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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 the 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.

Medical Billing Services Include Coding as the Living Proof of Care

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 keep 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 to identify 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 or certain procedures. Thus, such codes provide a comprehensive path to learn about diseases and medical solutions.

Since there are thousands of diseases, symptoms, and cures, it is not possible to write their complete names. The only way possible is to design a coding system and share it with stakeholders for convenience.

Hence, medical coders are required to manifest knowledge of thousands of CPT and ICD-10 codes accordingly. Moreover, coders translate medical records for reimbursements to happen 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. However, one must not forget the social side of billing.

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.

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 some 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 on their panel. Sometimes the patients visit providers who don’t corroborate with the list of providers on their health plan. Thus, the outsourced medical billing services have an additional responsibility to enlist those providers with insurance companies. However, for it to happen fast, doctors must provide any documentation that is urgently required to complete the registration process.

Filing appeals and conversing with patients who do not pay up 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 search on Google. Why?

Because, one, physicians want to find someone near to where they practice; second, the job is flexible and people outside their immediate acquaintance circle can execute it from a distance. Hence, the popularity of the term: medical billing outsourcing.

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 which 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.co for any of you interested in reading client reviews. https://clutch.co/profile/p3-healthcare-solutions#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. It involves a lot of fields to be manually addressed, 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 what is claimed in the 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 time is saved 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 standardized way to move funds electronically. Hence, we have to take a note of that in every transaction we make on behalf of the physicians and specialty-specific doctors.

Just like the way employee checks are deposited, ACH EFT 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. 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.

Learn more: 5 Medical Billing Tips to Help Orthopedics Earn More