Medical billing is the gift of the digital era, which has transformed the healthcare industry completely. The removal of paper-based bills and mistake-prone clerical work was already a burden for medical care providers. With the introduction of medical billing and coding services, the industry has flourished and continues to grow. If you’re thinking about transitioning to this stage, this blog is a perfect fit for you. Today we will discuss how you can maximize your revenue and avoid denial of claims with accurate billing. So, let’s go through this from an expert’s perspective.
What is Medical Billing?
Before we move on to providing you with a solution, it’s important to understand what medical billing is. To answer this in short words with rich details, it’s the billing of the services given to the patient by healthcare providers. A provider can be a physician, a doctor working in a clinic, or a big, multi-story, multi-disciplinary hospital.
When a patient books an appointment with the doctor, they provide their details, such as name, age, history of disease, and demographics. A nursing assistant or administrative staff member takes the details, makes a file, and books the appointment. After that, the front-end staff contacts the patient’s insurance company or payer about the patient’s financial benefits covered under the insurance scheme.
After getting the green light from the payer, patients can easily go for a check-up, and services are provided. After the patient encounter, their physician ticks the boxes in the form about what services are provided and why. This form, with all the relevant services rendered to the patient, is then provided to the back-end office and finally reaches the payer’s system. After thorough back and forth matching with claims and the patient’s feedback, the amount is released to the provider. In this entire process, medical billing plays an integral role in the management of revenue and patient care.
Benefits of Medical Billing To Expedite Revenue Cycle Management
With so many options and a long list of patients, it’s hard for healthcare providers to find the right medical billing service that fits the description. Additionally, choosing a professional billing team takes months of vetting and quality assurance processes before you finally give it the green light.
A professional team may offer you the benefit that will overcome many of the problems that you’re facing now. Many third-party audits have claimed that the in-house team is responsible for more than 80% of the mistakes. It’s inevitable to avoid losses in reimbursement and denials of claims because hospital staff is overburdened.
Similarly, we saw during the COVID-19 pandemic when the healthcare sector was almost exhausted and collapsed. Hiring a reputable and trusted medical billing services provider is a good idea. When you hire a professional team, your administrative staff is less burdened, and you delegate the responsibilities to professionals who know their work. Here are the benefits you will get when you hire a medical billing company:
- Dedicated team serving your patient’s and your needs appropriately.
- Trained and professional staff that has years of expertise of handling small and large scale facilities.
- Less stress on medical practitioners for filling and refilling a patient’s claim in case of mistake and appealing against denials.
- Expert medical billers ensure smooth cash in-flow and running of revenue cycle management.
- Helps you avoid running out of cash and ensure prompt reimbursements that helps you run your business effectively.
- Hiring and training of local staff is too expensive and impractical in tough economic times. Outsourcing is economical and provides financial incentives in the long term.
These benefits demonstrate that mastering medical billing is only possible by outsourcing it to a dedicated team. You can save your team from being exhausted and making mistakes regularly that severely affect your facility’s financial health.
We have provided you with sufficient information on medical billing services and their use to increase efficiency in your revenue cycle management. Although finding the right partner to outsource your billing division is a challenging task, Medheave is a renowned and trusted source for managing revenue cycle management for healthcare providers. They have years of experience handling RCM for many big names in the healthcare industry.
In short, without outsourcing medical billing and coding services, healthcare providers cannot maintain their financial health and stability in the short and long term.