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Almost all healthcare facilities and medical groups seek consistent medical billing services. To help medical units claim timely reimbursements and boost their revenue, a reputable medical billing franchise offers efficient medical coding and billing services. For instance, medical billing companies can help facilities submit error-free medical bills and insurance claims within the prescribed time limit, leading to proper revenue cycle management. This article will inform one about the primary services that professional medical billing companies can offer.
- Enrollment into the Billing System
It is essential for healthcare facilities to submit complete information about their patients to claim reimbursements. Therefore, most medical billing companies primarily focus on patient enrollment. Professionals electronically enroll a medical facility’s patient details from the hospital’s registration system with basic details such as demographic and insurance information. It enables insurance companies to collect necessary patient data by clicking the mouse on the screen.
- Insurance Verification
Verifying the patient’s eligibility and insurance benefits is vital to the medical billing process. A professional medical billing franchise manages the insurance verification procedures efficiently. Moreover, such companies verify the patient’s active medical coverage with the specific insurance company, type of insurance plan, policy status, claims mailing address, plan exclusions and inclusions, effective date, and more.
- Insurance Authorization
Receiving authorization from insurance companies is usually a time-consuming task. And reliable medical billing companies are known to perform this task efficiently. Such firms contact the insurance companies on behalf of the patients and get the assurance that insurers would pay promptly in case any claim arises. Therefore, any odds of last-minute cancellation of claims can be prevented with the help of professional medical billing companies.
- Coding
An experienced medical billing company is famous for carrying out medical coding procedures precisely and accurately. Several coding processes, such as medical coding audits, DRG/ICD-9-CM coding validations, CPT coding, and other processes, are completed with excellent accuracy, further ensuring maximum reimbursement.
- Billing and Reconciling of Accounts
Medical billing service providers focus on all critical phases like calculating self-accounting totals, collecting monthly bills, handling the transfer of funds, and more to ensure increasing revenues to healthcare facilities. Some major areas that a professional medical billing franchise covers are charge entry, cash posting, reconciliation, etc.
- Account Receivable Collections
A reputable medical billing company is recognized for offering quality account receivable collection solutions, helping healthcare facilities to resolve their credit and collection issues. Insurance collection, account receivable follow-up and collections, patent collection, etc., are robust solutions that medical billing service providers provide.
- Audit
A professional medical billing company continually audits the charges entered by the charge personnel to evaluate the accuracy of keying and ensure that billing regulations are adequately complied with. In addition, these companies verify the accuracy of the claims based on carrier needs.
Conclusion
Professional medical billing companies are often staffed with experienced billing specialists, accountants, AAPC-certified coders, and other supporting personnel to deliver high-quality medical billing and coding services. Moreover, these companies use advanced billing software and technology to perform each phase of the billing procedures accurately while following the latest medical reimbursement regulations.
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