All Posts Tagged: Student Health 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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Student Health Billing Services

How Universities Are Benefiting From Student Health Billing Services

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One of the main goals of school districts, boards, and administrators is to make more money for their college or university, in addition to ensuring the safety, well-being, and education of their students. If you’re not streamlining your billing processes through outsourced student health billing services, you could be leaving money on the table that could go right back into your business. Students need health services. That’s a given. They are away from home, often for the first time, they have their own insurance or are still under their parents’ insurance. When they visit the school nurse for care, whether a routine appointment or sick visit, there must be some sort of seamless process in place that can ensure high collection rates.

With student health billing services, schools can bring in more money overall. To achieve that, they need a medical billing service behind them driving this effort.

Benefits of Student Health Billing

Many schools’ student health services departments use a fee-for-service billing model, just like students would find at their primary care physician’s office back home. Anything from office visits and lab services to x-rays and pharmacy meds is billed to the insurance carrier, while basic services such as first aid, consultations, advice from nurses, and nutrition counseling are typically offered free of charge. There are many benefits to improving your bottom line with student health billing services, including:

  • More control: With an outsourced company handling all the time-consuming work and headaches associated with student health billing, you can concentrate on more important aspects of your department, mainly the quality of patient care. Such a service can make quick monthly and annual comparisons, while factors such as charge entry errors or payer reimbursement issues can be identified quickly before becoming a far-reaching problem. With such a team approach to achieving goals, less time is spent by your regular staff on tedious billing and clerical tasks.
  • Consistency: If you are billing in-house, you’re risking revenue interruptions when changes happen to your staff or someone calls in sick. Outsourcing your medical billing puts an entire team at your disposal who ensure claims get processed quickly and accurately. As a result, there’s less risk of cash flow disruptions. An outsourced medical billing service can also coordinate with your front-office staff to ensure co-payments are collected consistently from students, who are notoriously low on cash.  
  • Insider Knowledge: A medical billing service has a vast knowledge base from which to draw on, as they work with many other schools and practice networks to bring you leading-edge experience in real time for faster turnarounds.
  • Faster payments: The goal of any medical billing service is to bring in cash — quick. Time spent in revenue cycle time can make a huge difference on your cash flow situation. Outsourced medical billers can submit claims faster, with fewer mistakes, quicker payment turnarounds, and the highest reimbursement possible.

Medical Healthcare Solutions is your trusted partner in facilitating quick, consistent, effective student health billing services that improve the bottom line for your college or university. Call us today at 800-762-9800 to learn more.

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