Many physicians' practices today are actively working to develop ways to increase revenues, reduce expenditures, and decrease errors in billing. One strategy is to develop a partnership with a company that specializes in healthcare Revenue and Practice Management, and has a dedicated team for medical billing services.
Administrative duties such as coding and billing are extremely complicated; with billing errors and discrepancies representing a significant area of opportunity for improvement in many practices. Coding, claims submission, and medical billing error resolution are time consuming and costly in terms of both labor expended and lost revenue. Medical coding accuracy requires strong analytical skills to determine the right ICD-9 or CPT code for timely reimbursement for services. Furthermore, claims submission is time sensitive: many private payers have a 60 day window for submission, and Medicare has a 120 day limit for disputation of a denied claim. Finally, many offices don't have the time or resources to resubmit denied claims, which means thousands of dollars in lost revenue for your practice when your staff does not resubmit denied claims or appeal the denial.
HIS medical billing services employs certified medical coders who are trained to review the physician's medical documentation to determine the correct coding for the procedure or treatments performed, resulting in clean claims. The typical physician office's in-house billing department has a clean claims rate between 70-80%: HIS' clean claims rate is 98%. Claims are scrubbed regularly with state of the art software to ensure they are clean prior to submitting them for reimbursement, and HIS partners with a third party clearinghouse that performs further edits (when necessary), also providing ongoing, immediate feedback on the quality of submitted claims.
What does all this mean to your practice? HIS's medical billing services team speeds up your cash flow by reducing error in the claims process. Clean claims mean faster reimbursements, improved consistency and increased cashflow month over month, which improves your revenue cycle, thus giving you a competitive advantage over offices that don't have our resources at their disposal. The end result is a healthy, thriving practice with great potential for long term stability.
Feel free to contact us and leave a comment below.