The big bulk of a medical services provider’s loss is in its payment denials because of certain factors like non-identification of the patient, terminated or unverified health insurance policies, invalid medical codes, wrong database inputs, duplicates and lack of payment credentials. These small mistakes can affect the financial aspect of a medical provider which is why reliable and accurate medical billing services are required whether you are an independent provider or a medium to large medical services provider.
Working with a competent and accredited medical billing services company will help you hash out problems that lead to payment denials through effective medical billing procedures and a set of smart skills backed by years of experience.
Dedicated and experienced medical billing services companies prevent denials by:
Having a Backup System of Electronic Health Records
Medical billing services companies would always keep a backup server with millions of records of patients and safeguard that information at any cost. With everything in the medical industry being automated, highly secure servers and state-of-the-art software are used in compliance with the Health Insurance Portability and Accountability Act (HIPAA) and other government-mandated standards.
Verifying and Sorting Individual Information
Medical billing companies work with medical provider staff to assist and train them in medical administrative tasks like registering patient and processing documents with medical billing codes. The company also measures the percentage of claims against denials and investigates on each denial to solve the problem. The company regularly communicates with staff for maintenance of records and releasing of regular financial reports.
Keeping Informed of New and Revised Medical Standards or Insurance Policies
As an expert in the medical practice, medical billing companies ensure the efficacy of the medical billing procedures that they implement to each medical provider by being regularly informed of industry updates, changes in policies and any other additional requirements for medical billing.
Doing a Thorough Inspection on Claims
More than just communication with healthcare staff, the company addresses issues on claims by creating strategies that appeal to the payer like sending out a reminder email or calling for verification etc.A good medical billing company also keeps up-to-date of payer’s policy and authorization.
Daily Management of Denials and Compliance to Deadlines
Review of denials are part of the medical billing company’s daily grind; they closely monitor the percentage of denials and implement strategies that can solve the problem. They also comply to deadlines in tax returns and other financial requirements.