Medical billing is one of the most important aspects of a medical practice that impacts the bottom line of the business. Efficiency, therefore, matters when choosing a medical billing consultant for your practice. Outsourcing helps practices with performing the basic function of patient care. However, it can still be a challenge to find the right medical billing consultant. Let’s look at some of the factors that show the importance of having an efficient medical billing consultant.
Cleaner Claims Results in Reduced Denials
Having an efficient medical coding and billing consultant helps achieve cleaner claims and an increase in the first-pass rate along with reduced denials. Efficiency also significantly increases a clinic’s reimbursement ratio thereby improving cash flow. The prerequisites for cleaner claims can be achieved with the help of:
- Trained and experienced billers
- Skilled and certified medical coders
- Experience in account receivables follow up and denial management
- Timely follow up on denied claims
- Knowledge of CMS guidelines and fee schedules
- Timely filing and claim tracking
Diligent Account Receivables Follow up
Payments for a specific claim comes from several parties such as patients and insurance companies. There may be an unexpected delay without there being any apparent reason. This can be handled by a diligent account receivables team. Every claim must be tracked and followed up with until the payment is received. If not done diligently, unfollowed claims can result in lost revenue.
Accurate Claim Submission
Complete and accurate documentation is essential for reducing account receivables and claim denials. Accurate patient, insurance information, and error-free coding are necessary for efficient medical billing.
Claims Appeal with Insurance
In some cases, clean claims may also get rejected or denied without a good reason. Having seasoned billers and a solid denial management team can help counter such instances with their expertise in handling different denials and appeals.
The Healthcare industry faces lots of hurdles when it comes to the management of the revenue cycle and billing processes.
Precision Hub serves as an efficient revenue cycle management partner and brings simplicity, transparency, and speed to the medical process of the healthcare sector.
Revenue cycle management services help the hospitals and clinics in the prevention of delays, complexity and make the operation smooth, efficient, and profitable.
Accuracy, consistency, enhancement in services, timeliness, and transparency are the core values of Precision Hub.
Services provided by Precision Hub include front office services, back-office services, credentialing services, financial services, and serves as medical billing consultants.Medical Billing Consulting ServicesMedical billing consultants at Precision Hub conduct an in-depth analysis of the hospital’s operations management to resolve and avoid incidental issues in the future such as problems in insurance billing, analysis of payor mix, credentialing, re-credentialing, practice setup, review of codes, and enterprise resource planning (ERP) integration.Front Office Management ServiceWith the help of Precision Hub’s front office management services health practitioners gets smooth operations management because their services include scheduling of appointments, verification of medical insurance, preauthorization, validation of patient’s data before the visit, and live reporting which provides real-time updates.Back Office Management ServiceMedical back-office service management is the complete revenue cycle management which includes demographic entry of data into billing software, reviewing of CPD/ICD codes according to insurance guidelines, submission of medical billing claims, denial management of claims and get the best acceptance rate, validation of claims and timely collection of payments.Medical Credentialing ServiceMedical credentialing helps the healthcare sector to maintain quality standards for benefit of patients.
Credentialing service providers are directly linked with credentialing authority called Credential Verification Organization who verifies the practitioner’s degree, certificates, licenses, training, and residency.See Also: The Role Of Practice Performance Intelligence In Sustained SuccessFinance and Accounting ServicesPrecision Hub also serves as a financial and strategic partner and helps in reducing the financial problems faced by the hospital or clinic.
