One Day in the Life of a Medical Biller

Working in a medical billing company is not at all easy. Medical billing service providers go through a roller coaster of emotions every day. Gathering bulk of data from each clinician and carefully creating medical claims requires lots of efforts.

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Let’s take you through the journey of how we manage to do it all, have a look!

When medical practices hire P3 Healthcare Solutions for a complete medical billing solution, we make sure to grasp on each detail that they offer to maximize revenue as per the demands.

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Medical billing and coding agents don’t really have much time to spend on other activities.  Whenever they’re spearing some moments with colleagues, an alarm clock inside their heads gets them back to work.

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One thing is certain; medical billers and coders are so used to tough times that nothing surprises them anymore. Not even denied medical claims.

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Insurance companies have strict rules; meeting their standards is almost like climbing up the K2 Mountain.

You guys can’t even imagine the feeling when medical billing services meet up their target and submit medical claims to the payers.

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The billers and coders usually go through a session of internal crying, upon receiving the news of the denied medical claim.

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After the tiring work hours, when we listen to the good news that insurance companies have agreed to pay the full reimbursement.

We go through a phase of shock, as getting money from a private payer is certainly not a piece of cake.

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And, then, we feel like clapping and dancing to our favorite beats.

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Insurance companies when pay the required amount to clinicians, they, upon receiving the money become extremely excited.

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As a professional medical billing company, P3Care also get satisfaction by making our clients satisfied.

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Jokes aside, medical billing services work tirelessly; and, we find our happiness in serving the healthcare industry by sharing the burden of physicians.

4 Tips to Improve Patients’ Payments via P3Care, Ontario, CA

Medical billing companies have the responsibility to make physicians’ survival easy by collecting reimbursements. Insurance plans are of many types, and in case of private healthcare plan; patients are required to pay deductibles from their pockets.

The healthcare expenses in the U.S have already reached a limit; where even a middle-class patient finds it difficult to clear off his bills. Therefore, getting deductibles and co-payments from patients prove to be a hectic job for medical billing services.

Apart from the strict rules of insurance companies, medical billing companies have a hard time collecting patients payments. Then, how can they ease their burden and reduce accounts receivable (AR)?

It might seem like an impossible job, but via 4 simple tricks that P3Care has learned over the years, medical billers can achieve success in this regards.

  1. Medical Billing Companies Should Allow Multi Channels Payment Methods

Suppose you and your friend have to pay some bills, it is not necessary that you both will pay through the same method. Maybe you like paying cash and your friend might like to pay via credit card.

According to research, customers make payments based on the fact that what is convenient for them. Same is the case with patients. When there are multiple payment methods, patients can opt for the most suitable method. Medical billing companies should encourage clinicians to have a flexible payment method. Otherwise, hospitals would be missing out some major revenue.

The Omni channel approach of payment model doesn’t restrict patients with minimum access to choices. It will also have a positive impact on the patients’ satisfaction level.

  1. Adopt Automated Payment Method

Automated payment refers to paying bills on a predetermined date. This payment method ensures secure and confirmed payment by the patient. As the patient already knows about the scheduled payment, medical billing companies thereby, need lesser staff for payment collection.

Generally, via this method, patients make payments on time, especially the ones with high deductibles. Moreover, the billing staff can reduce unnecessary expenditure. For Instance, on paper files.  Automated bills also help to reduce the efforts for follow-up services.  The front desk of medical billing companies doesn’t have to go after each patient for payment. They only have to decide upon a specific date, and the process goes by easily, other than in exceptional cases.

P3 Healthcare Solutions being among the best medical billing companies in Ontario, CA recommends that medical billers should inform about the total payment while deciding upon the payment plan to the patient, rather than asking for a fee each month.

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  1. Educate Patients about their Payment Responsibilities

Medical billing services should be clear about one thing; you can’t expect patients to pay deductible and co-payments at once, particularly, if they’re in significant numbers. Nobody likes such surprises. Therefore, a better approach is to educate patients in the early stages of their financial responsibilities.

It is also proven from research that around 91% of patients like to know the complete payment model prior to the visit. Clinicians in association with the medical billing service should map out every payment detail in front of the patients. Only this way, physicians will manage to increase revenue for themselves.

It also brings forward a good reputation of the physicians and makes patients trust more on the medical practice.

  1. Ensure HIPAA-Compliance in Payment Model

Patients’ data security is everything. However, healthcare data is always at risk. We have seen many scenarios where data breaches lead to huge revenue losses. While creating medical claims and collecting payments from patients, medical billing staff works with sensitive information, be it, credit card information and healthcare records.

Taking exclusive measures to protect the misuse of data requires the allocation of dedicated resources, which some companies might not be interested in. However, this step can’t be neglected. Besides streamlining other billing operations, patients’ data security also adds to revenue increment.

Moreover, designing a comprehensive security plan as per the Payment Card Industry (PCI) standards don’t necessarily require a huge investment.

P3Care is one of the renowned names in the medical billing world.  We have worked for several years in this industry and increased revenue for many clients. By implementing above-mentioned tactics, we have managed to generate fruitful results. Hopefully, it’ll result in the best possible way for minnows of the billing industry.

In What Ways Medical Practices Can Take Risks to Increase Revenue

Everybody agrees that healthcare professionals, no matter in what capacity they serve, require every bit of applause. Working in hospitals is indeed a hectic job, and clinicians work tirelessly from day to night.

When it became difficult for physicians to meet up with ever-changing scenarios, medical billing companies came to their rescue.

Now, insurance companies have strict rules and regulations, and physicians get reimbursements only when they meet the standards. Also, with the already complex U.S healthcare system and value-based incentive programs as MIPS, physicians tend to put greater efforts for their survival. It also put pressure over the medical billing services, as they could not afford to perform below average.

Besides, the focus on value-driven healthcare services has increased. Patients’ engagement level and integrated healthcare infrastructure have also gained more importance than before. Thus, medical practices ought to implement strategies that benefit them in the long run.

According to a survey report of Healthcare Financial Management Association (HFMA), more than 7 medical facilities in a group of 10, aim to take risk via

  • New commercial payers
  • Medicare advantages
  • Medicare contracts

One thing is interesting to note that many healthcare leaders support the idea of a revolutionary healthcare system that benefits both, patients and physicians.

Provider-Sponsored Healthcare Plans (PSHP) is gaining much attention even from medical billing companies as patients get insurance plan owned by a hospital or physician. 25% of the medical practices are already going to be part of the PSHP system, and 19% of hospitals want to launch their own healthcare insurance plan in the upcoming years.

Alongside this, Medicare and private payers are also increasing their range of insurance benefits.

What Benefits will Physicians Get?

If medical practices take chances to go for new payment models, both payers and physicians will be equally benefitted. Physicians will be able to implement accurate value-based practices while being closely in touch with the payers. The communication gap will be reduced, and the medical billing companies will reduce the rate of denied medical claims.

The Use of Healthcare Technology

By taking bold steps to increase reimbursements and efficiently run revenue cycle management, physicians will be able to use the latest healthcare technology successfully.

Hospitals will manage to spend efficiently upon the technological infrastructure to increase engagement between physicians, patients, and payers. Surprisingly, many physicians are ready to spend money on new technology avenues.

What are the hurdles that might come?

Even in 2019, there is not much demand for drastic risks in the healthcare industry. Although, many physicians like the idea to try something new. Still, they are comfortable with the Fee-for-Service (FFS) payment model.

What Should Physicians Do?

You can always take risks whenever you want.  On the contrary, you can also benefit yourself from the existing payment model and generate revenue by focusing on the betterment of the following parameters.

  • Engagement rate
  • Standardized clinical procedures
  • Cost-effectiveness

If you’re struggling in managing accounts receivable (AR), taking risks may seem like an appropriate option, but the transition process is also tiring. You can’t expect to achieve everything within a little time. The best approach is to keep improving healthcare strategies gradually and consult a professional medical billing company that creates medical claims with up-to-date knowledge. Like, P3 Healthcare Solutions- A professional medical billing company in Ontario, CA that has years of experience in the billing field and helps in generating revenue for its clients.

What are your thoughts? Let us know if you’re willing to take risks regarding revenue generation?

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