5 Things Every Medical Billing Company in Ontario, CA Needs to Do!

If you own a medical practice or work in a hospital, you might have hired a medical billing company for claims submission. Whether you are a reliable medical billing company in Ontario, CA or not, the discussion today is important in the general sense.

If the respective medical billing service is an established one, there’s a 100% chance that it would have overcome all the loopholes in its medical billing process. If not, you should be a little careful while hiring medical billing services.

It is observed that up to 20% of medical claims are denied due to poor medical billing practices. As a medical billing company, you surely don’t want to have a bad reputation in the healthcare industry. So, given below are few tips that you might want to follow. It will help you work better in favor of clinicians.

  1. Focus on Training Medical Billing Staff

If your medical billing agency recruits medical billers and coders, who have little or no experience in the respective field. You should immediately do something to train your staff because it might be causing major revenue loss for physicians.

Without the proper knowledge, medical coders are unable to choose correct codes for the diagnosis. It is possible that they might be using the wrong modifiers for treatments.

Medical billing services should properly train employees as per the CMS guidelines to create and submit medical claims. So, there remains no chance of error.

  1. Tighten Up Your Follow –Up Services

Medical billing services need to interact with patients and physicians simultaneously while creating medical claims. It is a lot of work. Reporting accurate diagnostic and surgical procedures along with double-checking them takes a lot of time. Moreover, they also get faxes and emails every day in bulks.

When there is so much to do, things can pile up. However, despite a busy schedule, it is compulsory to keep a check on the submitted medical claims. Know about the claims’ status that either they are in process or have been denied. It has a crucial impact on revenue cycle management. Also, the follow-up services are time-specific, meaning, you can resubmit denied claims within a specified time. Otherwise, they get lost in the piles of papers.

Thus, professional medical billing companies never look down on the follow-up services.

  1. Keep Check on the Accounts Receivable (AR)

Some of you may not consider this point significant. But, it indeed plays an important part in the revenue generation.

Patients and even insurance companies generally don’t keep a check on the payments. However, medical billing companies should verify if a bill is fully paid or not. The unpaid reimbursements can take your revenue journey down.

If a bill is unpaid, you can always go for follow up services until accounts receivable are paid.

  1. The Filing Time Plays an Important Role in Revenue Generation

There’s a time limit for submitting claims to insurance companies. If a medical billing practice exceeds that time period, the claim will not add up in the revenue.

Even, you submit a claim within the time limit, there’s a chance that it might be rejected. Then, why take risk submitting it after time.

  1. Improve the Denial Management System

The percentage of denied medical claims is rising day by day due to strict rules of payers and governmental authorities.

Therefore, the medical billing and coding staff should be up-to-date with the latest news and criteria. Instead of ranting over denied claims, medical billing services should rectify errors and resubmit claims within time. An even better option is that the medical billing and coding process should be so transparent and precise to crash the chances of denied claims.

An experienced medical billing company straightens its billing process to maximize physicians’ revenue. P3 Healthcare Solutions is such a company that ensures high-quality medical billing for its clients.

Tell us if you think, above-mentioned tips can help a medical billing company generate more revenue at

https://www.linkedin.com/company/p3-healthcare-solutions

P3 Healthcare Solutions Named a Top Medical Billing Service by Clutch!

At P3 Healthcare Solutions, we know the world of healthcare is constantly changing. We aim to help our clients navigate the industry with our team of innovative, analytically minded experts. Specializing in a variety of equity and medical billing services, we are able to create stress-free and smooth processes for our clients, so they can focus on the patients. Due to our efforts, we have been recognized as one of the top medical billing services of 2019 by Clutch.

Located in the heart of Washington, DC, Clutch is a unique rating and reviews startup. Dedicated to B2B service providers, Clutch allows prospective buyers to connect with appropriate services providers via their listings. By analyzing industry data and conducting in-depth client reviews, Clutch has been able to award us with a 5.0 rating. We thank our clients for in participating in the review process. The feedback we receive is incredibly valuable. Check out our most recent review below!

In addition, we have earned a feature on Clutch’s sister-sites, The Manifest and Visual Objects. The Manifest is a business news platform designed to inform buyers of the marketplace via how to guides, state of tech news and industry rankings. Potential clients can find us listed among the top HR services on The Manifest. Visual Objects showcases the creative efforts of firms by displaying portfolios of their past work, along with a rating.

We are thrilled to receive a rating from Clutch. Our team works tirelessly to provide for our clients and we thank Clutch for recognizing us. Going forward we hope to continue to grow and develop as a company, all while expanding our client base. If we can provide healthcare administration support to your company, check us out today!

3 Qualities a Good Medical Billing Company Must Have

In what cases do medical practices think of hiring a medical billing company? Maybe they don’t have resources to spend on the denial management system. It may be possible that their submitted medical claims keep on coming back to them due to poor coding and billing techniques. Or, despite their utmost efforts, they don’t get reimbursements for all rendered services.

There can be many situations for healthcare organizations, where they feel themselves in troubled waters. Instead of ranting over issues, the least they can do is to hire medical billing services. The dream of getting the reimbursement rate up to the mark can only be true with a professional medical billing company.

Either the clinicians don’t have medical billing and coding experts or time and budget to spare for in-house medical billing; medical billing companies seem like the best option.

Medical Billing Company Helps Stabilize Cash Flow Efficiently

Medical billing services have the responsibility to get clinicians their rightful reimbursements. The goal is to improve revenue cycle management to such extent that physicians face no trouble incurring expenses.

Moreover, when physicians are relaxed from the tension of handling medical billing process, they focus attentively on their patients.

Whatever reason encourages physicians to consult a medical billing company, it is important is to research well about them. Where an experienced, medical billing service takes your revenue journey up the ladder, an immature and unprofessional one can restrict your growth.

Here are 3 qualities upon which you can choose the ideal medical billing company.

Specialty- Specific Billing Solutions

Experienced medical billing companies offer billing solutions, which are compatible with your practice. The documentation and billing codes are different for each specialty.

It is advisable to choose a medical billing company that has experience in your specialty. Their staff is often well familiar and trained with the related new trends and rules. They generally have an understanding of mistakes that can cost a lot and rectify them on time.

For Instance, P3 Healthcare Solutions is one of the leading names in the healthcare industry. Their experts have skills and training to create and submit accurate medical claims to insurance companies, and happy clients are the proof of their success.

Learn more at https://www.linkedin.com/company/p3-healthcare-solutions

Working Experience in Medical Billing

There is always the first day for every company, but physicians can’t rely on any immature medical billing company, who don’t know about the healthcare industry. The entire revenue cycle management system of medical practice depends upon their performance. If you hire a minnow, you can’t expect to have 100% results.

Especially, when the healthcare industry undergoes several changes to facilitate patients and physicians, you can’t go to a company, which doesn’t have an accomplishment record. Such companies don’t know how to manage risk factors and often don’t perform HIPAA-compliant medical billing.

They may not have the latest technology or knowledge to create medical claims with 100% accuracy with poor follow up services. Then, why choose them and risk your revenue process.

 Adequate Medical Billing & Coding Staff

When you hand over your medical billing process to another company, make sure that they have adequate staff to handle your all burden.

A professional and experienced medical billing company not only knows how to handle the bulk of data, but they have proper infrastructure and equipment to implement strategies. They also are able to streamline operations and enable interoperability seamlessly. They have secured way of exchanging data between patients, physicians, and insurance companies.

Their error rectification system is faster, and they can help medical practices save a lot of money.

There are also some other factors that demonstrate the success of a medical billing company, such as, how well they communicate with their clients or if they train their employees with up-to-date skills and knowledge.

A healthcare organization hires a medical billing company to strengthen its revenue cycle management. It is indeed a great decision. If the chosen medical billing company has a good reputation in the healthcare industry, you can set an appointment with them and proceed to have an official contract.

Do you think that above-mentioned qualities should be important in a medical billing service provider? Or, there are some other qualities, that you deem necessary.

Let us know.

Forget In-House Medical Billing, Hire Medical Billing Company!

Hiring a medical billing company is a great decision. After all, physicians hand over all of the precious data to another company, and their reimbursements are based upon the performance of the medical billing service.

Particularly, this decision is very hard for small medical practices. They don’t have extravagant budgets to spend on medical billing. Efficient revenue cycle management remains their main objective. Moreover, their operations revolve around doing more with less.

Doing medical billing and taking care of patients simultaneously don’t do good for physicians. They often fall short in their efforts and don’t get reimbursements on time, making their survival even more difficult in the complex U.S healthcare system.

However, consulting a professional medical billing company as P3 Healthcare Solutions helps in saving lots of bucks while managing medical claims with accuracy and precision.

https://www.linkedin.com/company/p3-healthcare-solutions

Why Medical Practices Hire Medical Billing Companies?

If you’re confused while making the right decision for your practice, have a look into the following advantages. It may make up your mind in favor of hiring a medical billing service provider.

The Medical Billing Process Becomes Streamlined

A medical billing service makes sure that physicians get notified of all the accounts receivable (AR) and the received payments from both ends, that are, from patients and insurance companies.

Medical practices don’t have to dedicate resources, who spend hours in keeping track of payment posting for each patient. Hence, when they hire a medical billing company, they get a complete report at the end of a specified time and can plan revenue strategies for the future.

Medical Billing Company has an Integrated Practice Management System

With the advancement in the healthcare sector and the focus on value-driven medical services, medical billing system has also become advanced. Now, insurance companies don’t receive papers, but they receive claims electronically via practice management software. In addition to the introduction of electronic healthcare records (EHRs) in the healthcare system, data collection has become secure but complex.

The integration of practice management with electronic healthcare records is important. Otherwise, you won’t be able to create and submit medical claims in an organized manner.

Now, do you think that it is possible for medical organizations to have a fully integrated system? No. It requires separate dedicated staff to handle all of the system, which means more cost expenditure. However, medical billing services have experienced team of medical billers and coders on hand with an integrated practice management system.

Accurate Medical Claim Submission

Healthcare industry undergoes several changes each year. The changes may be regulatory or by the federal or state government. Nevertheless, keeping up with the industry norms and changes is indeed a tiresome task, which only a medical billing service can do efficiently.

Professional services have time and resources to make sure that medical claims are created with up-to-date knowledge and in accordance with the rules and regulations. Thus, by hiring medical billing services, physicians’ time is saved.

Increased Return over Investment (ROI)

Medical billing services submit medical claims according to the guidelines of the insurance companies. They have the time, resources, and expertise to process medical claims professionally. They don’t only submit claims but keep track of the claims with the denial management system and follow-up services.

Healthcare organizations who want to improve their medical billing reporting method should definitely hire medical billing services. After all, physicians work is to take care of the patients rather than scratching their heads over medical codes and bills.

Thus, the best option left for physicians is to consult a medical billing company and improve their revenue cycle management.