3 Necessary Steps To Eliminate Error in Medical Billing
- November 4, 2018
- Posted by: Thomas Anderson
- Category: Medical Billing
Outsourcing medical billing is the one and only way to maintain complete control over your billing and your money. By hiring dedicated and highly trained staff, a provider gets credentialed billing specialists whose prime focus is on follow up of claims. The dedicated billing experts exclusively help to improve the financial performance by increasing the Account Receivables and enhancing profitability. There are certain common flaws found in medical billers discussed as follows:
Faster claims processing results in healthier cash flow
Changes in medical coding have made it complex for medical billers to keep up gain in tools that they once needed to succeed in medical healthcare. ICD-10, the expanded and more detailed version of ICD 9, has to be brought under the grasp of coding experts. The secret of success in the healthcare industry is to keep pace with the changes and not to fall behind.
More time to focus on core competencies and increase efficiency
With the progress from a volume-based medical world into a value-based one, medical billing companies of the future must have industry-specific knowledge, along with solid practice management processes, firm client retention, and the ability to understand how an application can be used to its best potential for the best results.
Ability to avoid negotiations with payers and insurance companies
The medical billing process starts with verification of demographic details. Once the data is collected, medical billing experts will verify the validation of the patient’s insurance card. The insurance eligibility verification is a formal concern to obtain the pre-certification for (Rx) procedures and (Dx) diagnostic tests.
In all cases, the ability to negotiate with the insurance companies, and obtain the maximum reimbursement, is the absolute Holy Grail of the process. Dedicated medical billing experts stay focused on this, and are usually every provider’s best bet to get the maximum payout.