Medical billing companies provide a range of services that may save you time and earn you money. By outsourcing your medical billing needs to a professional company, you can focus on your core business while ensuring that your patients' bills are paid on time and in full. Here, we will discuss the various services that medical billing companies provide and how they can benefit your practice.
1) Bills and Claims Submission
Medical bills and claims are typically submitted to insurance companies electronically. A medical billing company will have the software and hardware necessary to do this. They will also have trained staff who know how to submit these claims to be processed quickly and correctly.
The billing software comes with features like:
-Patient information management
-Calendar and scheduling
-Charting
-Billing
-Payment processing
-Reports
2) Payment Posting
After the insurance company processes the claim, they will send a payment to the medical practice. The medical billing company will post this payment to the patient’s account. This will include any coinsurance, copayments, or deductibles for which the patient is responsible. The medical billing company will also notify the patient regarding their balance owed.
3) Patient Billing
If a balance remains on the patient’s account after insurance has paid their portion, the medical billing company will bill the patient for the outstanding balance. This is important because it ensures that the provider gets paid for their services.
For example, a patient has a $100 copayment for an office visit. The insurance company pays $80 of the bill, leaving a $20 balance. The medical billing company will bill the patient for the $20 copayment.
4) Collections
If a patient does not pay their bill, the medical billing company will work to collect payment from the patient. This may involve sending multiple bills or making phone calls to the patient. Physician services for billing purposes are typically divided into three parts: professional, technical, and support services.
Professional services are those provided by a physician or other licensed healthcare provider. These include office visits, consultations, diagnostic testing, and interpretive services.
Technical services include laboratory tests, x-rays, and other diagnostic procedures. Support services are those that do not fall into either of the other two categories and include such things as scheduling appointments and handling billing inquiries.
The level of service a medical billing company provides will depend on the size and type of practice and the individual physician's needs.
5) Reconciliation of Accounts
Medical billing companies provide a valuable service to medical practices and patients by reconciling accounts. This ensures that all charges are accurate and that payments are applied correctly. This can save a great deal of time and frustration for both parties involved.
Conclusion
Healthcare billing companies provide several services that can save you time and money. These services include claims processing, insurance verification, and medical coding. You may focus on providing quality patient care by outsourcing your medical billing needs.