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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.

What Benefits Do Medical Billing Companies Offer to Practices?

Medical billing companies have been on the rise for the last few years as more and more practices seek to outsource their billing process. A couple of years ago, practices would do their billing in-house, resulting in a lot of hassle and pressure for medical professionals. Healthcare professionals would spend time and resources managing the logistics of billing, which would affect their quality of patient care. However, with the rise of medical billing companies, practices are spared the hassle of billing. Advanced Reimbursement Solutions can take the stress of medical billing away from you so that you can concentrate on what truly matters.

Benefits of Using Medical Billing Companies

Healthcare practices gain numerous benefits by outsourcing their billing function to medical billing companies.

• Concentrate on core competencies

Medical billing specialists have the knowledge and skills to navigate through insurance companies and ensure that claims are paid out. After outsourcing the function, you can concentrate on providing quality care to your patients and improving your practice.

• Time-effective solution

It is strenuous and time-consuming for health providers to concentrate on both treating patients and dealing with insurance companies. Therefore, medical billing companies help practices save the time that would otherwise be spent on making claims.

• Fewer headaches

When practices outsource the billing role, they outsource the hassle of dealing with insurance companies and handling claim reimbursement documentation. In addition, you say goodbye to the headaches that come with the complexities of medical billing.

• Maximize revenue

Both single-provider practices and large medical centers can benefit financially from medical billing companies.

A practice could reap many benefits from a medical billing company. You may think that you can handle it all, but this may result in a compromise of patient safety and negative outcomes. Outsource the hectic task of medical billing to the experts at Advanced Reimbursement Solutions and watch the efficiency of your practice increase. Contact us today to speak with one of our professionals in Phoenix or Wilmington.

5 Surprising Facts About HRA Insurance

As out-of-pocket expenses for employees continue to rise, HRAs provide a great opportunity for employers to help soften the blow. A Health Reimbursement Arrangement, also known as an HRA, is a reimbursement account that is funded by an employer and IRS-approved. They are a great way for employers to receive tax advantages while helping lessen the burden on their employees’ health costs. Here are a few interesting facts every employer should know about HRA insurance and the benefits it can provide:

HRA Insurance is Funded Solely By the Employer

While other types of insurances like FSA and HSA allow employees to contribute their money through payroll, an HRA is funded only by the employer. Since employers are in control, they get to determine how they want to handle certain rules of the HRA; for example, what types of expenses are eligible for reimbursement, what happens to funds at the end of the year, how much is allocated to employees, and more.

It’s Easy to Set Up and Manage

HRA insurance, unlike health insurance plans that use difficult language, is relatively easy to understand. This helps make set up quick since it’s essentially a business account for health care. This saves time for both employers and their staff.

HRAs are Extremely Flexible

HRA plans give employers a wide range of control. They can determine when employees become eligible, who is covered under their plan, and if they can retain benefits after termination or during a leave of absence. HRA plans also allow for part-time employees and seasonal workers to be covered.

HRAs are Exempt from State Insurance Rules

With traditional group health insurance plans, there is a state-mandated amount of coverage that must be included. This is one of the top factors driving up the cost of health insurance. HRAs are exempt from these requirements.

HRAs are Notional and Tax-Deductible

This means that none of the funds employers put into the account are paid out until employees follow the rules set up by the employer to receive reimbursement. Because of this, there are no minimum contribution requirements, and pre-funding is not necessary, which is a great benefit for many small businesses.

The trend for employer-sponsored health plans to include an HRA is on the rise, and for good reason. Although setting up an account is pretty straightforward, there are important steps like determining plan rules and going over documents. At Advanced Reimbursement Solutions, we can help get you started and streamline the process. Contact us today to speak with one of our team members in Wilmington or Phoenix.

The Difference Between an HRA and HSA

Individuals can pay for healthcare services with a Health Reimbursement Account (HRA) or a Health Savings Account (HSA), among other methods. The HRA is a reimbursement account, offered by an employer. An HSA, on the other hand, is a savings account for the consumer. When providing medical services, it is important to know the difference. This can save a lot of headache and confusion from employees and patients alike.

What HRAs Mean for Medical Service Providers

An HRA is a means of paying for medical services. If a patient needs assistance to pay for their medical bills, the HRA can do just that. Service providers and insurance companies are still able to make a profit, and patients are able to receive the care that they need.

HSA for Reimbursement Purposes

The primary purpose of an HSA is for the employee or individual to set aside pretax money for healthcare costs. While HSAs are not reimbursement accounts, like HRAs, they do come into play in the medical billing process. Patients with HSAs can use their accounts to pay for qualified medical expenses. This makes medical care more affordable for patients, and it makes the billing process easier for service providers.

Combining HRAs and HSAs

While HRAs and HSAs both allow patients to pay for medical expenses with pre-tax money, they are different in almost every other way. This is why it is important for patients to combine them when paying for medical care. Combining the two accounts to pay for medical expenses eases the financial burden of the patient, and it allows medical service providers to properly care for patients.

Learn More

As a medical reimbursement company, at Advanced Reimbursement Solutions, we want to help you with the complicated process of medical reimbursement. Simplify your medical billing process by having a good understanding of both HRA and HSA. Be sure to contact us today in Phoenix or Wilmington with any further questions.

Why HRA Insurance is a Great Idea for Employers and Employees

HRA, or Health Reimbursement Arrangement, is a health reimbursement account which is IRS-approved and employer-funded. Tax advantages are provided to employers while offering personalized health benefits which reimburse employees for out-of-pocket medical expenses and health insurance premiums. As it includes so many benefits, it’s a great option for both employees and employers for out-of-pocket medical expenses and lowering tax liability.

Not the Same Thing as Health Insurance

The difference between a Health Reimbursement Arrangement and standard health insurance is that HRAs allow employers to make contributions to an employee’s account that provide reimbursement for eligible medical expenses. What this means is that it covers expenses not covered by their standard healthcare plan, like deductibles. Granting employees this option provides employers with certain tax benefits while also covering medical expenses that aren’t covered by their employee’s standard health insurance plan. These tax benefits are definitely worth exploring.

Benefits of HRA Insurance

One of the top benefits of employer-funded HRAs is that contributions are 100% tax deductible. If these accounts are structured properly, employers can not only cut healthcare costs without reducing health care benefits to employees, but also lower their own income tax liability at the end of the year; it’s a win-win for both employee and employer. Furthermore, employers have full control over the costs eligible for coverage under the plan.

Whether you’re a small business or a large multinational corporation, offering HRAs to employees is a win-win. Businesses interested in lowering their taxable income and helping their employees with their health care coverage should reach out to our team at Advanced Reimbursement Solutions so we can help get you started. Contact us today in Phoenix or Wilmington to learn more!