As most providers can attest, when running a healthcare practice, accurate patient billing is critically important. Billing errors can lead to severe consequences, including a loss in revenue, increased claim denials, costly reworking of claims as well as heavy fines and penalties. It is estimated that a staggering 80% of medical bills contain errors. With thousands of medical codes, hundreds of patients, and multiple insurance companies, much of a practice’s time is controlled by the medical billing process, but it doesn’t have to be. The best solution is to partner with a medical billing company that works as an extension of your practice. Strategic outsourcing of medical billing to a dedicated team minimizes errors and provides relief to staff.
A good medical billing company employs experienced and trained professionals, who manage your entire revenue cycle and ensure 100% compliance. A medical billing company offers all the tools to minimize medical billing errors and reduce the operational overheads by doing the following:
- Optimize Insurance Verification Process
A medical billing company streamlines and optimizes the pre-billing insurance verification process and ensures that billing is efficiently handled, patient expectations are met, and payments are fast and efficient. The qualified medical billing specialists thoroughly analyze all documents to verify the insurance coverage, as well as ensure an efficient patient follow-up and final submission.
- Avoid Duplicate Billing
Duplicate billing occurs when your bill for the same service more than once. An expert medical billing team uses automated software for extra vigilance along with user-friendly interface and real-time EHR integration to track claims that you submit. From reviewing the medical record documentation to appending repeat modifiers 76, 77, or modifier 59, they help avoid billing errors due to duplicate claims.
- Prior Authorization
The team of pre-authorization specialists offers complete Prior Authorization processing, from initiation to approval. This simplifies communication between your practice and the insurance company. A medical billing company collects patient information and sends electronic requests to the insurance company to obtain Prior Authorization. Also, they track pre-certification if additional information is required. They follow-up with an appeal when a Prior Authorization is denied. Additionally, the centralized portal helps you stay updated and offers full transparency, while the streamlined process helps minimize medical billing errors.
- Accurate Coding
A medical billing company stays up-to-date on the annual coding changes to prevent both over-coding and under-coding. The team of AAPC certified multi-specialty coders at the medical billing company use ICD-10 automation coding tools to enhance coding accuracy. They help you stay on top of ICD-10 code updates while also making the coding process more efficient.
- Precise Capturing of Patient Data
The team of medical data entry specialists at a HIPAA compliant medical billing company uses the latest electronic documentation tools to accurately and securely capture data into electronic medical records (EMR). This reduces duplicate data entry and minimizes errors. Also, it helps meet medical record documentation guidelines and maintains documentation integrity.
When you sign up with Analytix Solutions Medical Billing Services, you get more than just DME billing expertise-you get a team of specialists who bring extensive medical billing experience to minimize billing errors. Additionally, we are HIPAA compliant, possess an ISO certification for secure data, and offer flexible engagement models and payment structures.