Medical Billing is the backbone of your practice which embraces the bottom-line of your business. Efficiency is the cornerstone for any Medical Billing Process, without which your Practice may seem unmanageable. However, with Patient care as the prime function, efficiency in Medical Billing can be challenging to be achieved.
A physician’s core focus is fully tied up with the daily flow of patient visits and the procedures involved. Medical Billing can sometimes seem uncontrollable or take a back seat alongside the irresistible involvement in patient care and satisfaction. Which in a trice can affect the monetary aspect of your business. The below point may explain why Efficient Medical Billing is as essential as patient care for your Medical Practice.
Cleaner Claims Results in Reduced Denials
Efficiency in Medical Billing and Coding will result in cleaner claims, increased first-pass rate and reduced Denials. Efficiency will substantially increase your reimbursement percentage resulting in increased cash flow. The requirements for cleaner claims through efficient Billing and Coding can be achieved by:
- Trained and Experienced billers to handle your medical Billing efficiently
- Certified and skilled coders to ensure quality coding
- Expertise in AR follow up and Denial management
- Timely follow up on denied claims to ensure payment is collected
- Thorough knowledge on CMS guidelines and Updated fee schedule
- Timely claim filing and tracking
- Analyze paid vs. pending claims to track and process rejections or denials
Diligent AR Follow up
Payments for a particular claim flows in from various parties involved such as insurance companies and patients. There can be unexpected delays from each party for no particular reason, this can be completely curbed by regular follow-up by Accounts Receivable team. It is mandatory that each claim submitted is tracked and followed up diligently until full and final payment received. Unfollowed claims in the old AR bucket may result in revenue lost if not tracked on time.
Accuracy in Claim Submission
Accuracy and complete documentation is the key to reduced Account Receivables or Claim denials. Accuracy in Patient details and Insurance information, completeness in Medical service provided and error-free coding and claims processing are inevitable aspects for Efficient Medical Billing.
Claims Appeal with Insurance
On certain instances, cleaner claims also get rejected or denied for no reason. Experienced billers and Denial Management team with their expertise handling different claim denials and appeals should be able to encounter such scenarios and get them paid through making payer related changes on the claim to ensure it is passable.
Outsourcing Medical Billing
The team of billers and coders from an established Medical Billing Company will have the experience and expertise handling several claim denial and appeals with different Insurance companies. These people are exposed to the payer specific requirement in each claim and ensure corrective measures are taken without much delay. Their experience helps scrutinize each rejected or denied claim and amend acceding upon with the Payers requirement.
About MGSI
Outsourcing your Medical Billing process can prove to be the best choice to achieve efficiency. MGSI is a 25 year old national Medical Billing Company serving several hundred across the US. MGSI has trained and experienced medical billing and coding team handling complete Medical Billing services to our clients. To know more about the benefits of outsourcing your RCM process to MGSI contact us today at 877-896-6474 or visit our website www.mgsionline.com