22 Oct How To Take The Hassle Out Of Your Medical Billing Process
Medical billing is the process by which healthcare providers collect money from their patients for services rendered. This highly complex area is something that every facility, from the small single physician practice to large treatment centers must address in order to have any cash flow into the practice. Many providers use the services of an outside physicians billing service to take care of this area of their practice. Others prefer to keep their billing processes within the confines of the practice. Either way, there are some practices that you should adjust to in order to ensure your businesses sees its potential in profits.
One of the biggest obstacles to keeping cash flow rolling in a medical practice is the failure to collect fees that are due upfront. Even if you hire a physicians billing service to manage your insurance claims and send patients bills for the services or portions of payment not covered by their insurance, your office will need to take care of collecting co-pays and deductibles that are due on insurance as well as the fees for self-pay patients. One way that practices can handle this area of the billing process is to implement software from the physicians billing service with the electronic records system that is already in use.
In addition to the financial benefits of having a physicians billing service to manage your billing, they can also help with the clinical, administrative and operational areas of the practice. The idea behind outsourcing these areas of your practice is to free up more of the time your professionals have to take care of your patients. A professional service can take care of the billing and other related details while you and your staff stick to providing the best quality medical care possible to every patient who turns to you for care.
Making the Most of Your Resources
Few medical practices have the resources need to handle the complex billing processes that accompany different insurance types available to patients today. Training and maintaining a separate staff for the purpose of medical billing can put a strain on the practice and reduce the quality of care that patients receive. At the same time, a lack of experience and time to focus on the procedures for filing insurance claims, billing patients, and following up on unpaid claims could quickly result in a loss of income to the medical facility.
Increasing Patient Satisfaction
Insurance is a complex system that can be easily misunderstood by the medical coders and billers. It is also confusing to the patient. A professional physicians billing service will provide patients with the information they need to understand what their insurance has paid and what their financial obligation is. Understanding their charges makes it much less frustrating for the patient and increases their satisfaction with their medical treatment. Plus, getting claims filed and paid in a timely manner will result in a better financial outcome for both parties.