You have a busy medical practice with a steady flow of patients. You should be making a profit, but for some reason you’re not. Instead of waiting weeks for payments, you wait for months. Why?
In many physicians’ offices, billing tasks are relegated to a staff member not trained or certified to provide such services. This often results in inadvertent errors, delayed claim submissions and responses to queries from third-party payers, and of course, inaccurate billing codes.
The result? You don’t get paid in a timely manner.
The benefits of outsourcing your billing tasks has the potential to change all that. How?
Increased accuracy in billing essential for reimbursement
One of the primary frustrations for physicians is delayed reimbursement rates. Why are they so slow? In one word: errors. A clean, accurate claim means faster reimbursement.
Billing errors take on many forms, such as wrong codes, incomplete patient information, or even lapses in patient insurance coverage not caught by front-end staff.
To reduce payer denials, billing must be submitted in a timely manner and contain accurate information. Professional medical billing services increases efficiency and allows you the time to do what you do best – help patients.
Reduce delayed submissions and responses
Claims must be submitted within a certain time-frame following date of service. Delays in doing so delay reimbursement. A number of variables found in this process include payer’s guidelines for claim submission, the type of insurance plan, and the provider’s contract with the payers.
A staff member charged with claim submissions who doesn’t understand the claims process nor the importance of timely response to payer’s queries significantly slows down reimbursement. At times, claims even fall through the cracks.
Professional medical billing services provide benefits
Professional medical billing services get you paid faster, reduce the number of payer denials, and eliminate a number of expenses, not limited to computer hardware purchases and maintenance, software and training costs. In addition, professional billing services are quick to follow up on rejected claims and actively pursue delinquent accounts.
If your billing processes are lacking or inefficient, you’re a new provider, or just not tech-savvy and would rather spend your valuable time with your patients, give us a call. For more information on how Precision Medical Billing services benefit physician’s practices and enhance financial stability, contact us here.