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 Services
Medical 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 Service
With 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 Service
Medical 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 Service
Medical 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 Success
Finance and Accounting Services
Precision Hub also serves as a financial and strategic partner and helps in reducing the financial problems faced by the hospital or clinic. Precision hub helps in re-creating the financial and operational strategies to align the process, implements technology-enriched tools such as Six Sigma and Quality management tools to make the operations smooth and error-free.
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 DenialsHaving 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 billersSkilled and certified medical codersExperience in account receivables follow up and denial managementTimely follow up on denied claimsKnowledge of CMS guidelines and fee schedulesTimely filing and claim tracking Diligent Account Receivables Follow upPayments for a specific claim comes from several parties such as patients and insurance companies.
