Payment denials make the bulk of losses in a medical practice. Denials result from unverified or terminated health insurance, non-identification of patients, errors in database inputs, invalid medical codes, lack of payment credentials, and duplicates. These mistakes will affect collections in your practice and patient satisfaction. The solution is to outsource a reliable and accurate billing agency to enhance denials management in your practice.
Working with a professional medical billing service
The process of filing insurance claims is complex and constantly evolving. Therefore, relying on inefficient claims management leads to more denied claims and wasting staff time. Some of the inefficient medical billing processes include relying on manual processes or outdated automatic systems. The solution to enhancing your billing process requires outsourcing a professional billing agency.
There are various benefits of working with a competent and accredited billing agency to eliminate issues likely to cause payment denials. The agency usually has a professional and competent staff to offer effective billing trough following the appropriate procedures and latest technology. Backed by years of service and smart skills, below is how a dedicated medical billing service will eliminate denials in your medical practice.
Keeping abreast with medical standards updates
Professional medical billing outsourcing companies keep abreast with new and revised medical standards and insurance policies. The billers will ensure the efficacy of all billing procedures implementation to meet industry standards. This is possible through strategies such as keeping updated with industry standards, policy changes, and other healthcare standard requirements.
Thorough claims inspection
The professional billing agency will do more than communicating with your staff. Look forward to the formulation of strategies to address causes of claim denials. These might include making appeals to the payor, sending reminders, and follow-up verification calls. Additionally, a reliable medical billing company will always stay at par with the payor’s payment policy and authorization procedures.
Backup system for electronic health records
Safety and protection of patients’ records is an essential aspect of managing a medical practice. Any leaking of patient information is likely to cause detrimental impacts on your practice. It comes with a risk of lawsuits and a bad reputation from customers. Fortunately, billing agencies have backup servers to ensure that patients’ records are safeguarded. This is through the use of the latest technology, state of the art software, and highly secures servers that comply with Health Insurance Portability and Accountability Act (HIPAA). It also helps your practice to meet other government standards.
Verification and sorting information
To eliminate claims denials, the billing agency will work with your staff and train them in handling administrative tasks. These include documents processing and patient registration adhering to medical billing codes. Professional billers also measure percentage claims against denials plus investing claims to determine the cause. The professional billing agency will communicate regularly with your employees to maintain records and release regular financial reports.
Compliance to deadlines
Insurance providers have deadlines for claims reimbursements. Therefore, your medical practice has to always send claims in time to prevent denials. To take the weight off your shoulder, outsourcing a professional billing agency is a good idea. Luckily, reviewing claims denials is the medical billing service’s daily grind. The agency staff has whatever it takes to closely monitor the claims denial rate. Afterward, the agency will formulate strategies to mitigate denials. Fortunately, medical billing agencies comply with deadlines regarding filing tax returns and other financial obligations.
Why prevent medical billing errors in your practice
Most claims denials result from billing errors. These also make your medical practice get flagged for an audit that might cost you money. It’s disastrous for your medical practice to receive reimbursements for erroneous codes. It’s important to keep abreast with updates and new codes in the healthcare industry. Luckily, a professional medical billing agency has appropriate software and experienced staff to promote billing accuracy.
Efficient management of a medical practice requires appropriate handling of claims. High claims denials significantly affect your practice’s bottom line and customer satisfaction. However, relying on in-house staff to manage your claims comes with a risk of regular errors and burnout. The trick is to outsource a reliable and professional medical billing agency to manage your claims processing. This will have experienced and competent staff to protect your staff from burnout while enhancing collections.