As a medical practitioner, it may be difficult to juggle patient care with practice management, coding, billing, and dealing with nurses. This will take a toll on you and your services offered to patients may fall below the best standards. With time, you will experience low revenue and that is devastating.
To prevent all of that from happening and to focus on patient care, you need the best medical billing experts who will offer excellent services and ensure high revenue from your services. The revenue cycle management will be implemented on your behalf. The process is lengthy and involves the following:
1. Revenue cycle patient collection services
The insurance accounts receivable clean-up process and accounts receivables wind down processes are carried out and this is followed by the comprehensive insurance claims follow-up assistance.
The latter involves review of all unpaid claims in 30-45 days after the initial billing date. This is also done within 30-45 days after appeals for denials, if the initial payment is inconsistent with your profile or in managed-care contractual profiles so as to assure proper reimbursements resulting in maximum collections.
2. In-house patients’ collections
This is applicable when you do not wish to send your patients to an outside collection agency. The medical services in the revenue cycle will cover hard and soft collections.
3. Reports and analysis
For better revenue management, you will receive comprehensive reports with details on summary of charges, adjustments, receipts multiple productivity reports, and accounts receivable analysis. These reports will be availed to you monthly and you can be sure that your practice is getting the best. Anesthesia services LTD Company make this possible with their effective medical billing system.
4. Claim scrubbing
The current treatment and diagnostic codes are provided annually to minimize denials and delays in reimbursements. These codes include the CPT, ICD-10, and the HCPCS codes.
5. Charge capture
All super bills are taken up and the charges posted using intelligent claim scrubbing technology that ensures accuracy of claims.
6. Claims submission
All bills are electronically sent to payers and relevant third parties. This is done after thorough evaluation of the bills ensuring that there aren’t any errors that can lead to rejections. Note that you can have a high number of claims denied if you are working alone because you can easily send erroneous bills.
7. Payment posting
All payments received after the claims are submitted and approved by insurance companies are posted to the patient accounts. All adjustments are posted and accurately captured on the provider’s managed contract profiles.
8. Statements
Monthly statements are sent out to your patients and also follow-ups for non-payments are made through email and via phone. All the multiple statements to patients and delinquency notices are sent and also documented for future use.
9. Reviews
To know how your practice is doing, the revenue management services by medical billing companies schedule reviews and updates on how to maximize your practice’s profitability.
10. Denial management
Though this is an agonizing time for your practice and you can’t handle all the denials especially when you have a lot on your plate, the service providers will follow-up on all the denied claims for you to get a faster turnaround time on the payments.
In conclusion, these services are offered by the best medical billing service providers who are there to ensure that you maximize on revenue collection by getting the best services available in the market at a relatively low cost. This also ensures that your priority in patient care isn’t affected.
Author Bio: Beryl Sachs is a medical billing services consultant for anesthesia services LTD company. Check out her profile and the company website for more information on medical billing and revenue maximization.
