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Medical billing services, Medical billing service companies, Medical billing services near me, Revenue cycle management

P3 Defines the Role of Medical Billers and Coders

Any person who thinks there is a difference between medical billers and medical coders is right.

Because there is a difference. With defined roles, they bring the right charisma to a physician’s revenue cycle. Nevertheless, one depends on the other for the completion of the billing process.

Medical billing services hire both professionals to carry out an effective revenue cycle management process on behalf of healthcare providers. Theoretically speaking, both professions require professionals to read, interpret, and comprehend Electronic Health Records (EHRs) and doctors’ notes. Hence, their education in science is a must.

We all know that medical billing is a complex process. But with medical coders and billers assigned to claims, medical billing becomes all the more manageable. Their capabilities provide all the help a healthcare provider needs to process medical billing claims.

For you, as a primary care physician or a specialty-specific clinician, an authentic team of health IT experts may, rightfully, carve the way to a successful practice.

Coding: Where Medical Billing Services Begin

Medical coding is a definitive structure of the medical bill. It becomes an integral part of medical billing service which reflects each and everything in a proper, organized, and coded form. At times such as this pandemic, the healthcare sky is lit with updates; new codes for COVID-19 have surfaced, so coders have a responsibility to stay in touch with CMS updates.

Moreover, they must remain proficient and knowledgeable in the ICD-10 coding system – the coding system that classifies diseases. The other one being the CPT set of codes identifies the treatment aspect of received cure.

The above systems help convert medical jargon into easier alphanumeric codes. For people inside and outside the medical industry, it may be hard to understand the names of diseases and certain procedures. Thus, the availability of these coding systems provides a comprehensive path to diseases and their solutions.

Since there are thousands of diseases, symptoms, and cures, it is not possible to write to them in complete form all the time. The only way possible is to design a coding system that classifies them.

Medical coders are required to manifest the knowledge of thousands of CPT and ICD-10 codes accordingly. Moreover, coders translate medical records for reimbursements later.

This gives us an overview of what coders are responsible for.

Medical Billing is the Social Part of Coding

After proofreading the claims, next comes the job of billing professionals to forward them to insurance companies.

A claim that is prepared by the coder has to go through a process; the person who carries it out through to the end is a medical biller. If it is a small practice, usually, there will be a small group of medical billers. However, to tend to a larger practice or hospital, there’s a whole team of billers and coders. Their times often concur with the time of the practice, but they can also work remotely to address claims as they come.

Without experienced billing personnel on your side, a health care facility, or a primary care physician’s revenue cycle would fail to function. Here, at P3, we have a whole team dedicated to medical billing outsourcing, so feel free to reach out at this number: 1-844-557-3227.

Purpose

Billers to devise the billing claim use information emanating in the form of codes by medical coders. That claim becomes the first-hand information for insurance companies to release payments. A well-written billing claim without errors has a higher first-time acceptance rate. Furthermore, collections occur fast, almost within 2 weeks.

If patients have outstanding bills, the medical billing experts are required to contact them as part of the following-up process. They will walk them through the process and inform them about any deductibles, copayments, or other insurance liabilities.

Besides, medical billing and coding teams coordinate with insurance companies to get providers on board if they are not enlisted with them. Sometimes the patients visit providers who are out of network, and not on their health plan. Then, the medical billing services have an additional role to play, to enlist such providers with insurance companies. To speed up things, doctors must provide any documentation that is urgently required to complete the registration process.

Filing appeals and conversing with patients is part of their job. There is little time between denial and resubmission; therefore, we must act fast, recompile, proofread, and resubmit.

Where Do They Work?

‘Medical billing services near me’ is one of the search terms often searched on Google. Why?

Because, one, physicians are in search of someone nearby; second, if they can find them nearby, they are physically reachable. However, the remote nature of work has popularized the job amongst outsourcing companies. Therein, we hear the term, medical billing outsourcing.

Most billers and coders are present on LinkedIn with incredible job portfolios. Often you’ll find abbreviations such as CPC – Certified Professional Coder – besides their names. Also, you’ll find abbreviations such as CCA – Certified Coding Associate – and CCS – Certified Coding Specialist – with their names.

Prerequisites

The prerequisites for this job are at least a high school diploma with a science background. However, an associate degree in medical billing helps convincingly in the long run.

You have four studying options:

  1. Bachelor’s degree in a health-related subject (4 years)
  2. Associate degree in medical billing & coding (2 years)
  3. Diploma (1 year)
  4. Certification (a couple of months)

All of these studying programs lead towards a bright future that is well-respected and well-paid.

Pro Tip – Choose schools that are recognized by AHIMA or AAPC.

For readers who like this article, please do comment. We love to read your feedback, and, also don’t forget to follow us on Instagram @p3healthcaresolutions.

medical billing service, revenue cycle management process, medical billing company, medical billing outsourcing, RCM process, HIPAA medical billing

The ERAs and EFTs in Payment Posting for Medical Billing

As a medical billing service, it is our primary duty to look after the revenue cycle management process of physicians on board. We are on a mission to narrate billing obligations in a fashion that is fast and in the direct interest of clinicians. Some of our clients have recorded their detailed feedback on Clutch for any of you interested in reading client reviews.

The claimed and paid amount has to concur in an ideal state. It is the job of a medical billing company to comply in such matters that involve the speedy transfer of payments. Any hiccups in the billing process directly affect the practice besides tainting the reputation of the third-party billing vendor.

Explanation of Benefits (EOBs) and Electronic Remittance Advice (ERAs) are documents that discuss the amount billed and the payment received. They also contain information about any discrepancies in both the amounts. The third term EFT refers to Electronic Funds Transfer which is the modern way to address the payment process.

Medical Billing Company Supports ERAs in an Age of Automation

Physician practices can save much time and money if their EOBs turn into ERAs that are electronic documents. Think of the time it takes for a medical practice to deal with payment details manually. Moreover, it involves a lot of manually-checked fields, dropping checks at the bank, and reconciling payments.

If payers can create digital documents like ERAs regularly, physicians won’t have to re-enter payments manually. The process of payment posting is crucial, and to make it easier, we’ll have to digitize EOBs right away.

Medical billing outsourcing requires accurate coding of claims in which there are no over coding and under coding errors. If EOBs reimburse amounts lesser than the claimed bill, our company investigates so that the RCM process keeps on running smoothly.

Benefits of ERA

  • Once the system of automation is in place, posting payments doesn’t involve manual intervention at all
  • It enables faster payments because you save time in the very instance
  • Makes way for improved and classic denial management

Electronic Funds Transfer (EFTs)

HIPAA medical billing says a lot about the medical billing service in line with the law and its provisions. Under HIPAA, EFT via the Automated Clearing House (ACH) is the only standard way to move funds electronically. Hence, we have to take note of that in every transaction we make on behalf of the physicians and specialty-specific doctors.

Just like the way an employee deposits their checks, ACH EFT also makes sure funds smoothly move between insurance companies and physicians.

Benefits of EFT

  • It is a payment mode that directly coordinates with ERAs
  • The staff members don’t have to be occupied, and there is less paper usage
  • The claims payments are deposited in a safe and secure manner
  • Saves time

21st Century After Effects of Electronic Cashflow

The healthcare industry brought into effect a new standard in the form of ANSI 835 for electronic insurance payments and reconciliation a few years ago. Both ERA and EFT are part of this act. And their role for each other is vital. When an ERA carries the details of the payment, EFT is the actual process through which the payment is made to their rightful owners upon adjudication of claims.

ERA merely forms a report by which benefits are explained. Both the technologies devise simplification of the payments to physicians while expediting the process in the spirit of better healthcare outcomes.

medical billing services, medical billing company, healthcare organizations, medical billing outsourcing, medical billing company, Electronic Healthcare Records, EHRs, medical billing and coding services

What Qualities Make A Good Medical Billing Service?

The more healthcare organizations are getting dependent on medical billing services, the more you are seeing medical billing companies in the industry.

With so many names in the market, it is difficult for medical practices to choose the right one for them.

Why Healthcare Organizations Choose Medical Billing Services?

Some physicians have a high ratio of claims sent back to them. While some suffer from inaccurate coding practices.  Some clinicians cannot deal with denial management or follow-up services.

Low resources, untrained staff, inability to streamline cash flow, or whatever the reason is, the remedy for all these pain points is a professional medical billing company.

Professional medical billing services spend a lot of time and energy compiling medical claims to get clinicians’ reimbursements for the rendered services. The motivation to hire well-reputed medical billing and coding service providers comes automatically when physicians do not have sufficient cash at the end of the month.

Despite market research, many clinicians fall for fake promises of immature medical billing companies. Listed below are the top qualities that professional and experienced medical billing companies must have. Go through these checkpoints so that you do not do any mistakes while handling your billing, coding, and revenue management departments to a third party.

Specialty- Specific Medical Billing Support

Expert medical billing services submit medical claims as per the specialty of medical practice. They know your coding standards and billing norms so that the claims are not rejected.

For Instance,

The documentation requirements are different for specialty-based healthcare organizations from the general physician and assistant physicians.

P3 Healthcare Solutions is an experienced medical billing company for years and offers specialty-specific billing services to healthcare providers. The staff is trained with the latest billing and coding techniques to avoid major mistakes that restrict revenue cycle management. We make sure to implement strategies to minimize accounts receivable (AR).

Technical Ability to Compile Accurate Medical Claims

When healthcare organizations choose medical billing outsourcing, they expect a high return on investment (ROI), which is possible only when the chosen medical billing company tends to submit accurate claims to insurance companies.

Technical ability also refers to the deployment of equipment and software that reduces working hours to minutes. Such as Electronic Healthcare Records (EHRs) which is a secure way to save and transmit information across the network.

Developing a system for secure data transmission and streamlining revenue cycle management are the technical aspects that professional medical billing services master at first. Minimizing human errors by implementing interoperable technology speeds up the works and pinpoints the potential error areas.

Expert medical billing and coding services always look for technologies of state-of-the-art security protocols that lower down cost but increase efficiency.

Training and Educational Sessions for the Billing Staff

Training resources as per the latest standards is a smart practice to reduce errors and maintain the accuracy of medical claims.

Every year, you see a different set of billing guidelines and coding standards. To update the knowledge of medical billers and coders is a must-have characteristic for successful medical billing companies.

By connecting with these medical billing companies, there is a high chance to earn more revenue. The ratio of denied medical claims reduces and productivity increases. It also maintains an air of transparent billing approach and the overall performance of the billing department improves.

Either a medical billing company is a grown one or a minnow, following upon the mentioned top three services results in tangible outcomes for physicians. A little investment is surely needed at the start but when you are able to increase the reimbursement rate, it is worth a shot.

US healthcare system, Medicare and Medicaid programs, medical claims, Medical billing services, medical billing outsourcing, medical billing company, RCM process, healthcare IT, Provider medical billing services

Apply These 5 Secret Techniques to Improve Revenue Cycle Management

Practices receive payments for rendered services after weeks, and sometimes it takes months for them to get paid. It doesn’t have to be patients or doctors all the time; when it is time for payment, there is a third stakeholder – the payer – that comes into play.

The US healthcare system is made up of complexities. It is a system in which Medicare and Medicaid programs cover people with disabilities and above the age of 65. Thus, clinicians ought to make their financial cycles a priority. When it is the first thing on your to-do lists, medical claims approve at a much faster rate without having to worry about denials.

Before getting paid in full, providers have to spend time sending the remaining bills to the patients. It is critical to the life of practices to stay profitable and meet their monthly expenses. A much practical way to achieve those goals is to hire Medical billing services such as P3 and amplify the revenue cycle management process.

We bring five secret recipes for your practice to run as seamlessly as the wind itself useful even in times of COVID-19. As America realigns with the after-effects of the pandemic, make use of the following techniques:

  1. Bring medical billing services on board

Due to the disconnect between payments and physicians, going for medical billing outsourcing makes sense. A medical billing company becomes responsible for all their finances and the whole RCM process. Most physicians complain of the slow payment process from patients with High Deductible Health Plans (HDHPs).

To keep it simple and to the point, health IT firms like P3Care work on behalf of providers to get them what they deserve promptly. We believe an efficient billing company is central to the financial freedom of clinicians, for them to have a strong association with their patients, which is the most vital element in healthcare.

  1. Effective financial policymaking

For a patient, getting well is everything. However, before they get well, it is important to understand the cost of care. A financial policy means your practice receives payment before treating the patient. Except for a clinical emergency, if they are unable to pay, reschedule their appointments to another day. Lobbies and waiting areas should have this policy stated on their walls for public awareness. And, if you have a website or social media channels for that practice, pin it to the top of the page. Get the patients to sign it, so their acknowledgment comes in writing.

  1. Spread the word categorically

When someone calls for an appointment, inform them of your financial policy, i.e., collect payments before checking the patient. The automated message that goes out to different patients should include the recorded statement of your financial policy when new patients call in or sending out appointment reminders.

Keep the policy in the loop of communication whether it is at the front desk in the form of a hard copy, through email, or the messenger so there are no surprises.

  1. Calculate upfront costs before checking in

Some tools help practices calculate out-of-pocket costs for the care delivered. They collect data from payer contracts, physician and facility charges, and patient’s health information to calculate upfront costs accurately. We recommend the use of such tools for the sake of financial security. Build self-check-in kiosks in one corner of the waiting area to speed up the care process. They also have an option to accept payments.

Not only do such tools add to the patient experience because of their quick check-ins, but their application speeds up the payment process.

  1. Train front desk staff in insurance programs

When front desk staff is trained in applying for Medicaid and other patient assistance programs, it is an additional skill they can use to motivate the patients. Train staff in scenario-based scripts in which they are face-to-face with a real-time situation before it happens for copayments, cost-sharing charts, and outstanding balances.

Regardless of what the US healthcare seems like, the cost of care is inevitable. Whether we can afford it or not, physicians have the right to earn what they just delivered. Provider medical billing services help you get paid faster and execute a result-oriented revenue cycle management process. For that, we prepare claims according to ICD-10 and CPT coding guidelines by CMS and AMA, respectively as early as the patient leaves the doctor’s office.

Healthcare Practices, healthcare rules, physicians, medical billing services, medical billing company, medical billing, medical billing outsourcing, medical billing and coding, HIPAA compliant, medical billing companies, medical claims, revenue cycle management, accounts receivable

How to Stabilize Finances of Healthcare Practices?

The healthcare rules in the 21st century keep changing and more frequently in the post-pandemic era.

Ordinarily, physicians have limited time for administrative tasks; however, recent developments have made their time even more crucial.

One comprehensive answer to resolve financial troubles once and for all is to hire a medical billing service. A medical billing company files, follow-ups, and collects from insurance companies on behalf of providers. Therefore, it not only lightens their administrative burden but leads to a life of comfort, peace, and contentment for them.

Certainly, worrying about your finances at the expense of your patients is not a good deal to make. That’s where medical billing outsourcing comes in handy and takes off some of your burdens. In times of value-based care, improving the quality of care is your number one priority.

Let’s get down to some suggestions that optimize the medical billing and coding process, save time, and increase ROI.

  1. Go Online

Leave paper behind. In this digital era, do you believe, sending invoices to patients via paper is a reliable or safe way? Well, No.

Most of the medical billing services still send bills via papers, and we must know this method is obsolete. The collection rate can be significantly increased if physicians allow a digital method of sending invoices.

  1. Ask for Payments While the Patient’s Visit

It is observed that the chance of collecting payment decreases by 20% when patients walk out of the physicians’ office.

In-house or in-office payment rate increases when medical billing companies or front-desk staff accepts credit/debit cards on the spot. But first, make sure you have a HIPAA-compliant setup and you obey Payment Card Industry Data Security Standards (PCI DSS) guidelines.

  1. Verify Patient’s Insurance Eligibility Beforehand

Verifying the patient’s insurance eligibility before the treatment is an under-rated practice. However, when done, it makes bank accounts full. Some software can help in this task, and some of them are so advanced that they even notify physicians for the paid payments by the patients such as deductibles and copayments. In this way, medical billing services can proceed with medical claims without any difficulty afterward and even inform patients about their financial responsibilities.

It needs a big investment, but it is worth every penny.

 Share Financial Responsibilities with Patients

Another practice that can help you stabilize the finances of your medical practices is transparency about your financial responsibilities. For instance, if the insurance plan does not support the patient’s treatment expenses, it adds to the patient’s out-of-pocket expenses.

Patients are generally fussy about paying such expenses, so in order to avoid such situations, medical billing services must take everyone on board beforehand.

One advantage of this is that all stakeholders are clear about their financial responsibilities. Moreover, there are a lesser number of accounts receivable (AR), and revenue cycle management is improved too much extent.

Conclusion

Healthcare innovations are on the rise. So, it’s better to move forward instead of sticking to the old conventional methods. It is not only beneficial for introducing interoperability but also to level up the medical billing and coding standards.

Don’t you think?

Healthcare Demands Skilled Workforce besides Modern Setups

We pass through time in need of smart additions in healthcare to manage the developing requirements. Yes, the environment goes from quantity-driven to quality-driven giving rise to the need for a dynamic workforce. Technology being the major driving factor affects the industry as we speak. The difference between demand and supply creates a vacuum, and to fill up that space, we must look for people with matching skills.

What kind of workforce are we talking about? Whether they are nurses, physicians, HIT consultants, medical billing services, RCM, medical billing and coding consultants, data scientists, case organizers, credentialing and enrollment specialists, hospitals both large and small face many obstacles to find the right people for the right roles.

P3 Healthcare Solutions, Ontario, CA follows an idea to seek excellence in everything it does. It is not one-time heroism but a constant struggle to maintain a steady workflow.

Is Your Healthcare Practice Ready for Workforce Challenges?

When we say challenges, we are not kidding. The threat is very real.

We require more technology experts who know their way around tools, websites, rules, reporting, and compliance standards. CMS comes up with new and updated rules under which healthcare practices may be incentivized or penalized.

Furthermore, MIPS 2019 is the current face of value-based care. To select appropriate measures and report them to CMS, the system demands skilled IT professionals.

Not only that, but the growing aging population is a persisting problem, we have to be ready for. It directly relates to the need for more doctors and nurses. Cybersecurity, on the other hand, isn’t less of a concern in an era of software and the Internet. As healthcare warriors, we must position ourselves and learn modern ways to tackle intruders and viruses.

What Does The 2019 HIMSS Survey Suggest?

The latest 2019 HIMSS U.S. Leadership and Workforce Survey covered 232 health information and technology experts from acute and ambulatory providers across the country. The purpose was to know about the hurdles in their way and the organizational steps they want to take to answer them.

The report also confirms the diverse nature of opinions of hospitals and non-acute facilities when it comes to health information technology, medical billing services and workers in general.

For instance, inpatient setups view the hiring of C-suite executives as a priority. They can steer strategic goals in a meaningful direction.

Another comparison between hospitals and practices monitors the role of rank-and-file employees. The opportunity level differs from one another – the larger inpatient sites offer extensive work opportunities whereas non-acute physicians have a static workforce requirement, according to HIMSS. A staffing strategy hugely depends on IT factors among others.

Healthcare vs. Current Challenges

Admittedly, the challenges at hand pose a threat equal to a disaster waiting to happen. We can only deal with them if we have the right workforce. We can make use of the skilled workforce under –

  • Cybersecurity, privacy, and data security
  • Health information and tech to improve patient-centered outcomes
  • Clinical engagement and clinical data management
  • Care coordination
  • Process improvement, workflow, and administration
  • Business intelligence
  • Leadership
  • Health information exchange and promoting interoperability (PI)

Staffing poses as big a challenge to providers as the implementation of a new law to federal agencies. They feel the negative impacts of it day after day.

Increase in Labor Force Spend

Expect to listen to ‘You’re Hired’ in the upcoming times. It will increase the spending on the labor force required to run a hospital. AI, digital health, the use of CEHRT, Telehealth and medical billing outsourcing can raise your chances to cut down costs.

Your passion may be bigger than your job, but with the growing population and quality metrics taking over, it is easy to predict the skilled workforce to be one of the crucial aspects of healthcare in the future. To be able to run a facility to full effect, the inevitable support of HIT consultants and medical billing companies matter now more than ever. To get the latest medical billing and coding advice, follow us on LinkedIn – https://www.linkedin.com/company/p3-healthcare-solutions

Do you face any challenges in terms of practice administration, revenue generation and compliance?

How Does A Medical Billing Service Benefit the Physicians?

Most practitioners are well aware of the advantages of outsourcing a medical billing company. However, some of those merits are of continuous vitality and worth a discussion.

Medical billing services to physicians matters when they suffer at the hands of EHRs! American doctors need a break and nothing better than a medical billing specialist to take you out of the financial mess.

Essentially, they reduce costs, increase collections, keep up with the coding updates, ICD-10 guidelines and are on the lookout for new codes. We will go on with their advantages one by one to highlight their tangible usefulness.

Decreased Staff Cost

Medical billing firm gives power to physician practices in terms of the doctor/patient time, personal time, and finally, the staff finds relief from accounting burdens. They don’t have to be meticulous in their CPT codes or around the complete coding mechanism of claims for that matter. It is a designated duty of the medical billing service to assign charges against procedures performed.

According to Barbara L. McAneny, MD, the American providers spend almost 20% of their medical revenue to ensure the accuracy of billing. They usually hire staff who is responsible for the collection of the authentic medical history of patients, entering specific codes and making claims.

If the doctors go with medical billing outsourcing, it will hugely reduce the costs and expenditures which they have to spend on their staff. The point is to choose cost-effective solutions and most companies are willing to provide just that!

Enhanced Transparency

One more thing is to look for a service with a clear and consistent reporting mechanism. Revenue reports at the end of the week or month can either be satisfying or a red sign for the future. In other words, the process of transparency becomes prominent in case you hire a credible medical billing service.

It is a good deal to find software assistance, EMR training and guidance to increase your practice’s revenue under one roof. If you find a service with extra capabilities, which is rare, don’t let this chance slip away.

Transparency further materializes into the design of an accurate claim. To track the charges for each procedure and medication is difficult and demands focus. In the case of claim denials, providers have the right to ask for reasons and evidence in support of the argument. A good practice is to state the reporting requirements on the agreement forms.

Technology Commitment

A medical billing service company brings technology commitments with them. Purchasing the latest software for complex billing tasks costs are part of the investment. For a business that wishes to make a difference depends on generous spending. Quality is what matters to them. Therefore, a company with intricate design, infrastructure, and knowledgeable health IT consultants must be better at billing.

The software and latest technology tools are necessary for creating accurate claims and enhancing the revenue cycle management (RCM) process. Moreover, the experts also incorporate tools to improve patient reminders, online bill payments, and access patient portals in an elaborate revenue cycle system. The experts can make use of technology to generate expected results.

Increased Efficiency of the Work

There is an overall improvement in the ability to work for practitioners with outsourced medical billing services in comparison to those with an in-house billing team. The doctors who are running their independent clinics have administrative duties to fulfill. It is insane to burden them with additional workloads. It is as if we don’t want them to concentrate on patient care.

Ordinarily, the doctors with a medical billing service have more time for their patients and serve them with greater focus and care. Outsourcing enhances the efficiency of the practitioner.

Accurate Billing and Coding

It is the primary responsibility of expert medical billers and coders to code accurately. To be able to submit precise insurance claims to the insurance company is an actual art. Because, if there are errors, it is going to come back from the clearinghouse!

The insurance companies have a set time limit for practitioners to collect reimbursements. The billers ensure to collect claims on time. It helps in increasing revenue per year and the medical practice moves forward day after day.

For accurate medical billing claims, please follow us on LinkedIn –

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

What do you think?

4 Tips For Accounts Receivable Management In Medical Billing

According to a report, out-of-pocket expenses have increased by 230% from what they were in the previous years. As a patient, it means our health maintenance costs have gone up and it doesn’t look like coming down any time soon. MIPS 2018 is an important advancement in this context as clinicians continue with value-based services while the state incentivizes or disincentivizes them based on their performance.

Medical billing and coding teams create accurate claims in complete synchronicity with clinical functions to stay compliant with MACRA-MIPS. Hence, a billing company that is also a HIT consultancy is vital to the MIPS reporting process.

Coming back to our topic, Group One Healthsource reports that around 40% of the healthcare providers are unable to collect $31,713 from their patients every year. The reasons why they fail to collect such a huge amount are errors in documentation of medical procedures and misinformation (we can’t really misspell or mistype date of birth). Hence, accounts receivable (AR) needs special attention to close the gap between the claimed amount and the received amount.

Given below are a few tips to improve the billing process for physicians and boost AR management permanently.

1. Focus on Error-Free Medical Claim Submissions

Late payments and claim denials usually occur due to medical billing and coding errors. The insurance companies accept only those claims that are according to their claim filing standards. The strict policies don’t have room for even minor errors.

It is important to review each claim precisely before submitting it to the insurance companies. In the case of a claim denial, you must have a professional denial management system in place. Insurance payers’ representatives can help rectify each problem efficiently.

2. Make the Payment Procedure Transparent

Another approach to minimize accounts receivable is to make payment procedures transparent. When physicians notify patients of outstanding medical expenses prior to the treatment, it becomes easier to collect payments. Hence, more and more claims come out of the unreceived pile onto the received shelf.

Billing companies inform physicians about the payments approved by the insurance companies and payers like Medicare and Medicaid. To maintain transparency in the medical billing system, professional medical billers verify the eligibility of the patient before submitting the medical claim. It reduces the problems in later on.

When you collect copayments earlier into the revenue cycle management (RCM) process, stop worrying about the escalating number of AR days. It also saves you from unnecessary paperwork later.

Medical billing outsourcing companies perform at crunch times, as their performance is crucial to the cashflow of physicians on their subscription lists. Subscribe to P3Care on this number: 1-844-557-3227.

3. Make Use of the Latest Medical Billing Tactics

Medical billing standards have changed over the years. Hence, the billing staff requires constant training and knowledge to improve their skills. It results in improved medical billing tactics for better reimbursements and reporting MIPS 2018 Quality measures to score high in MIPS.

The latest trends demand investment, but they benefit in the end. By staying up-to-date with the latest tactics, we not only reduce errors in medical claims but improve accounts receivable management as well.

4. Audit Medical Billing Process

By auditing the medical billing and coding of a certain practice, we may identify the problem areas creating the mess we know as accounts receivable. For instance, when there are frequent changes to patient’s information, errors have a high probability to occur. Such mistakes lead to outright denials.

Correct and timely identification of where the claims are choking the system is what companies like ours are trained to do. Such audits catch errors and breathe life into a billing system by streamlining the process of revenue generation.

By training the staff and physician’s financial management team, areas with glitches are more frequently identified and fixed accordingly. Soon after a claim is fixed, it gets resubmitted to the insurance company starting the appeal process. The earlier the better because then reimbursement doesn’t have to face any further delay.

Conclusion

The above-mentioned tips reduce the number of resubmissions of claims to the insurance companies. The time duration for payment collection shortens. In addition, physicians get to receive revenue in a timely manner.

P3Care’s medical billing services provide professional medical billing solutions to healthcare professionals and increase their revenue considerably via the latest billing methods.

Follow P3Care on LinkedIn – https://www.linkedin.com/company/p3-healthcare-solutions/ to stay updated with the US healthcare industry.