Our recent observations and study about how to choose the best outsourcing medical billing companies in 2022 are extensive and definitely help you to manage effectively their medical billing and coding. To have more clarity, here is a great base of information available as a guide which will be of more help for small healthcare and solo practitioners before they choose their best outsourcing medical billing partner.
This guide is meant for all the health care providers, individual practitioners and durable medical equipment suppliers to identify the possible scalable solutions to grow their healthcare business long-term. Read through this detailed guide in the order the information has been provided, so your dependency level of looking out for the best outsourcing medical billing companies in 2022 as an external help also reduces.
Significance of medical billing services
Do you know why many small practices lose out on revenue or cannot be consistent in generating revenue?
If you know the key role that medical billing and coding plays in any type of healthcare organization, your priority changes and you turn the path towards focusing more on medical billing services.
The primary responsibility and functionality of best medical billing companies is to understand the importance of claims and keep up regular follow-ups with insurance providing companies. This makes sure there is a consistent flow of revenue in your practice and in turn, it helps you plan your business growth. Medical billing companies provide detailed reports of pending claims, missed claims, and set reminders to initiate and submit a claim on time.
If any of your claims get denied, look for the best outsourcing medical billing companies in 2022 who can assist you with filing for an appeal, and most importantly, you don’t have to run behind fixing medical billing errors if any. Since medical billing companies will have trained medical billers and coders, they make sure that all claims are sent with zero errors, which will again result in reduced or nil claim denials.
Without having expert outsourcing medical billing companies in 2022, it is difficult to close the gaps identified from the challenges you face as a healthcare company.
Challenges faced by medical practices with medical billing and coding
Here are some of the critical challenges of medical billing which lead to poor revenue and reputation of a medical practice:
# Filing multiple claims at a time
As a practice you may have entitled multiple specialities and you may have to file more than thousands of claims a week. Not all your medical billers might follow the technology involved in properly filing multiple claims at once and may end up in making errors. Claims submitted with errors lead to rejection and impact your regular cash inflow.
# Importance of patient information
The impact of COVID-19 has increased the importance of detailed patient information for insurance providers. With telehealth playing a major role during and after the pandemic, many insurance companies have made revisions to their standards in collecting patient information with respect to their condition and diagnosis in detail. With precise clinical documentation, medical billers and coders may find it challenging to file claims, and this will slow down the entire process.
# Increase in training needs
To be an effective and highly skilled medical coder, one should know crucial electronic systems such as EMR and EHR, used across medical billing companies. These are highly efficient systems that provide digital documentation for patients’ medical records which becomes easy for providers to verify and process claims easily. EMR is used for single claim and EHR for multiple claims where both require significant amount of training to function.
Therefore it becomes necessary for medical billers and coders to be up-to-date on these systems and renew their professional credentials once in two years, which is considered crucial.
# Coding errors
With automation in place in most of the businesses has reduced the dependency of human making mistakes and causing a delay in works performed. Similarly, though a significant portion of coding involves automation with CAC, but majority of coding work takes place by medical coders physically. Medical coding errors such as typos and mapping incorrect codes along with changing COVID-19 coding rules, you can expect a high number of claim denials.
# Technology advancements
Though we have CAC to keep intact the patient documentation from avoiding errors, still we have programmers who constantly test out the applications and introduce new features to them. This will require medical billers and coders to keep themselves up-to-date in order to avoid delays in filing and also denials due to submitting incorrect claims.
# Laws of confidentiality
HIPAA compliance is something very crucial for insurance providers since privacy of information plays an important role in medical billing and coding. But to be a HIPPA complaint, it requires great effort and time. Similar to changes in coding, HIPAA regulations also keep changing. If your medical billers and coders are not cautious enough, it may end up in paying penalties.
Benefits of outsourcing your medical billing services
Improved patient care
For small healthcare practices and individual practitioners, a physician cannot play a role of a doctor and an administrative manager handling all medical billing and coding tasks by self. This will not allow you focus on patient care and sometimes, lead to dissatisfaction of patients with treatment and the hospitality as well. Outsourcing medical billing services in 2022 will provide you relief from navigating between payers, any regulatory changes and let you focus completely on patient care.
Decreased billing errors
Complex claims submission becomes easy with outsourcing medical billing process since your medical billing partner will have highly experienced and well-trained medical billers and coders. Along with submitting your claims on time, the dedicated billers and coders of your medical billing services partner will make sure the claims are perfect before sent to the payer.
Saving huge money
The best outsourcing medical billing company in 2022 will save you handsome of money by cutting down on resources you hire, paying them salaries, training and showing improvement in daily cash inflow, thereby increasing your revenue.
Accelerating cash flow
On time submission of claims gives several benefits to your medical practice right from increasing the cash inflow, patient satisfaction, staying up-to-date on changing rules of insurance providers, etc. With constant revenue generation, you can make excellent strategies to grow your business to the next level.
Ensures HIPAA compliance
Like we said previously, irrespective of any effort that you take to improve your medical billing and coding, if you are not a HIPAA complaint healthcare provider, all your efforts will go in vain. But to be in line to HIPAA rules, all your billers and coders should be up-to-date understanding the changing rules and keeping up the same in patients’ claims, which might be difficult because of handling multiple specialties.
Outsourcing your medical billing services relieves you from taking this stress on your head and lets you look at other improvement areas in your practice.
Points to remember before choosing the best outsourcing medical billing services company for your practice
- Make sure your outsourcing medical billing services partner in 2022 provides a comprehensive billing solution. Providing so will make you handle all the activities and tasks involved in your practice on a single-toe. Therefore, the visibility that you require is medical billing and coding eventually, falling in place.
- Check whether the outsourcing medical billing services company you choose are up-to-date on the trend and incorporate strategies related to it. This will keep your practice away from non-compliance and claim denial issues.
- The best outsourcing medical billing services partner will not only provide solutions to overcome your medical billing and coding chaos but also involve in your strategic decisions for the growth of your practice. Their experience should be able to help you with closing gaps across.
- Also, check their overall performance in the market and the service they have offered to other clients as well. Your outsourcing medical billing services partner should provide detailed reports of your claims and analysis of how to recover your pending AR collections from your patients.
- As an established healthcare practice, you should be credentialed to gain your patient’s confidence and trust that you will treat them better. Therefore, check if your medical billing outsourcing partner had played a key role in credentialing services.
- Last one to observe is the team and its expertise towards medical billing and coding. Your outsourcing medical billing partner should have highly experienced billers and coders who can make tremendous claims submission with minimal denials.
The sections provided in this guide will definitely help you pick the outsourcing medical billing company that meets all your expectations. If you are looking for furthermore guidance on outsourcing your medical billing and coding process, please get in touch with 24/7 Medical Billing Services and talk to their experts.
All your medical billing chaos are addressed here with high rated scalable solutions and you will get top notch clarity on how practically you will be benefited by choosing them as your medical billing services partner. With more than a decade of experience in healthcare industry, 24/7 Medical Billing Services gives a tough fight to other medical billing services partners in existence.