Do you want to get paid on time, without delays? Here are four useful tips that you can use to speed up the payment of your medical claims.
The procedure of submitting claims and getting paid has always been filled with errors. To contest this, payers now use electronic submission and some kind of billing software as well. However, even with these steps, practices are still struggling to get paid on time. Though some problems lie with the payer, there are best practices that you can use to get paid faster.
Here are four tips that you can use to speed up your medical billing process. By implementing a few or all of these suggestions, you can get your practice’s medical claims submitted on time and paid at a much faster pace.
Make it your goal to get your claims submitted within three days or less from the time of the service. You can then track the claims through payment. If everything is in order, you can receive your claims within 40 days or less and enjoy a net collection of 95%.
Outsourced medical billing is a great way to deal with problems of increased regulation, low operational efficiency, reduced carrier allowances and red tape.
Making a decision on whether to outsource medical billing or not can be a difficult one. Over the years, the complicated field of medical billing has always required specialized skills. Referring to a specialized medical billing company makes a lot of sense if you are new start-up, an experienced company or even if you are in the middle of adapting to a new system.
Here are five benefits that your medical practice can leverage by outsourcing medical billing services.
1. Higher economies of scale
Since a medical billing service provider can operate at a much lower cost, those savings will be passed on to you. Medical billing companies in India can afford to hire the best professionals, thereby giving you quality services for a lesser price. Apart from leveraging higher returns and lower costs, you can also save more in terms of stress, time and infrastructure.
2. Dedicated team of specialists
An outsourced medical billing team has only one purpose and that is to double the profitability of your medical practice. Payments are carefully reviewed and posted, to avoid inaccurate adjustments. Outstanding claims are tracked and processed. The team would work closely with your resources to ensure that you benefit from an efficient workflow. Only outsourcing can put you in touch with such a dedicated group of medical billing specialists.
3. Gain better control
Outsourcing can put your company more in control of medical billing. Since an external provider will be taking care of your tedious medical billing process, you will have more time to review monthly reports and assess the health of your medical practice. You can make monthly/annual comparisons and identify issues regarding payer reimbursements or charge entry. Better transparency will also give you an added sense of control. Continue reading →
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