- July 24, 2023
- Posted by: David Smith
- Category: Health Systems
Billing services are an important part of every health systems’ revenue cycle functions. Flexible and comprehensive health system billing services are especially important due to these organizations’ large network of hospitals, clinics and physicians.
Factors like multiple locations, huge variety of medical specialties and different modes of healthcare delivery make health system billing services complicated. To add to this, there are other secondary factors that play a significant role in increasing their complexity. These secondary factors include, but are not limited to, high staff turnover, staff shortage, lack of qualified and experienced medical billing specialists, and the pressure of high billing volume.
Also, to be fair, it would be unjust to count medical billing and coding as part of health systems’ core competencies, which, to a certain extent, justifies why decision-makers at large healthcare organization are constantly on the lookout for ways to optimize and streamline these administrative functions.
Thus, for the purposes of this article, we shall discuss the special features and offerings that can make health system billing services efficient and comprehensive.
Let’s get started.
Certified professional medical billers and coders
The secret behind medical billing and coding services that enjoy exceptionally high levels accuracy is simple. They employ certified professional medical billers and coders. And to add an extra layer of screening, successful medical billing companies require these professionals to complete an assessment that tests their knowledge and expertise in their respective domains.
Quick and error free insurance verification processes
The financial wellbeing of a health system and their patient’s physical wellbeing depend greatly on the ability of provider’s administrative staff to complete insurance verifications as quickly as possible and secure prior authorizations in all eligible cases.
Health System Billing Services: On-time Denial Management
Denial of claims is extremely time-consuming and probably unavoidable but they can be reduced significantly if it is ensured that claims are submitted with accurate codes and documents. Streamlined healthcare billing services enjoy a high first pass rate (usually above 95%), and to deal with the claims that do get denied, they follow processes that help swiftly identify errors, and resubmit claims with correct information while ensuring that the same issue doesn’t crop up in the future.
Optimized A/R management and timely follow-up
Management of accounts receivables can be a vital source of revenue generation if done properly. Seasoned health system billing services have A/R management specialists that follow-up consistently and leverage technology to ensure payment timelines are met. A sign of efficient A/R management is consistent and significant reduction of dues on a month-on-month basis.
Extensive reporting is a feature that a comprehensive health system billing service should offer. It helps gauge the efficiency of every billing function and provides insights on how they can be improved to increase efficiency.
For queries on how to optimize health system billing services or to book a free consultation, please contact Sunknowledge Services Inc., a HIPAA-compliant and trusted RCM company with nearly two decades of experience in outsourced revenue cycle tasks like medical billing, coding, prior authorization services, A/R management and more.