Technology is changing and revolutionizing the healthcare industry at breakneck speed. For most practices, medical billing management is still an important area that needs a closer look.

Medical costs have risen exponentially, and patients expect transparency and various payment options. As a healthcare provider, you may still be using an inconvenient solution. But it is important to improve your services. Ensure that patients get the best treatment, pay easily while keeping your workload seamless and ensuring you get reimbursed. Wondering how?

Automation

Automating most of your processes can improve patient experience and cost efficacy. Using an automated system for billing frees up time and effort for you and your patients. Although you may have a few employees who will require assistance or direction, most of them will be happy with an automated and streamlined medical billing process.

In some instances, automation can take over many tasks typically performed by your billing staff. This allows your employees to focus on what’s important: interacting with your patients.

Artificial Intelligence

Most artificial intelligence applications in medical billing management fall under computer-assisted coding (CAC). Giant companies have already invested heavily in machine learning and natural language processing (NLP). These technologies will automatically recognize and extract data from documents for correct coding and billing.

In-House vs. Outsourcing Billing

Most medical providers today prefer to outsource their billing services. This is because of the ever-changing healthcare regulations and the increasing risk management and compliance concerns linked to in-house billing staff.

Both in-house and outsourcing billing services have their benefits and demerits. You have to carefully examine both options based on cost and operational factors before selecting the best one for you.

Blockchain

Blockchain is a safe technology that generates authentic data records that are shareable between connected database systems. The technology also records digital events without allowing the data to be changed or recognized unless it reaches the recipient.

Blockchain can improve data integrity by safeguarding healthcare data, such as electronic health records, patient health information, and medical billing and claims. With this technology, all the data is safeguarded in an immutable register that can be readily available.

Virtual Medical Care

Virtual health is here to stay. It combines digital and communication technologies in a bid to bridge the gap between patients and healthcare practitioners. This allows you to coordinate patient care more efficiently.

Medical billing management is evolving with technology. Patients will continue to demand better services, and medical practices that embrace these emerging technologies are more likely to succeed. To learn more, consult the specialists at Advanced Reimbursement Solutions in Wilmington and Phoenix. Contact us today to book an appointment.

Medical billing management mistakes can cause devastating problems for your practice, and more importantly, your clients. Identifying the common mistakes and taking preventative measures goes a long way in ensuring your practice runs smoothly and keeps your patients happy. Here are some of the most common medical billing management mistakes to avoid this year.

Missing Details or Misinformation on Claims

Missing details or misinformation are usually the most difficult and time-consuming mistakes to correct. These errors can include an incorrect birth date, incomplete information or failure to update information on insurance claims. Some patients may also forget to provide changes in their insurance information, and medical billing specialists also assume nothing has changed. Remind your patients to update their information, and make sure to use the updated information.

Incorrect Coding

Medical coding is an art and skill, and some insurance companies request for specific coding and they can even deny the claim if not as required. A correct code can, therefore, make a difference between a denial of benefits and a patient enjoying full coverage. So, follow the exact coding for your billing to be processed correctly and on time.

Multiple Claims

With thousands of patients and hundreds of insurance companies, it can be overwhelming to manage your billing. A good medical billing management system can help reduce errors and keep your practice running smoothly. As such, train your employees and have the best billing management strategy to make sure that claims are filed and processed effectively and efficiently.

Prior Authorization

Most insurance companies need prior authorization for specific services. With numerous administrative requirements, this is often assumed and can be costly for your patients and your practice. The rule of thumb is to ensure all procedures that need prior authorization receive it on time.

Services Not Covered

Insurance firms may not cover all of your services. Although it can be repetitive and time-consuming to check with the insurance company, it is crucial to do so. Similarly, also verify that any additional provisions are covered by the company to avoid denials.

No Referral on File

Generally, patients must get referrals from their primary care doctors before visiting a specialist. But this can differ from one insurance company to another.

Having a good medical management team and systems can improve your practice and make life easier for your patients and staff. Get in touch with Advanced Reimbursement Solutions to consult with one of our experts in Wilmington or Phoenix and learn more about medical billing management. Contact us today to book your appointment.

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!

The vast majority of medical facilities out there can benefit from using some form of medical billing management. Surprisingly, there are still a few clinics out there that are finding it difficult to completely embrace electronic medical billing. They do not fully understand the benefits that come from embracing this form of technology.

First, medical billing management helps a business when it comes to their bottom line. It improves the way that cash flows through your business, and it can minimize the amount of money you’re spending on administrative costs. Medical billing makes your facility run smoothly and more efficiently.

One way it does this is by minimizing billing errors. If there is a billing error, this can slow down a claim or can lead to a claim being denied. This inevitably interferes with the cash flow of the practice. It can lead to you needing to pay out to a third-party or lead to problems with an accurate billing and coding.

Interestingly, medical billing management does more than simply keep track of the financial aspects of your medical practice. It allows you to remind your patients when they have an upcoming visit. This is an automated service, so you don’t need to remember to remind your patients that they have an upcoming visit. This saves you time and money in the long-run.

One of the primary reasons why a claim may be denied is that authorization for service is no longer valid. Medical billing management will let you know when you need to ask for an authorization of a service. Again, this saves you time and prevents interruptions in your cash flow.

When it comes to billing, especially when we’re talking about businesses that work with cosmetic medical procedures, there are a lot of things that need to be documented and remembered. It is easy for a practitioner to overlook a session with a patient, thereby not billing the patient. Medical billing management makes it easy to capture all of the services that you have provided, guaranteeing that your patient is accurately billed.

Most medical practices see a return on their investment in just a matter of months after taking advantage of medical billing management. It allows them to keep better track of their patients, interact more efficiently with insurance companies, and provide a more streamlined and cost-effective service.

Please take a moment to get in touch with us at Advanced Reimbursement Solutions to see how we can help you with medical billing management. Contact us today in Wilmington or Phoenix to get started!