dedicated team handles their revenue cycle needs. But there are some practitioners who don’t think that outsourcing decisions are a net gain for their practice.

Importance of Running Financial Reports for Your Practice

When was the last time you reviewed financial reports for your practice? If you can’t remember, then now is the right time to start because handling the business end of healthcare is equally important. If you don’t have a good understanding of financial reports, then you will be missing out on key metrics that are required for making good business decisions.

In-depth understanding of reports will help you identify potential financial problems and shed light on areas that need your focus. All this will help you grow your practice.

Here are a few basic financial reports that healthcare providers must review on a regular basis:

3 Areas Practices Need to Focus on in 2018

2018 has come with new opportunities as well as challenges for medical practices. By improving the quality of care and lowering costs to increase patient satisfaction, Medical Billing Services Providers are having a hard time navigating through various requirements. They are finding new ways to thrive in business considering the shift towards value-based care and increased financial responsibility of patients.

In order to address the market pressures and make ends meet, here are three key areas that practices will have to focus on in 2018:

How Can You Practice Revenue Improve By Medical Billing And Coding Services?

First and foremost, effective medical billing and coding services are required for timely and error-free claim submission. If claims have errors and are not being submitted on time, practices will face huge revenue loss.

 

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With the resources, manpower and infrastructure of reliable medical billing companies such as 247MBS, providers can not only boost revenue but also save time and deliver quality patient care.

When a practice outsources medical billing services, it get access to a dedicated team of revenue cycle experts who work 24/7 to get them paid on time for rendered services and also reduce claim denials.

Why Should You Outsource Your RCM Needs?

The process of medical billing and collections is becoming daunting for medical practices with various coding and regulatory changes taking place. With the billing scene changing so fast, many providers are choosing to outsource their RCM needs to a third party also because managing it profitably in-house is getting difficult with every passing day.

Outsourcing has become quite an appealing trend that is showing no signs of waning soon. Since it is hard for physicians to stay aware of what’s going on in the billing side of things, it is better to let an expert team handle the task.

Why You Should Care about the New Major Changes in Medical Billing?

It was only about 10 minutes into the game when I fell on the soccer pitch this summer and tore a ligament in my knee. My subsequent trip to the hospital garnered me a specific diagnostic code that went to my insurance company. My insurer was then able to see why I sought care and billed accordingly. Despite significant upgrades in medical knowledge and care, the same thing would have happened a decade ago. Those codes have remained largely unchanged for more than 30 years. But soon a big change to that collection of numbers and letters may be making a splash—and should bode well for consumers.

How Can Your Back Office Staff Help In Billing?

When it comes to collecting co-pays, checking in patients and verifying insurance, the front desk staff has a vital role to play. The front desk also has a role to play in medical billing and collections for the practice. But even the back office does a lot of heavy lifting for billing and collections. So not just front-desk but back office staff also need to be experienced and well-trained.

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Here are some of the ways in which providers can get their back office team to bring their best game of collections and medical billing efforts:

Billing Tips for Your Front-desk Staff

Want to improve your revenue cycle and make billing smooth and effective?

If the answer is yes, then you will not only need expert billers but also well-trained front desk staff. Yes, you read that right. Front desk staff have a significant role to play in the billing and collections process for any practice.

 

 

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According to the industry experts, if your practice is having post-visit collection issues, then it is very important to evaluate the front-desk policies and procedures. It is important to ensure that everyone is on the same team and focused on the same goal. Only when everyone is on top of their game, bottom line of your practice will be healthier.

Does it help to Outsource Provider Credentialing Services?

If you are a practice that wishes to contract with third-party payers, then it is necessary that you attest to the qualifications and competencies of your physicians. This needs to be done through a process of source verification, data collection and committee review. If the physicians are not credentialed properly by an insurance company, then they won’t get paid on time for treatment of patients that are covered by that plan. This will result in a direct hit to the revenue cycle of your practice. Even if the physicians see the patients, the patients will be charged a higher deductible or out-of-network copay, which will be hard to collect because eventually, a great deal winds up in collections.

Are You Implementing Technology to Improve Revenue Cycle?

Technology has simplified revenue cycle management for many practices. By implementing new technology ideas, providers have been able to extract greater profitability from their day-to-day operations. For instance, analytics has helped providers make informed business decisions. It has helped them detect changes before they become obvious.

If you want to produce good results for your bottom line, them it becomes necessary to evaluate technology and implement it in an effective manner. With technologies, automation increases and this helps reduce the chances of errors, thereby increasing clean claim percentage. With the help of technology, practices are finding new ways to run their business. It is enabling them to reduce staff costs through boost in productivity.