- Smaller medical practices are often bogged down by medical billing.
- Lack of medical billing resources can impair your ability to collect revenue and serve patients.
- Outsourcing medical billing to PMB can help your practice grow and thrive.
Each medical practice has its own unique pain points and struggles. While larger medical facilities may experience organizational issues and training concerns, most of the small practice concerns revolve around staffing and medical billing services.
We recognize that medical billing in a small practice can be overwhelming for office staff. Employee turnover, ever-changing healthcare regulations, and claims submission requirements make it necessary to consistently invest in training and education for employees that are responsible for maintaining accounts receivable and completing medical coding and billing tasks. Over time, this may be too much for a small practice to handle. This is where Precision Medical Billing (PMB) can step in to provide medical billing services for small practices. We’ll unpack how we can help your practice.
We Provide Coding and Billing Inconsistency Resolution
Effective medical billing and coding starts at the beginning of the process before a patient even visits your office. Seeking pre-authorization for certain services and running codes to ensure coverage of particular procedures is critical. But, this step can take up a lot of time for your team — both on the front-end and eventually on the back-end. If one code is incorrect, it can result in a plethora of corrective efforts or re-billing procedures.
Medical billing software can help resolve some of these issues, but manpower is still required to input the information properly. If your practice experiences this type of issue, then PMB can help provide clarity and assistance with coding and billing services.
This also helps with all-important customer satisfaction. According to a recent survey, 62% of patients state they are more likely to seek care when they know the true cost of a procedure upfront. This highlights the importance of getting this right before a patient ever sets foot in your practice.
Fortunately, we can help. With extensive training in medical claims submission, our professionals can quickly and efficiently bill insurance companies for proper pre-authorization and claims processing. We will work directly with your team to establish a process for getting accurate benefit verification and authorization from insurance companies for the care of the patient.
PMB masters this type of challenge. We will seek to overcome any medical billing issues that you are currently experiencing or anticipate experiencing. We do so through open communication, transparency in our processes, and adjusting our procedures, when necessary.
Find Support Dealing With Denied Claims
Are your claims routinely kicked back by insurance companies? We know this costs time and money to re-submit claims, while also negatively impacting revenue cycle management. Being able to predict claim acceptance and incoming payments for accounts receivable allows small practice owners and administrators to make necessary decisions about the direction of their practice.
It is nearly impossible to make plans for the future when a predictable cash flow cannot be established and evaluated. By implementing proper claims submissions procedures and billing processes, Precision Medical Billing can provide your entity with the information necessary to make decisions for your future.
Our professional medical billers handle denied claims quickly and strive to reduce the number of overall claim denials. Billing process changes initiated by our professional staff can improve the efficiency of insurance processing and lead to better management of accounts receivable and cash flow within your practice.
Patient Payment Accountability and Reporting of Revenues
After receiving services, some patients may experience difficulties paying their healthcare bills, which could affect your ability to recognize revenue for services provided. For these situations, there are a few steps that small offices can take to improve patient payment accountability and to clarify revenue reporting for accounting purposes.
It is an important step to stay on top of outstanding patient balances. Following up on every claim once it passes a certain past-due threshold can improve your ability to collect payment. Whether your threshold is 30 days, 60 days, 90 days, or 120 days, make sure you have a way to track outstanding invoices to keep eyes on late payment.
We know this is a time-consuming process. Some patients may never remit payment, or insurance companies may prolong approval of a claim. However, Precision Medical Billing has experience in addressing and resolving these types of issues in a professional manner, mainly by being proactive to avoid this outcome altogether.
We will create a routine schedule to contact patients and insurance companies regarding outstanding balances, helping improve the rate of account collection. We vow to touch every claim, every month. This benefits your practice by helping to create regular cash flow and to improve the revenue cycle management process. By simply investing in outsourced billing provided by PMB, you can free up your employees from these mundane tasks so they can focus on supporting patients.
Accomplish the End Goal: A Patient-Centric Practice
Dealing with medical billing and coding, claims submission, and accounting tasks takes time away from interactions between office staff and patients. These interactions are critical to build rapport with regular patients, encourage referrals, and become a healthcare provider of choice in your local community.
Give your team the time they need to build strong relationships with patients. Seek assistance from an experienced billing outsourcing company like Precision Medical Billing to take care of regular responsibilities that surround medical billing in an affordable manner. You can trust that you are in good hands when you invest in a collaborative partnership between our professionals and your team.
With years of experience in medical billing for services for small practices, our team members are some of the most highly-trained, trustworthy, and efficient professionals in the industry. We make it a priority to keep up with evolving healthcare billing laws and regulations that affect billing and coding so that you don’t have to.
Contact Precision Medical Billing today for a free consultation. Let’s make a plan that works for your healthcare practice. Ask us about a custom quote for your practice to help you determine if our outsourced medical billing services are a good fit for you!