All Posts Tagged: Medical Billing

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why you should be using a medical billing company

Why You Should Be Using A Medical Billing Company

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A medical billing company is a valuable resource for physicians, medical practices, and other similar healthcare providers. There are many things medical billing professionals do other than post bills to patients. A good medical billing company will handle entering data about your patients into a patient management software such as patient information, physician information, medical codes, insurance information, as well as payment information. Additionally, medical billing professionals will help keep the payment process moving by re-submitting claims, interacting with all necessary parties to complete the billing process, as well as collecting payments from patients and insurers.

While some medical practices opt to do these services in house, there are many reasons why these services should be outsourced to a qualified medical billing company.

Finances

You will save money outsourcing medical billing to a third-party provider. The costs related to purchasing software and hiring and training staffers to do the work typically exceeds the amount you would pay to a medical billing service. In addition, medical billing companies will likely keep a closer eye on denied claims, forms, bills, and other issues that come up with medical billing while one or two staffers in your office may overlook these important issues causing severely delayed or lost payments.

Compliance

Medical billing companies are invested in staying up to date with the latest laws and regulations related to medical billing and patient management. Being compliant ensures that their clients are receiving the high quality service they can rely on. A medical billing company will award peace of mind that your practice’s medical billing practices comply with new laws, regulations, and industry standards.

Time

Another reason why you should hire a medical billing company is to better serve your patients by dedicating your time and resources to treating your patients instead of having to deal with billing. Running a practice brings a lot of responsibility, however outsourcing the revenue cycle to a third party provider frees up your time to focus on patient care.

Efficiency

Most medical billing companies will be able to provide comprehensive reporting on each aspect of the revenue cycle to show you where improvements can be made whether it’s during patient intake or after. This reporting provides an in depth look into the inner workings of your process and point out how to make it more efficient which could resolve cash flow issues, improve payment collection, and shorten the time between the patient’s visit and receiving the final payment. Without medical billing experts to help identify some of these opportunities, you could be leaving money on the table.

A medical billing company can provide a streamlined process starting with patient intake all the way through to final collections relating to the patient’s visit. Making sure this process is working at optimum levels is vital to the financial health of your practice. This process is called revenue cycle management and it’s all about processing information in a timely and strategic manner that will result in collecting payments as quickly and as efficiently as possible. In addition, a medical billing company will be able to communicate the status of your revenue cycle management and make recommendations for improvement. Overall, the business side of your practice must be working efficiently in order to keep it running. A medical billing company can help any practice do just that.  Contact MHS today to set up a demo and we can show you how we can help improve your bottom line.

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2018 HEALTHCARE REVENUE CYCLE CONFERENCE

2018 Healthcare Revenue Cycle Conference: Sessions We’re Stoked About

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The 2018 Healthcare Revenue Cycle Conference held in Charlotte, North Carolina this year will be jam-packed with industry leaders, workshops, and valuable insights into the latest developments regarding the revenue cycle management industry. As medical billing and coding professionals, it is our duty to keep a pulse on the latest hot-button issues, industry trends, and new technology to continue bringing cutting-edge value to our clients.

Revenue Cycle Management is very important to the financial stability of healthcare practices. It bridges the gap between providing valuable healthcare services and handling the business side of providing that service. Revenue Cycle Management utilizes a complex network of Health IT systems, communication with patients and payers, and internet-based billing procedures to manage the cycle of healthcare from the initial patient visit to getting paid. Over the years, there have been many new developments in Revenue Cycle Management such as the way we access information, how data is stored, how bills are paid, communicating with patients, handling insurance claims, and many other facets involved in running a healthcare practice. One of the best ways to keep up with these important trends is to attend conferences such as this year’s Healthcare Revenue Cycle Conference taking place in mid-September. We’re excited to take part in this important event and here are some of the great sessions we’re looking forward to.

Hitting the ground running on the very first day, Dan Mingle, MD, Founder and CEO, Mingle Analytics and Kelly Whittle, Founder and CEO, Whittle Advisors will share the newest trends regarding the MACRA regulation including techniques on how to succeed with MIPS and the Quality Payment Program introduced under MACRA. Mingle’s overview of MIPS will include new 2018 requirements, measure selection, data requirements, and the importance of measure performance monitoring. Additionally, he’ll highlight ways to handle reporting with the MIPS program and how RCM companies like us can help our customers unlock data to analyze practice performance and improve MIPS scores. Ultimately, this session will give us a strong foundation to help our customers transition from claims-based reporting to a more value-based framework and to clearly communicate the new payment reform strategy laid out in the MACRA regulation.

Following up this powerful session, Ted Stack, Managing Director, Falcon Capital Partners LLC, will deliver a helpful lecture on creating value in our RCM service that will transfer on to our clients. In this session Stack will discuss how creating value in our business is critical for our customers given the fact that the healthcare market continues to evolve each year with constantly changing consequences on the billing service providers. As we continue to follow these trends, we will be able to identify areas for improvement and ways we can further maximize the bottom line for our clients.

One of the key developments in the Revenue Cycle Management Industry is Robotic Process Automation (RPA).In recent years, new technology has developed that can further streamline the process of collecting money in less time and at less cost. John Fundingsland, VP and GM Healthcare Operations, Hexaware Healthcare Technologies, and Dan Hillman, VP Revenue Cycle Strategy, Hexaware Healthcare Technologies will discuss in detail how RPA has impacted Revenue Cycle Management processes and how we can incorporate some of these practices into our programs so we can pass along those savings to our clients.

Another session we’re looking forward to is Five Strategies Critical to Achieve Payment Assurance Through Patient Engagement, provided on the Operations Track. This session will help us identify ways we can engage with the patient before, during, and after the visit to assure payments are being made at a fast pace. What’s interesting about this session is that these strategies were put in place to combat the recent explosion of patients visiting doctors’ offices, yet still owing a balance for previous visits long after the service was completed. This can cause significant damage on cash flow and overall daily office management. This session will help uncover opportunities for improvement in billing services while also reducing overhead costs and ensuring providers get paid. This is a big goal we strive to meet for our clients on a daily basis.

These are just a few of the sessions we’re looking forward to attending, but there are many more! Not to mention that this year, the conference is held in Charlotte, North Carolina, home of the Hornets! We’re excited to explore the Queen City as we dive deeper into one of the most important facets of our industry. There are so many new facets and areas to learn about when it comes to Revenue Cycle Management and a great place to dive in head first will be the 2018 Healthcare Revenue Cycle Conference.

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Career in Medical Billing and Coding

5 Reasons To Pursue a Career in Medical Billing and Coding

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Whether you’re just starting out in your career or you’re well entrenched in adult life and need to make a drastic change, becoming a medical billing and coding professional is a great option. The healthcare industry is booming, yet the workforce in this area is sorely lacking in order to meet the demand. The employment of healthcare occupations is projected to grow 18 percent between 2016 and 2026, much faster than the average, with the addition of about 2.4 million new jobs expected, according to the Bureau of Labor Statistics.

With the increase in the country’s aging population, there will continue to be an added demand for medical billing and coding professionals to assist healthcare providers of all kinds with the uptick in patient encounters and medical chart reviews. According to MedicalBillingandCoding.org, the average salary of a certified coding professional was $48,000 in 2012, but has grown to between $52,000 and $55,000 as of 2018. Whether you decide to work in a hospital, medical center or as a freelancer who works in a home setting, there are many reasons why you should pursue a career in medical billing and coding. Here are five of them to peruse:

1. Stay on the Cutting Edge of Technology

While the incorporation of new software can greatly enhance the job of a medical coder and biller, nothing can replace an actual human being who can enter information, spot errors and inconsistencies, and organize information in ways others can easily follow. You can train on all the latest software that assists providers, greatly enhancing your subject matter expertise and knowledge base that will keep you competitive in the field. Plus, being a medical coder can give you the experience necessary to pursue further clerical and administrative opportunities within health care later on if you so choose. Being a coder and biller puts you in the unique position to become familiar with the operations of all elements of the healthcare business. You simply don’t see that in other entry-level positions within other industries.

2. Start Working More Quickly

Most jobs in the healthcare industry require you to go through several years of special, focused training. However, preparing yourself for a career as a medical coder can happen in just three months. With the abundance of online and on-campus technical colleges and schools, you have more options than ever before to complete your coursework and training on your own time.

3. Never Stop Learning

Thanks to the ever-changing standards practices involved with insurance billing, Medicare and Medicaid, you can stay abreast of the many changes in coding requirements so you’re always active in your job. The ability to learn and adapt as the months and years go on will position you in the best possible light for advancement and fulfillment in your career. This industry is constantly evolving. The ability to stay on top of developments will provide you with invaluable perspective going forward.

4. Maintain a Predictable Work Schedule

Most medical coders work within hospitals or in physician offices. These hours tend to be fairly flexible, with steady schedules and solid benefits. Whereas others in the healthcare industry, such as doctors and nurses, work long and unpredictable hours, a medical coder can hold down a 40-hour work week without weekends. This is great for juggling a social life, family, kids and other commitments such as a second job.

If medical coding and billing sounds like the perfect opportunity to you, contact Medical Healthcare Solutions at 800-762-9800 to see just what we do and how you can become part of the healthcare industry. Here at MHS, we boast decades of medical billing experience and service to the healthcare community. Check out our career opportunities, where we highlight current medical billing specialist job openings. We also welcome you to meet our team.

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Clean Up Your Medical Billing Before the End of the Year

Clean Up Your Billing Before The End Of The Year

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As the New Year approaches, it’s time to take stock of the previous 12 months and make some adjustments in your billing approach. Take a look at what’s been working and, more importantly, what hasn’t. It goes beyond unpaid bills and into the realm of HOW you handle your accounts payable and receivable and how you can improve. The changes you make now will benefit you throughout 2018, increasing your bottom line, decreasing your stress level and boosting the smooth operation of your billing processes.

Are your administrative costs skyrocketing? Do you have outstanding A/Rs from the beginning of the year and even years past? Are the insurance denials piling up? How do you handle them?

Analyzing your billing process starts with taking a long hard look at performance. Many practices experience surprisingly low rates of reimbursement success, often times because billers focus their time and skills on the “easy” claims, leaving many challenging claims under-reimbursed, points out Healthcare Business Today. Is your current billing software effective? How quickly are you getting reimbursed? Is money being left on the table? It’s time to upgrade or change your billing procedures if you as a healthcare provider are not happy with the ways things have been going. Here are a few tips:

  • Engage in follow-up training if claims are continually being denied.
  • Analyze the reason codes to see why a specific payer constantly denies claims.
  • Analyze how the referral process works and find out what stop-gaps are preventing you from processing claims efficiently.
  • Go over your input processes. Are policy numbers being entered correctly? Is there a lapse in document processing?
  • Talk to your front- and back-office staff to introduce new policies and procedures if you are finding too many controllable errors.

Correcting Problem Areas

Many of these issues result from lack of time and too many other responsibilities taking center stage. Take a look at your staff: are they overworked? Are errors being made simply due to a stressful and chaotic work environment? Is there simply no time during the day for your existing staff to handle all the billing procedures correctly and comprehensively? This is a common challenge facing many hospitals, doctors’ offices and ERs — especially towards the end of the year when things get crazy.

One way to solve that and make a resolution for the new year: partner with an outsourced medical billing company that can handle all your billing needs in one place and on one platform. It’s a win-win for your staff, who can concentrate on the tasks they were actually hired to do, and you get paid more often and more smoothly because of a streamlined approach. An outsourced biller can ensure:

  • Insurance can be verified before visits.
  • Patients are billed on time and consistently.
  • Codes are authorized promptly and properly.
  • Clinical notes are used for negotiating denied claims.

It’s time to start the new year off right — with an improved process that ensures success for the upcoming months. Call Medical Healthcare Solutions in Andover today at 800-762-9800 for help.

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Get Paid For What You Deserve With A Medical Billing Company

Get Paid For What You Deserve With A Medical Billing Company

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As a healthcare provider, you know you need solid medical billing practices in order to keep things organized and get paid for the services you render, but have you ever stopped to think why it’s so important to your bottom line and indeed survival in this industry? You know full well most people don’t pay for their services with a wad of cash. That means they need to be billed. Yes, many people are responsible for co-pays but that money is a mere fraction of the full amount owed to your practice. The balance must be billed to the insurance company for reimbursement.

As a healthcare provider, you may depend heavily on revenue cycle management, submission of claims on a timely basis, payment from insurance companies, and balances paid by patients for their portion of the bill. While this is how things work in an ideal world, you’re often left waiting weeks, months and even longer to get what you deserve.

Why Are You Struggling With Billing?

You may ask yourself this question every once in awhile. Why can’t you just get paid for the services you have rendered? The main reason why so many practices, especially small ones, struggle with this task is because they are trying to save money by handling it in-house. You may have a receptionist who handles medical billing in her spare time, in between checking in patients, taking down contact and insurance information, and handling any number of administrative tasks.

So what ends up happening? Billing mistakes happen. Oversights are made. Timely follow-up on critical issues falls by the wayside. As a result, you don’t get paid — or at least you don’t get paid when you should.

Why Efficient Medical Billing is Essential

Bottom line is, you need to bill out as quickly and efficiently as you possibly can. In order to stay in practice, you need constant streams of revenue coming in to meet payroll and other expenses. Just like a lawyer, contractor or consultant, you depend on timely payment in order to make a living. You’re not being greedy or unreasonable. You provided the service; you earned the money. But too many physicians are waiting far too long to receive payment.

An efficient, outsourced medical billing service is imperative if you’re going to get claims submitted in a timely manner and make sure that the billing contains all the information needed for processing, such as correct codes for services, treatment, procedures, and surgeries.

Enjoying a healthy revenue cycle management process means you need to hire the right people with the right skills. Often times, that means hiring an outsourced medical biller who has the experience, qualifications, and skills to tackle coding and billing head on, every single day — not just on a lunch break, after-hours or in between checking patients in.

Streamlining your medical billing starts with an efficient billing service. Everything will fall into place from there. It’s time you got your house in order. Call Medical Healthcare Solutions today!

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