Cash flows act as the lifeblood of any organization, and healthcare providers are no different. Our Medical Billing professional revenue cycle management services offer experienced professionals who can expertly handle different types of medical claims on the first submission.
Patient details are received
Coding & Billing
Clearing House rejections
BENEFITS OF MEDICAL BILLING SERVICES
Here is how medical billing services by P3 Healthcare Solutions will assist you as a provider.
Reimbursement-friendly Medical Billing Services for Small Practices
What do small practices get out of outsourced billing services?
There are three things they can get: First, an increase in their collection rate; second, the denial rate is kept to a minimum; and, finally, the accounts receivable does not pile up.
Once you grip on these three stages of the billing process, it automatically results in faster claim submissions and higher reimbursements. Therefore, we recommend medical billing outsourcing to small practices. It puts your focus back on what you do best, i.e., look after your patients. A way to find a dependable medical claims billing service is to look at their years of experience, read both good and bad reviews, ask around, and it ends with you finding some real HIT skills in their operational teams.
According to a study published on Jama Network in Feb 2018, “The administrative costs associated with billing and insurance-related activities are estimated to be up to 25.2% for emergency department visits.”
We Provide Medical billing Assistance across the USA. This is a complex process that involves stakeholders such as patients, payers, and Doctors at different stages. The core includes a healthcare medical billing service creating claims and submitting them on behalf of providers to insurance companies for reimbursements.
Moreover, the billers need to stay in touch with insurance companies and patients to ensure timely payments. It is not an easy task and involves plenty of obstacles.
Rules Governing Health Practices in Medical Billing
The rules governing healthcare practices are elaborate and pertain to various classifications. Two types of code sets – CPT and ICD-10 – govern a patient’s visit. Once a patient comes in for a consultation, two things tend to happen. First is that they are diagnosed; and, second is that they undergo treatment. While CPT codes identify the medical, surgical, and diagnostic procedures performed, the ICD-10 codes explain the diagnosis and disease part.
In general, OIG (Office of Inspector General) guidelines are there to help providers avoid penalties – penalties in programs such as MIPS and HEDIS in which eligible clinicians have to submit measures or measure sets and score points against them. The purpose of these programs is to incentivize providers and enhance the quality of care. Often healthcare providers cannot manage all of the compliance requirements; hence, they ask a medical billing company for assistance.
THE MEDICAL BILLING PROCESS
The medical billing process comprises the following steps (step number 7 and 8 may not be needed for clean claims):
Whether you belong to any of the following specialties, we have the ultimate health IT solution for you. We will help you with the revenue cycle optimization through an efficient medical billing process, HIPAA compliance, and MIPS reporting for incentives and bonuses.
A Thorough Approach to Medical Billing Services
The Medical billing process is the same if you do it in-house or get it done through outsourced billing. However, not every billing company is the same. Some companies indulge in fraudulent activities that can result in hefty fines once caught. Others focus on the ICD-10-CM codes and punch in the data for you at an affordable cost. Talk about efficiency, P3 Healthcare Solutions works on client’s purpose to the best of their ability; we follow a thorough approach to the billing process.
Medical billing for small practices is where we have room for improvement because that is the area with large volumes of patients. Practices with 15 or fewer practitioners are the backbone of the healthcare industry; it is management at this level that will be the difference at present and in the years to come.
Healthcare Medical Billing Service for Guaranteed Peace of Mind
A clinician’s financial health is as important as their physical health. We ought to move quickly and be precise to take care of the revenue cycle needs. While the general billing process remains the same for each specialty, the ICD-10 and CPT codes usually differ.
Medical billing company’s first purpose is to smoothen the flow of money from the point of claim creation to the time of reimbursement. The first pass acceptance rate is one of the factors that separate the best medical billing companies from the rest. Most companies quantify a first-time acceptance rate of 95% on average. As far as P3 is concerned, we furnish a healthy first-time acceptance rate of claims in the late 90s.
P3 was not so far on the leaderboard carrying the best medical billing organizations of 2020. We went on to find a spot among the first five companies. Check out the screenshot below for reviews and ratings.
Effective Follow Up and Denial Management
A small mistake during the billing process may result in the claim being sent back for correction. If the error or omission is not rectified to the satisfaction of the insurance company, the insurer may partially or completely deny the payment. As a general rule, most payers have a 90-day period to respond to claim submission.
Payment might also be denied in case there isn’t proper follow-up on claims that require correction. Thus, adhering to the various legal requirements at every step ensures the smooth running of your revenue cycle.