19 Oct Services Offered by Medical Billing Outsourcing Companies
Medical billing is the process of submitting and following up on claims with health insurance companies. This service is dispensed by medical billing outsourcing companies that ensure that all communication and transactions relating to medical office revenue cycles run smoothly.
What do medical billing companies do?
In simpler terms, medical billing companies make sure that healthcare providers get paid for their services. For the most part, the process involves the following services:
- Typical data entries such as patient, physician, insurance and payment information, along with medical billing codes.
- All communication between related parties including patients, physicians, insurance companies and government agencies is administered by the billing company.
- Claim preparation, denied claims, adjustments, resubmissions or corrections are handled by billing specialists.
- Collection of payments from all parties is also carried out by billing companies.
Why consider an outsourcing company?
There can be quite a few reasons why people decide to outsource. For instance, the operation may be running with a skeleton staff with not enough human capital to manage the finances. Or, more expertise may be required to stabilize the cash flow.
In either scenario, it makes sense to work with revenue management experts who can give their expertise and time to keep the cash flow going while the operation itself focuses on patient care. So, here is what to look for when choosing to outsource medical billing services:
- Support for specialty practices: Work with a company that has intimate knowledge about your specific practice. Such specialty providers also have established work collaborations with compliance monitors and insurance companies.
- Look for experience: Expertise and experience should both go hand in hand. Therefore, along with a 24-hour support service, find a company that can provide verifiable references, show an excellent track record and demonstrates evidence of working experience within specific medical specialties.
- Technological compatibility: Look into the company’s use of technology and software systems carefully. This is important as the compatible software will not only help identify and correct potential billing errors but will also facilitate communication back and forth.
- Certified medical billers: Opt for a medical billing company that employs certified billers experienced specifically in medical billing. Such employees need to obtain continuing education and update their credentials on the changing systems and standards of the industry.
- Certified coding experts: Along with billers, coding experts also greatly facilitate the billing process. Choose a company that has extensive experience with coding so that spotting errors become easy and expert coders may even be able to suggest improvements on claims processing.
List of medical billing companies
Every medical practice has different needs so it becomes important to specify these and confirm with the billing company before choosing one. Given below are some recommendations for medical providers to use as a reference when using the services of a medical billing company:
- AdvancedMD Inc
- Athenahealth Inc
- Clinical Info Solutions
- CRT Medical Systems
- InSync HCS
- iSALUS Billing Service
- Medical Billing Professionals
- Precision Practice Management
- ProMD Practice Management
- Quest Diagnostics