Failures in filing your reimbursements are the health industry’s “black box”. There’s no way for you to know what exactly is going on within it. Once you find ways to peek into this “black box”, then you might be able to maximize your reimbursements. The medical billing services industry is the largest segment of the healthcare industry, with a revenue of $60 billion per annum. The number of in-patient visits has increased over the years and this is more than likely to continue. In-patient visits can increase by 5% per year while outpatient visits can increase by 3%. This influx imposes a huge responsibility on medical billers, followed by administrative challenges.
A lot of people think that the best way to get reimbursed by insurance companies is to file claims and hope for the best! But this may not be the case anymore. The key to getting paid by insurance companies is to make sure your claim is legitimate and that you have a valid reason for any coverage you applied for. If you don’t, your chances of getting your reimbursements are slim.
If you are someone whose billing claims are ending in insurance companies’ trash cans time and again, you must keep reading this article to get an insight into what will work for you!
Leverage the Latest Best Practices in Medical Billing Services
The medical billing and coding industry is in a rapid transition period. The transition from paper to electronic records was swift and still continuous. This transition has been made easier with the introduction of new software. The software by any medical billing company can process data faster and more accurately than ever before.
As a healthcare provider, you have to ensure that your billing staff has the knowledge and skills necessary to ensure they can effectively bill Medicare and Medicaid. It’s important to understand what’s required by each payer and ensure that your staff is trained accordingly. To do this, many organizations have implemented coding software with integrated coding training modules. Many practices are using coding software with built-in coding training modules to accomplish this. By automating essential steps in the process, these types of software relieve employees. They also provide them access to a user-friendly interface where they may learn more about coding regulations as well.
Reduce Manual Intervention of the Billing Cycle
In the healthcare industry, patient billing can be a major headache. With the number of people seeking medical care, it’s no wonder that providers are struggling to manage their medical claims billing service. The biggest challenge for many practices is human error while coding.
Fortunately, there are some solutions to help medical practices improve their billing processes. One such solution is automation, which streamlines the entire process by automating tasks. By using efficient software, providers can reduce manual intervention during each billing cycle. They can increase revenue by maximizing reimbursements from insurance companies or government programs such as Medicare and Medicaid.
Implementation of Robotic Process Automation
RPA is the future of health care billing, especially as more and more patients are opting for high-deductible health plans. With RPA, you won’t have to worry about manual data entry or missing information on claims forms. RPA has a proven record of assisting in:
- Reduced costs– RPA can help you reduce manual labor costs by up to 60%.
- Improved accuracy– RPA can reduce errors by 78%.
- Higher productivity- With the use of RPA, employees won’t have to waste time on repetitive tasks. This will allow them to focus on other important things such as innovation and communication with customers.
RPA will definitely reduce the chances of claim denials and increase your reimbursement chances by 98%. Many medical billing service providers have embedded RPA software in their processing systems.
Acquiring Expert Help is Always Worth it!
Medical billing service companies are experts at collecting on your behalf. A study by the American Medical Association found that physicians who use medical billing services collect an average of $2,000 more per year in reimbursements than those who don’t use them.
If you aren’t using a medical billing service, here are some reasons why it’s worth considering:
- The Art of Prior Authorizations: They are avid at checking the eligibility of your patients. They help you stay posted by prior authorization.
- Identifying Workflow Efficiencies: Expert medical billing service providers streamline your workflow. They help you develop strategies for managing large volumes of claims and related documents efficiently.
- Real-time Remittance Advice: A medical billing company can streamline your payment process by providing real-time advice on how much each claim is worth before submitting them to the insurance company.
- Cash Flow Management: Medical claims billing service providers will help you manage your cash flow by ensuring that all claims are sent to insurance companies on time and reimbursed properly.
- AR Follow-up and Denial Management: The medical claims billing service will follow up on any denied claims and work with insurance companies to get them paid as soon as possible.
- Medical Claims Billing Service: A medical claims billing service will help ensure that all incoming claims are processed correctly and paid on time.
Medical billing services can be tempting to handle yourself. After all, you know your practice better than anyone else. But when it comes to getting paid for the services you provide, getting professional help is worth it. In these transitional times, convert your manual billing processes to automated ones and maximize your finances by seeking help from reliable medical billing companies.