Indicators that suggest problems with your billing include:
In some cases, approximately one fourth of all medical practice income is lost due to: lack of follow-up; missed charges; or a consistent approach to billing medical claims. Is your practice among those receiving seventy-five percent of available billing revenue?Here are nine ways to improve medical billing and maintaining financial health.1) Patient Verification
2) Collecting Copays, Coinsurance and Deductibles
3) Correct Claim Coding
4) Daily Claim Entry
5) Daily Claim Filing
6) Daily Claim Denial Management
7) Daily Payment Posting
8) Daily or Weekly Patient Billing
9) Review Accounts Receivables (AR) Daily
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Three Steps to Improve Collections and Save TimeMedical practices large and small, hospitals and other medical facilities waste tons of paper every year, but more importantly they waste time processing the paper. Some estimates report that the healthcare industry reliance on paper cost $300 billion annually. Physician’s cost of delivering healthcare to patients is expensive, so what can be done to help reduce administrative expenses? Medical practices need to think outside of the box to eliminate nonessential labor expenses, like handling paperwork that adds little value. The paper chase in a doctor’s office adds hours to payroll costs and produces marginal benefit to income. Here are some key ways to save time and paper by implementing key measures to reduce reliance on physical paper. 1.) Promote eStatementsIf you are still printing and sending paper statements, stop the paper clutter by processing statements electronically. Why print a paper statement, stamp the statement and send the bill by mail. Estimates for manual processing of paper statements can be as high as two to three dollars per patient statement. Most software vendors offer the option to process statements electronically. Doctors can also sign up for online portals to receive payments by a credit card. This reduces the need for processing a paper check with immediate funds availability, and it makes it easier for the patients to pay. With online portals, patients can have online access twenty four hours a day, and can pay their statement balance without the paper chase of writing a check. Most people pay their bills online with their bank. Join the crowd and encourage patients to pay online. 2.) Offer Multiple Channels for Payments and Check ProcessingAnother way to entice patients to pay is to sign up for e-Payments. This can enable them to pay online from any device virtually anywhere. Some online portals also have the ability to offer payment plans that use predefined limits to charge the patient automatically over a series of payments. Think about the patient that had an expensive surgery. What would be better, receive the balance over four to six installments, or to have the patient sent to collection for non-payment. The goal is to make it easy for the patient to pay. The same portals that take credit cards can take ACH payments with a routing and bank account number to debit the patient’s checking account. Ok, so maybe you are a mid to large size medical practice and you still receive a lot of paper checks. Another way to start going paperless is to utilize a lockbox with your bank. Think of the benefit of not worrying who is opening the mail, immediate funds availability with an electronic record of all deposits. 3.) Eliminate Paper From the Equation with a Patient PortalWith well-designed online templates, it can be beneficial for medical practices and facilities to ask patients to fill out paperwork online. They can fill out basic demographic information at their leisure and record a medical history before they show up in the office. The benefit is the data is recorded electronically for use in billing and health record systems saving valuable labor to document the patient encounter. This gives the staff more time to focus on clinical issues rather than on shuffling paper. Patient eligibility can be verified in advance making for a smoother patient experience. Having a portal can make the patient accustomed to viewing their patient record electronically. An email can be sent to notify the patient of test results without having to call the office. SummaryPatient populations are changing. Most patients have grown up in a digital world and want access to billing and healthcare information. It may seem daunting in the short-term to move to a paperless system, but it pays off in the long run in terms of time saved and better information. Going paperless with medical billing payments and administrative paperwork may seem tough, but it is important to keep an eye on the benefits. Consumers like it when businesses make payments simple to understand and easy to make. . Medical practices and facilities usually see fewer patients forgetting to make a payment. Online portals can increase customer satisfaction and retention with better access to their information. They also make for a better informed patient. Make a commitment to change to the way you handle paper in one system each quarter. If you need help give us a call via Tumblr How to Go Paperless With 1st Medical Billing® Although ophthalmologists specialize in eye health, that doesn’t mean they only deal with one kind of issue in their practices. Every patient visit requires expertise in ophthalmology billing and coding, but many ophthalmologists would prefer to see patients. Some of the many ailments and needs handled in their offices include:
Also, people who have eye infections also often have to visit ophthalmologist practices. Nearly a million eye infections per year are severe enough to warrant going to a doctor or hospital for treatment. Many of those cases are related to improper contact lens usage. Clearly, these health professionals have a lot to do without having to focus on the intricacies of ophthalmology coding and bills. Hiring third-party billing and coding professionals to take care of those things allows for greater productivity every day. Eye Doctors Can Stop Engaging With Insurance CompaniesOne thing that really slows doctors down in regards to seeking payments is that they have to communicate with representatives from insurance companies. A large percentage of the time spent doing that may involve being placed on hold or being transferred to different departments. These realities reduce the overall time spent with patients. However, because billing experts devote their workdays to only one thing, they can achieve better results while freeing up eye physicians to do what they do best. Also, due to the fact that billing experts spend so much of their time securing payments, they naturally know what to say and what kinds of information to have on hand to enjoy the best outcomes. Reduced Struggles When Transitioning to Electronic Health RecordsHealth professionals representing all specialties are expected to switch over to electronic health records, or EHR. One major advantage of EHR is it’s easier to retrieve and send a patient’s records if that individual has gotten treatment in other places. Companies that handle ophthalmology billing and coding frequently offer supplementary services that help practices understand how best to make the transition in ways that suit budgets and fit with other practical needs. For example, they may provide EHR consultations, plus assist with implementation of an electronic health records platform. These services save time by helping ophthalmologists avoid common pitfalls and know what to expect before beginning to use a new system. The companies that provide them can also offer troubleshooting when needed, which reduces frustration. Less Time Spent Seeking Late PaymentsGetting outsourced help for ophthalmology medical billing is also essential when a facility is having trouble maintaining profitability because of a higher than average number of outstanding invoices. The collections process is very time-consuming and can take up even more minutes in a day than dealing with insurers. Billing specialists stay committed to resolving collections-related issues. Then, eye specialists are more likely to be profitable, which in turn cuts down on the stress felt by everyone working there. These are just a few of the many reasons why getting professional help for ophthalmology billing and coding is a genuine time saver. The investment it requires is usually well worth the money spent. It allows ophthalmologists to maximize patient care while minimizing paperwork. via Tumblr How Professional Medical Billing & Coding Can Save Time For Ophthalmologists It’s often hard to convince physicians that they should hire an outside company to handle medical billing and coding instead of taking care of it in-house. After all, doctors use the triage system to prioritize patients according to the severity of their needs. They are likely to use that way of thinking in other aspects of life, too. If there is not an existing and clearly identified problem associated with that part of their practice, they probably won’t feel very compelled to take action. However, there are numerous reasons that getting assistance with medical billing and coding is very advantageous to people who practice medicine. When health professionals are more aware of the reasons why that’s the case, they’ll be more likely to hire help before it’s too late. A Shorter Medical Billing CycleAccording to data from the National Center for Health Statistics collected in 2015, 83.6% of adults and 93% of kids polled said they went to visit a doctor within the past year. Skilled doctors are constantly in demand, but even those who are very busy may have difficulty remaining profitable if they consistently deal with lengthy billing cycles. Third-party companies that handle medical billing services can speed up collections and help maintain a shorter overall billing cycle. That’s one of the reasons why physicians who are initially reluctant to outsource for medical billing and coding because they view it as an extra expense realize that doing so is actually well worth the money. A Reduced Number of Rejected Medical Billing ClaimsPeople who have even a small level of familiarity with the medical billing industry know it requires communicating with insurance companies and submitting the proper paperwork. Otherwise, claims could get rejected, increasing the amount of time before doctors see payments for the work they do. A doctor’s practice characterized by a high percentage of rejected claims could begin operating at a loss. If that’s the case and the problem persists for too long, busy practices may have to close. However, companies that specialize in physician billing services have a commitment to getting payment for each claim. The representatives who work for those entities know the elements that are necessary for claims to get paid quickly and will do what they can to achieve ongoing success. Less Medical Billing & Coding Paperwork for Doctors and Support StaffWhile in medical school, most doctors probably didn’t think about the amount of paperwork involved with being a physician. Medical billing and coding probably was not something they planned for in their future typical workdays, because they were just thinking about treating patients. Hiring a specialty company to handle that side of the career represents a substantial benefit for doctors who want to be more productive. Furthermore, it reduces the burden on support staff members who may be tasked with handling the bills but could be more useful if taking care of other responsibilities. As you can see from this short but relevant list, getting outside help with medical billing and coding is a good move for doctors. That’s especially true for medical professionals who want to focus on patient care instead of talking to insurance representatives and filing paperwork. via Tumblr How Does Outsourced Medical Billing Help Doctors? Are you over burdened by the stress of calculating patients medical claims, let 1st Medical Billing be your ultimate savior. How can 1st Medical Billing help you? 1st Medical Billing is a Texas based trusted medical billing, coding and revenue management firm which has years of experience in providing proven solutions for a wide range of medical specialties including Dermatology, Gastroenterology, Internal Medicine, Ophthalmology, Primary Care, Pulmonology, Radiology, Urgent Care and so on. Its team of experienced billing professionals has worked extensively on providing the best medical billing and coding solutions to help and assist the medical practitioners in getting fair reimbursements against the medical services they provide to their clients and patients. In case if you're looking for Dermatology medical billing and coding solutions, then with 1st Medical Billing you can get computer systems and software specifically designed for the dermatologists only. 1st Medical Billing offers a complete range of medical billing solutions for your dermatology practice which includes EHR selection, Medicare MIPS reporting, and various other practice management services.
Services offered by 1st Medical Billing-
Advantages of choosing Dermatology medical billing and coding solutions by 1st Medical Billing are
The advantage of using Dermatology medical billing solutions by 1st Medical Billing is that it helps in lowering the accounts receivable balance and improving the reimbursement at a lower cost in a more effective way as well. What is Pulmonology? Pulmonology is a medical specialty which deals with the diseases and illnesses involving the respiratory tract. It is often referred to as chest medicine and respiratory medicine. It includes the treatment of various diseases and conditions of the chest, mostly pneumonia, asthma, tuberculosis, emphysema, and other complicated chest infections. Unlike other medical specialties, in Pulmonology also, medical professionals face great difficulties in getting the right reimbursement against the services they provide to their clients and patients. Most of the pulmonologists face difficulty in collecting the right amount of insurance claims within the right time, as a result, their medical practice suffers a lot due to the lack of profit gain and better income. In order to solve the issues related to the collection of insurance claims and getting better reimbursement against the medical services from the patients, it is advised to opt for the Medical Billing and Coding services. Now, Pulmonologists can opt for Pulmonology medical billing and coding services so that they can easily get rid of the stress regarding the calculation of patient claims and paperwork related to the payment of insurance claims. To ease the process of payment collection and to make the medical practice more effective and efficient, trust 1st Medical Billing only. 1st Medical Billing's easy and convenient to use Pulmonology Medical Billing and Coding services are hundred percent error free, gives accurate results and is faster as well. 1st Medical Billing for Pulmonology Medical Billing services
It has the team of knowledgeable professionals with years of experience in providing efficient Pulmonology billing services. With the Pulmonology Medical Billing and Coding services, the strict attention is focused on improving the Pulmonology patient claims so that Pulmonologists can easily concentrate on their patients only. Major services under Pulmonology medical billing and coding
Benefits of Pulmonology Medical Billing and Coding services
1st medical billing provides comprehensive revenue management solutions to develop your financial health and also allow focusing on health care and your business. We offer medical billing management that includes electronic coding, patient inputs, denial management, payment posting, regular reports, collections and much more. We are premium medical billing and coding company in Texas that makes use of skilled billing professionals by using a verified method. We essentially add evaluation to your business with improved payments; accelerate collections and also a small billing cost. Some benefits of getting connected with our accomplished team: We have all time qualified support of IT experts, transcriptionists, medicinal billers and executives who work systematically and steadily to provide quality services to our clients. We also endow with full time online hold up with no added charge. Some benefits of billing and coding services:
We specialize in:
Our aim:
We have entire range of billing and coding services which includes claims, medical billing, patient’s entry, cash payments, appointments, follow ups, medical coding and insurance. We serve at various places:
So leave all the problems on us and concentrate on your patients. We offer customized solutions for medical billing and coding services to fulfill your specific needs and requirements. The relationship with 1st medical billing will be useful, beneficial and relevant to your practice. |
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