5 Ways A Medical Billing Company Can Maximize Your Collections in 2024

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The introduction of time-consuming and value-based incentive models, as well as rapidly changing medical billing rules, have affected the revenue collection management all around the U.S. These recent reforms to the healthcare system have brought on new challenges for providers. Therefore, it has become extremely challenging for providers to remain independent in this challenging economy. It is estimated that medical practitioners all around the United States suffer through a revenue loss of $125 billion every year. 

Hence, most medical practitioners should consult with a professional medical billing company to maximize their net revenue generation. Well-experienced medical billing specialists provide useful business consultation and best medical billing services to make you practice more profitable. 

A medical billing company make it easier for providers to keep their earnings and benefit a medical practice in the 5 following ways; 

  • Provide a Transparent Collection Process

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A transparent medical billing company ensures that practitioners stay well-aware of their revenue cycle management growth index. They establish a clear collection process and educate providers about the ongoing changes in the medical billing and coding field. They also keep providers to stay informed of their revenue generation progress through medical billing services via analytical reports. 

Advanced medical billing collection agencies use smart software solutions that integrate with your systems and ensure smooth information flow. They also provide you transparency through the provider portal of their software system. So you can keep check and balance on your revenue cycle management. Therefore, reliable medical billing companies keep providers up to date with current billing & coding trends, revenue generation progress and net collections by providing analytical reports at regular intervals of time. 

They also keep your patients informed of the treatment expenses with comprehensive and clear billing statements. As professional billing experts are well-versed with the significance of payment responsibilities of patients. Therefore, they strive to engage patients and educate them about the treatment charges step-by-step. Due to the advent of high deductible plans, patients have become more responsible for co-pays upfront. Therefore, you should consult with a highly experienced medical billing agency that can help you avoid unnecessary and tiresome paperwork, or needing to chase down payments at a later date and reduce the claim denial ratio. 

  • Streamline Error-free Claim Submission Process

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Medical billing and coding errors are one of the major reasons behind claim denials and delayed payments. Approximately 80% of medical claims contain errors and as we know that strict insurer’s policies and stringent medical coding practices can contribute a lot to medical billing challenges.

To tackle this problem, medical billing collection agencies provide specialized billing services and a dedicated taskforce. As a result, they streamline the medical billing process and drive optimized revenue results. Although, while outsourcing medical billing services, opt for a reliable medical billing agency that offers the highest first-pass claim ratio. 

  • Reduce Denial Rates

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If a medical billing company provides reliable denial management services, then you should consult with it right at the moment. Stringent claim checking services could help you to minimize the claim errors so you can get paid in the shortest amount of time. It is the secret ingredient to boost your revenue collection and achieve your business goals. In addition to this, a reliable denial management team should directly communicate with the payers to follow up on every claim. 

In addition to this, they can timely inform you about the exact errors that might occur due to information silos or mistakes provided by your front desk staff. So they can get insights into problem-solving strategies and reduce mistakes in the future. As a result, you would be rewarded with a long-term error-free claim submission process. 

  • Resolve Problem Accounts

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A medical billing company would establish an efficient system to track problematic accounts on the basis of different factors including but not limited to: late payments regularly declined payment or frequent changes in contact information. Even after that, if the chaos is still there then they would also clean the remaining accounts on the list. In that case, they can successfully forward them to a clearinghouse so they can recover dollars that are missing or overdue. 

  • Stay Up To Date

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Medical billing rules are constantly changing and providers need to parallelly train themselves to learn new updates. It is an ongoing engaging task and requires consistency. Healthcare practitioners are already indulged in a huge responsibility of providing quality clinical care services. Striving to comply with these updates would add up another burden on their shoulders. It would be a wise decision to embrace modern billing solutions and practices. Therefore, practitioners should hire a reliable medical billing company that offers the potential to streamline your medical billing services with efficiency, reliability and transparency. These attributes help medical providers to deal with the complications involved in claim submission procedures with minimum efforts. 

  • Reduce expenses

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Think of the overall expenses of the in-house medical billing department. These expenses include the costs of salaries, insurance benefits, and state & federal taxes of every individual working in your in-house medical billing department. According to estimated stats, only the cost for two medical billers may average around $118,000 per year, depending on the area. Also, calculate additional costs of training for medical billers and coders that are approximately $2,000 per year. Even while excluding any initial expense of system purchase, only the maintenance of computers and software can cost approximately $5,500. 

Once, you hire a medical billing company, then you not only get rid of these excessive expenses but also from the administrative burden. Usually, medical billing agencies charge a fixed amount of percentage from the net reimbursements they collect on your behalf. In this way, your administration expenses reduced to a small fraction of in-house billing practice costs. They also strive to collect more revenue for your practice by submitting a clean and timely prepared medical claim.

Need a professional medical billing company to streamline revenue cycle management, maximize collections and reduce denial rates? A company like Medicare MSO provides all-inclusive and profitable medical billing services in the United States. Visit here medcaremso.com to schedule a free business consultation with our medical billing experts.