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How to Prevent Medical Billing Errors and Promote Effective Medical Billing Management

Improper payment solutions can cause huge compliance issues for medical practices around the country. Coding errors and other issues involving the medical billing process, both intentional and accidental, can lead to some practitioners paying out hefty sums. But what’s the solution?

Choose a Reliable Medical Billing Specialist

Why continue with the hassle of medical bill collections when you could outsource instead? There are plenty of medical billing companies to choose from which help small, medium and large medical practices reduce the amount of time spent dealing with accounts, increase cash flow and completely avoid costly coding errors. By outsourcing, your practice could improve customer satisfaction, increase revenue and improve your operations. However, it’s important to know what to look for in a medical billing specialist.

A Committed, High-Quality Partner

As a healthcare provider, you’ll want to work with a medical billing management team that respects and appreciates the hard work you do, and you should be able to rely on this team to be committed to receiving the highest possible reimbursement for your claims. When your billing and administrative needs are fully met, you can concentrate on your main working tasks with complete professionalism. To achieve this, you need a medical billing specialist that gets the job done while maintaining first-class provider/patient relationships.

Knowledge and Experience

Before partnering with a medical bill collections agency, ensure that they have requisite knowledge of the Correct Coding Initiative. This is a national program designed to prevent improper payments, and all good medical billing management providers will be aware of it.

Communication is Key

If your patients have questions regarding their balances or claims, it can take a lot of time out of the working day to deal with them. A good medical billing specialist doesn’t simply help to keep your finances under control – they will also answer patient queries.

Find Out More

If you’d like to simplify the billing process at your medical practice, why not get in touch with Advanced Reimbursement Solutions to find out more? Our expertise could help you to increase your reimbursement levels by a great deal. Don’t delay – increase your profitability by contacting us today and booking an appointment at our office in Wilmington or Phoenix.

Best Medical Bill Collection Practices

There are many different things that should be considered prior to referring a patient’s account over for medical bill collection. Medical bills are often detailed and extremely intricate. With a variety of insurances and policies, it’s important to have knowledgeable individuals who can effectively review billing and ensure that both patient and medical practice are being compensated appropriately. Our professional and highly trained staff can help.

Clear Documentation and Policies

The medical billing process is highly complex, which is why it’s necessary to have a professional and reliable system in place that will handle all your medical bill collections. Our effective method for documenting and relaying communications about the collection process will ensure that each patient’s medical bills are organized and that no detail is missed. Aside from the documentation process, our collection policies that are set forth clearly outline the payment collection procedure, which ensures that each staff member and patient receive the same communications and expectations. Well-established communication between patient and staff guarantees faster reimbursement.

Payment Options and Multiple Forms of Payment

Providing patients with a simplistic payment process is key for reimbursement of any kind. It’s important to have clear, well-defined payment options that patients can relate to, so they can decide what works best for their financial situation.

At Advanced Reimbursement Solutions, we specialize in developing payment plans for patients who are unable to pay their bill in full. Offering a variety of ways for patients to pay medical bills (by credit card, debit card, check etc.) also allows for faster reimbursement and overall patient satisfaction.

Advanced Reimbursement Solutions has offices located in Wilmington and Phoenix. We can take care of every stage in the medical billing process, allowing you to focus on what is most important: quality medical care for all your patients. Contact us today to book an appointment and learn more.

In-House Medical Billing vs. Outsourced RCM

If you work in the healthcare sector, you must recognize the importance of Revenue Cycle Management (RCM). Even though the most important reason to run a healthcare center should be to provide your clients with reliable healthcare, it is still a business that needs to make profits. Medical billing is complicated, and you may not be able to do it without the help of a medical billing specialist. The process may take up a lot of time and effort. It requires patience, precision, and knowledge. If you own and run a medical practice, it is common to be torn between outsourcing your medical billing process and using your in-house staff. They are both viable options with different benefits and challenges.

In-House Medical Billing

If you choose in-house medical billing, all the responsibilities of following up on claims and coding fall on you. It may not be a good option if you do not have a certified medical coder working for you. You need to employ staff members to help with the processes of submitting and following up on claims. The members of staff must keep up with emerging trends and regulations; if they do not, your practice will suffer. Even though in-house billing gives you some more control over the processes, it can be time-consuming. It may also cause the practice to lose a lot of money in cases where the members of the staff do not have sufficient knowledge in the processes.

Outsourced RCM

Outsourcing is an excellent choice if your members of staff do not have much knowledge or experience in medical billing processes. Medical billing service takes care of the processes so you do not have to worry. This option helps you to avoid losses and allow your employees to focus on the primary purpose of your practice.

The choice you make should depend on the needs of your business. If you choose to hire a medical billing specialist, ensure that they have sufficient knowledge and experience. Advanced Reimbursement Solutions is a full-service company that can help your practice with its medical billing and other needs. We can help you to increase profitability while offering expert medical care. Contact us today to book an appointment in Phoenix or Wilmington and get started.

Should I Outsource My Medical Billing Process?

Although implementing an electronic health record (EHR) can significantly streamline communication and internal workflow within your practice, technology alone won’t be enough. Healthcare is going digital at a breakneck speed, and so many regulations continue to be rolled out. While most physicians prefer outsourcing technology, there are some things to consider when it comes to outsourcing the medical billing process. Before considering outsourcing, here are a few things you should know.

Benefits of Outsourcing the Medical Billing Process

Despite having a few limitations, outsourcing your medical billing process is a great move that can help you allocate your human and financial resources more efficiently. Here are four ways outsourcing can improve your practice.

1. Minimize administrative duties

By working with a reputable medical billing company, you’ll spend less time and money keeping your staff updated on medical coding changes, subsets, and modifiers. Also, your staff will spend less time preparing claims or keying in information for submission. This creates time for your physicians to focus on patients instead of trying to get pre-authorization from insurance companies.

2. Automate insurance verification

Most medical billing companies automate insurance verification. This enables you to save money you would otherwise spend on personnel in charge of insurance verification. In addition, you’ll have access to patient information such as their deductibles and eligibility for particular diseases or injuries.

3. Boost cash flow

Partnering with a trusted medical billing company can boost your revenue potential because you get paid fast, spend less when it comes to on-going training and spend less on staff. Ultimately, this reduces your operating costs while increasing revenue collected in your practice.

4. Enhance patient satisfaction

Outsourcing your medical billing process means you can spend more time with your patients, leading to you providing better quality care.

Contact Us

The healthcare environment continues to change rapidly, and finding ways to reduce costs and boost revenue cycle management is critical. Outsourcing your medical billing process can offer the best of both worlds. For more information, contact us today at Advanced Reimbursement Solutions in Phoenix or Wilmington and learn more about outsourcing medical billing.

4 Proactive Medical Billing Tips to Maximize Your Revenue

The inconstant nature of U.S. healthcare is causing medical practices confusion when it comes to billing their patients. Issues like frequent alterations of billing rules and regulations are the reason behind the rejection and denial of claims across the country. As a result, medical providers are leaving over $100 billion of uncollected revenue annually on the table. Here are some of the billing strategies and tips you might want to use proactively to start maximizing on your practice’s revenue:

• Establish a clear medical bill collection process

You need to establish a good collection strategy to guarantee that your practice has financial health. The best way to achieve this is by forming a step-by-step tactic. Such an approach not only clarifies the procedure involved, but it also helps increase revenue cycles by certifying that all of your patients have been adequately informed about their responsibilities.

• Proper medical claims management

Most medical claims – about 80% of medical bills – contain errors that lead to rejection by insurance companies. As a result, your medical bill collection process becomes a cycle of claims submission, rejection, editing claims and resubmission. To avoid this problem, always ensure that all of your claims are double-checked for any inconsistency, unclear or incomplete information before resubmitting. Also, ensure that you edit the denied or rejected claims promptly.

• Reduce coding errors

Medical coders describe all of the performed procedures using standardized codes. As a result, it makes it easy for insurance companies to understand and process the reimbursement claims. But this doesn’t entirely mean that you cannot make common errors like mismatched, incorrect or missing codes. To be on the safe side, ensure that you always double-check before submitting a claim.

• Know when to outsource

This is one of the best tips available. Medical practices are always worrying about the current trends in medicine, patient satisfaction, and proper staff management. They also have to keep up with the changing billing regulations to avoid rejection and denials. At the end of the day, as they have so much to keep up with, it becomes easy to make mistakes.

That is why you need to outsource some of these non-technical activities to medical billing companies and focus your energies on other equally important events. For example, you can outsource billing to Advanced Reimbursement Solutions, a company in Phoenix and Wilmington that facilitates medical reimbursement needs for medical practices. Contact us today to book an appointment and learn more about helpful tips and how we can help.

3 Ways to Improve Medical Claims Reimbursements

Every medical practice works hard to impress their patients by offering quality patient care. On top of providing patient care, practices are also striving to maximize reimbursements from their medical claims. Any event of ‘denied claims’ might mean the loss of revenues or loss of precious time filling a correct claims form. Here are just three ways to improve medical claims reimbursements.

1. Offer a retaining or refresher session

In most cases, claims are denied due to mistakes made by the coding and billing staff. To make the medical billing process more accurate, health providers will need to schedule regular training meetings that will update the staff on the new coding and billing changes.

2. Accurately document all procedures

Another reason that can lead to denial of claims is insufficient documentation that proves medical necessity. This is a common challenge for practices that have a huge number of Medicare patients. To avoid going through those migraine-inducing experiences, the billing and coding staff need to perform thorough and accurate documentation of all diagnoses, procedures and any other findings for individual patients.

3. Carefully review and proofread all claims before hitting ‘send’

Thanks to the adoption of electronic billing, it is much harder to encounter cases of duplicate claims. But that doesn’t mean that technology can get rid of all mistakes. To be on the safe side, providers ensure that the coding and billing staff have taken sufficient time to proofread all claims before they press the ‘send’ button.

Learn More Information from the Experts

Sometimes health providers find it hard getting their medical claims reimbursed, especially when the billing team isn’t doing a good job. To keep things in order, you might need to engage a reputed company that offers advanced reimbursement solutions. If you’ve been looking for ways to improve medical claims reimbursements, you owe it to yourself to get in touch with us at Advanced Reimbursement Solutions and find out how we can help you. We are a leader in medical reimbursement and medical billing. Contact us today to book an appointment and speak with one of our experts in Wilmington or Phoenix.

Increase Insurance Reimbursement with These Helpful Strategies

Managing the revenue process efficiently is not all that easy, and it requires your constant attention. Every step of the process – from scheduling appointments to receiving payment from insurance companies – is vital to optimize insurance reimbursement and thrive in business. It is equally important to have a solid medical billing process for each step of the revenue cycle to realize financial stability in your practice. This ensures you receive payments on time, reduce administrative costs, and keep a positive rapport with your clients. Here are just some of the ways to maximize your insurance reimbursement:

Verify Insurance Early

The revenue cycle should start even before patients arrive. It’s a good idea to verify the patient’s insurance information as soon as a patient makes an appointment. Since insurance information can change at any time, it’s prudent to verify the patient’s eligibility when you offer services.

By obtaining insurance verification early, you can get the following benefits:

• Get prior authorizations
• Minimize claim denials from invalid information
• Ensure quick registration or enable pre-registration
• Verify the medical services covered and non-covered
• Obtain important patient information

Collect Patient Financial Responsibility Upfront

Collecting patient responsibility upfront is the fastest way to improve collection rates and increase cash flow. Most patients become less inclined to pay or become difficult to reach after the service is complete. Instead of waiting for the revenue collection cycle, start talking about financial challenges and collecting patient payments early. Notify your patient about their estimated responsibility before they arrive, and let them know when payment is needed.

Handle Denials Promptly

Most insurance carriers should pay claims or provide denials within 30 days of receipt. Any claim that hasn’t been processed in 30 days is subject to penalties. Your goal is not getting interest penalties, but being paid quickly. Handling denials promptly can quicken the rate of payments significantly.

Talk to Our Team

At Advanced Reimbursement Solutions, we know that optimizing insurance reimbursement can be difficult. Contact us today to book an appointment with one of our experts in Phoenix or Wilmington and learn more ways of managing reimbursements.

4 Major Challenges Affecting Medical Billing Processes

Medical bill collections remain the backbone of healthcare revenue management. However, most providers experience numerous challenges with accurately and efficiently billing patients and other payers. The medical billing process can be nerve-racking for some providers since it involves various healthcare stakeholders and every step to getting paid depends on the previous interaction. As such, healthcare facilities must share information across departments and payers and ensure crucial information is accurately captured in every step.

Despite the long process, effective billing is vital for optimizing healthcare revenue. Here are four common medical billing issues and ways you can streamline and boost the process.

Failure to Capture Patient Information

The medical billing process typically begins at the first point of contact or interaction with a patient and a healthcare facility. During this contact, front-end staff must gather information that forms the foundation for billing and collection.

Getting accurate information begins with patient scheduling and registration. That forms the foundation by which claims may be billed and collected effectively. It’s also imperative that front-end staff verify health insurance status and coverage.

Most claims get rejected for eligibility issues that are avoidable if providers ask the right questions about eligibility. Therefore, regularly retrain your staff on patient registration and remind them to check eligibility status for every patient.

Not Enlightening Patients About Financial Responsibility

The main objective of medical billing is to gather the entire amount of services offered. However, most healthcare facilities often experience challenges collecting payments from patients due to an upsurge in patient financial responsibility.

To increase patient revenue, healthcare institutions must implement financial policies such as estimating costs of services, enlightening patients regarding financial responsibility, and getting some balances during a visit. As a service provider, you must simplify patient bills. Confusing medical bills from multiple payment requests and medical jargon can be difficult for patients to understand.

Using Manual Claims Management Processes

Submitting a claim goes beyond pushing a button. As such, providers must employ robust data collection tools, create effective communication channels among staff and streamline rejections management processes. Automating the medical billing process can assist providers to recover reimbursements from rejections on time. With an automated process, you can identify causes of rejections, manage resolutions and minimize write-offs.

Inaccurate Coding

Inaccurate coding is one of the leading medical billing challenges. We strongly recommend that healthcare institutions and providers use regular ongoing training programs.

At Advanced Reimbursement Solutions, we understand that medical billing and coding can be confusing. To learn more about medical billing processes and medical coding, please contact us today to schedule an appointment with our team members in Wilmington or Phoenix.

Understanding Medical Billing Management

The medical billing process is no longer completed on paper, and medical billing management software is now needed to complete the billing cycle effectively. With rapidly changing regulations in medical billing management, there is a need to have specialized training and education in healthcare information systems. This is not only costly but also time-consuming, taking attention away from your patients’ care. The medical billing process usually involves the healthcare provider and the patients’ insurance companies and is centered around medical coding, which describes the diagnoses and treatments along with the prices.

The Medical Billing Process

The medical billing process involves healthcare providers submitting and following claims made to insurance companies for patients’ care. Healthcare providers see patients, determine the diagnosis, and schedule appropriate treatments with details about the costs. Codes are assigned for the purpose of assisting insurance companies in determining reimbursements, and medical billing specialists transmit the claims electronically. Insurance companies process the claims through professionals who review and evaluate the claims by determining the necessity of treatments.

Medical Billing Companies

The medical billing process is complicated due to regulations constantly changing, but one way to improve your medical billing management is to outsource it to medical billing companies. These companies specialize in medical coding and are composed of medical billing specialists who are up to date on current regulations, allowing you to utilize a team of medical billers who can handle the complicated process that is used to submit claims to insurance companies. This will eliminate the common errors which cause claims to be denied or rejected while saving you money.

To find out more about medical billing companies and what they can offer your medical practice, talk to the experts at Advanced Reimbursement Solutions in Wilmington and Phoenix. Discuss your options to improve your medical billing management. You can have a team of professionals to assist in the medical billing process, and your patients will appreciate the time you have for their healthcare. Contact us today to speak with one of our team members!

Frequently Asked Questions About a Health Reimbursement Arrangement (HRA)

A health reimbursement arrangement (HRA), also known as a health reimbursement account, is a health spending account provided by an employer. The money in this account, which is funded by an employer, reimburses employees for out-of-pocket medical expenses that are not covered by company-sponsored health insurance.

What expenses are covered by HRAs?

A health reimbursement arrangement (HRA) is a tax-advantaged reimbursement account, so the IRS determines the types of expenses that are covered by the money in this account. Generally, qualified expenses include medical equipment, medications, cosmetic procedures, reconstructive procedures, doctor visits, dental and vision care, and other qualified medical expenses that require a prescription.

How does an HRA work?

The employer funds an HRA account each year. The money is available to employees at the beginning of each year and can be used to pay for qualified medical expenses determined by the employer. An employer not only identifies the type of expenses the money will cover, but also when the money is used.

Is there a limit to the amount of money an employer can contribute?

There is a limit to the amount of money an employer can contribute to health reimbursement arrangements (HRAs).

Is an HRA taxed?

HRA money is not included in your gross income because it’s an employer who contributes it. This money is, therefore, not taxed if it is used to pay for qualified medical expenses.

Eliminate the Hassle of Medical Reimbursement

Advanced Reimbursement Solutions is one of the most reputable medical reimbursement companies that can help eliminate the hassle involved in medical reimbursement. If you want to learn more about a health reimbursement account (HRA) or any other health accounts, feel free to contact us today and speak with one of our experts in Wilmington or Phoenix.