If you feel overwhelmed by medical billing and insurance claims, it may be time to work with a reliable medical billing franchise. Here’s how it will help your business.
When dealing with medical billing, you want to make sure that everything is performed diligently and in a timely way. This will be frustrating and hard if you don’t have enough experience and knowledge to do the paperwork.
A medical billing franchise will handle everything for you, making sure that all your medical bills are computed accurately and in a timely manner.
Benefits of working with a medical billing franchise
What is a medical billing services
The medical billing procedure is an important part of the income cycle management of a healthcare facility. It entails submitting claims to insurance companies in order to get payment for services offered. The procedure can be time-consuming and complex, but it’s important to ensure patients get the coverage they need.
A medical billing franchise offers coding and billing services to medical facilities. The primary function of the medical billing franchise is to submit claims to insurance firms on behalf of the healthcare provider.
Additionally, medical services offer collection services such as follow-up on unpaid claims and denials. These services can be a vital partner in helping healthcare facilities get reimbursement for the services they offer. By working with a reliable medical billing franchise, you can concentrate on offering care to your clients and leave the billing and collection services to professionals.
Most medical billing franchises provide a range of important features and income cycle management services, such as:
- Patient registration: creating new patient records in the system. The records include basic demographic data like the patient’s name, contact info, and date of birth. Once created, patients can be scheduled for appointments, and their insurance details can be included in the system. Patient registration is imperative as it ensures medical billing services have accurate and updated data info on patients.
- Insurance verification: Verification of insurance eligibility is important for any medical billing. The procedure ensures that the patient’s insurance covers the services they get. The insurance company will offer the medical billing franchise the patients’ eligibility status, available benefits, and the duration of the coverage. After the verification process, the medical billing franchise will submit the claims and collect payments.
- Medical coding: Medical coding involves translating medical processes and diagnoses into alphanumeric or numeric codes. The codes are used to form claims that are submitted to insurance firms for settlement.
- Medical coding is complex and ever-evolving. However, you can’t avoid it since coding plays a vital role in helping healthcare providers stay updated with the new coding guidelines. Coding firms use certified medical coders who work with medical software and coding manuals to make sure that the claims are coded well.
- Creating a Superbill: A superbill is documented healthcare providers use to itemize the procedures and services they conduct for patients. They can be created via the medical billing software or manually. When creating these bills, the medical billing franchise will choose the CPT Codes that correspond to the services they have offered.
- Claims generation and submission: a medical billing service generates medical claims on behalf of healthcare givers. The medical billing franchise will first collect the needed data from the provider, and then they’ll submit the claim to the appropriate insurance company.
- Patient statement preparation: One of the important tasks of a medical billing franchise is to handle patient statements. The process starts with making sure that the charges have been entered into the system. After the charges have been entered, the medical billing service will generate a statement for every patient. The statement will show the charges for a particular period of time and even the payments made.
- Then, the medical billing service will mail the statements to the patient and make them accessible for pickup.
- Denials management: Denial management is a vital part of any medical billing service. If a claim is denied, that means the insurance company has refused to pay for a procedure or service. This could be frustrating for providers and patients since it can delay or prevent care from being offered. There are several reasons, like missing info and incorrect coding. Nevertheless, there are some steps that a medical billing franchise can take to appeal the denial.
- Payment posting: Payment posting refers to the process of recording payments for insurers and patients. The procedure is important to the finances of medical practice since it ensures that the payments are accurately accounted for.
Various types of medical billing services are available, including:
Since you know the basics of medical billing solutions, you may be wondering what kind of services they offer. These include:
- Full-service medical billing
- Partial medical billing
- In-house medical billing
How to choose the best medical billing franchise
Choosing the best medical billing franchise for your healthcare facility will depend on different factors, like:
- Your budget: make sure you choose an affordable medical billing franchise by doing extensive research to find one that suits your budget. However, ensure they are effective by reading reviews and talking to people who have used the services.
- Level of experience: a medical billing service with vast experience will have a deep knowledge of the complexities of the medical billing procedure. They know how to get quick reimbursement for the services and will be updated on the newest coding technology.
Reasons to outsource your medical billing requirements
- You can lessen the account receivable
- Improve your cash flow
- Help you save money and time
- You can get better services
- You have peace of mind
- you get professional help
Closing remarks
If you are searching for ways to improve your medical practice, outsourcing your medical billing needs is the best option. With all the advantages medical billing companies provide, it’s easier to see why they are becoming more popular.
