Managing a health center comes with various challenges including billing patients. With the need to ensure quality patient care, handling medical billing can get overwhelming. This puts your medical practice at risk of various problems that affect revenue. Luckily, outsourced medical billing will protect your practice from various challenges highlighted below.
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Medical practices are prone to late payments and this might result from your side or the patient. Improving your billing practices can enhance on-time payments. Getting payments from patients or insurance providers in a timely fashion is very important. You can achieve this through encouraging point of service collections. This is more appropriate when receiving payment from patients.
Alternatively, a professional medical billing company can offer appropriate billing software to enhance on-time payments. This company keeps records accurately to track patients who have paid and those who have not yet. Up to date records allow realizing patients who owe your practice money and to send them reminders. Fortunately, professional billers ensure that the records are free from errors that might cause discontentment.
Filling payment claims to patients and insurance providers with multiple errors lead to denials. This is very frustrating in a medical practice for delaying payment. Insurance providers can’t reimburse payment for claims with errors. Correcting the error is necessary before the company makes payment. This might take some time with a subsequent negative impact on the bottom line. Fortunately, outsourcing one of the best medical billing companies in Houston avoids this problem.
The company will have a professional and experienced team of billers and coders. These understand updated billing codes to allow your billing process to stay on track. Additionally, professional billers have the appropriate tools to enhance sensing clean claims. This allows receiving timely payments to protect your bottom line.
Filing multiple claims
This is a major cause of delayed payments. For regular treatment, sending multiple claims is very common. This makes the insurance provider pay for each treatment individually. Avoiding this requires having a mass claim submission tool. This allows filing various claims at once to save time and to allow receiving payment at once. Professional billers have appropriate tools to lessen the time for receiving payment. This significantly enhances efficiency and workflow in your medical practice.
Inability to verify patient eligibility
When not aware a patient qualifies for a service you offered, the insurance provider denies the claim. This is because the insurance company doesn’t cover the service you offered to the patient. It might result from an inability to track policy updates regarding patients’ insurance plans or expired cover. Outsourcing the billing process eliminates the chances of this happening. The company has the appropriate software to avoid getting caught off guard. This will come with benefits including offering real-time eligibility checks, scheduled rechecks, batch checks, and offering additional payment information.
This is submitting a claim more than once. It might result from a patient receiving similar service from another practice without your knowledge on the same date. You might also submit claims not paid within 90 days. Additionally, the insurance provider might also send payment to a wrong practice. The solution to duplicate billing is file reviews before claims submission. Professional billers have the right software to summarize claims before submission. This allows tracking claims to check for duplicates without spending hours going through records.
Data entry errors
Relying on in-house billers makes your practice prone to data entry errors. You might just realize after submitting claims. These errors might include typos in the paperwork that your team failed to detect before submission. Possible data entry errors are common when entering details include:
- Physician’s name, phone number, and address
- Insurance provider’s address and policy number
- Patient’s name, date of birth, sex, and insurance details
A team of professional billers is dedicated to limit data entry errors during your billing process. This is through having appropriate tools to detect all types of data entry errors.
Sometimes, your billing team does the right thing but the payer denies or rejects your claims. The insurance provider might make mistakes resulting in this. There is a chance of wrong claims processing by the insurance company after being sure of your coding accuracy, documentation, and data entry. Fortunately, outsourced medical billing minimizes this scenario through the generation of financial reports to spot any issues easily. Professional billers have appropriate tools to assess claims and detect denials resulting from payer errors seamlessly.
In a nutshell
Streamlined medical billing is essential in medical practice. Fortunately, outsourcing the process is now part of managing a medical practice. Professional billers come with the right skills, expertise, and material to grow your payment reimbursements. Outsourced billing eliminates challenges including duplicate and multiple claims, late payments, data entry errors, and verification of patient eligibility. This streamlines the billing process in medical practic