For medical practices to achieve financial success, preparing a responsible financial plan is essential. By outsourcing medical billing, your practice can have the most accurate and efficient billing process possible.
Keeping track of medical billing is the engine of revenue cycle management for healthcare, but many providers report significant challenges with accurately and efficiently billing patients and payers. Even if the journey may seem long and winding, using effective medical billing is critical to reducing days in accounts receivable and optimizing healthcare revenue cycle management. There are many challenges encountered in medical billing, but here are three of the most common ones:
- Claim reimbursement delays occur due to failed capture of patient information.
Medical billing typically begins when a patient contacts a healthcare organization. As part of this interaction, front-end staff must collect patient information that will form the basis for billing and collections. It is not only necessary to ensure that demographic information is correctly entered into the provider’s billing system, but also of paramount importance that staff verify health insurance coverage.
- When patients are not informed of their financial obligations, collection issues arise.
As part of medical billing, it is the goal of healthcare providers to collect from their patients the full amount for services rendered. Healthcare organizations have recently reported more difficulties collecting payments from patients due to a rise in their financial responsibility.
- Incorrect coding remains a leading cause of medical billing errors.
Having the wrong code for a medical service can result in claims being denied. Therefore, healthcare organizations will need to train their clinical staff on ICD-10 coding updates and encourage front-end staff to communicate with clinicians when documentation is missing.
Why should you outsource medical billing with MedEZ™?
In thriving or expanding practices, outsourcing is truly valuable in terms of viability over the long term. Outsourced medical billing typically maintain a firmer hold on a practice’s finances as patient load, staffing levels, and other dynamics change over time. As a result, they can maintain consistency more effectively than an overburdened internal team.
Your medical practice would be wise to hire medical billing outsourcing services with MedEZ™, for a variety of reasons:
- Insurance payments made faster
Billing errors can be minimized so that reimbursements and payments are received faster.
- With MedEZ™ EHR, billing is integrated
MedEZ™ leaves you free from the hassles associated with managing the billing side of your electronic health record system.
- Medical billing errors significantly decreased
Medical billing mistakes are common, but one error can result in delayed payments for your practice. Billing errors such as insufficient patient information, authorization errors, duplicate billing, and many others can be particularly costly.
- Cost control
Whether it is training and benefits, insurance, or payroll costs, there are plenty of fixed expenses that can be significantly reduced if not eliminated.
- A higher level of patient satisfaction
Even though every medical office strives to provide excellent patient care and service, it can be difficult to meet all the expectations of your patients when you put everything on your practice’s plate. By leaving billing to MedEZ™, you are giving your employees more time to focus on patients’ needs and support which will result in higher patient satisfaction.
Written by Marina Malobabic for MedEZ.com