Medical billing mistakes can lead to claims denials and delays in payment, affecting Oklahoma healthcare providers’ bottom lines. To prevent mistakes, increase cash flow and improve revenue cycle efficiency, providers often choose to outsource their revenue cycle needs to an Oklahoma billing service. Doing so saves time and money and ensures that billing processes are being carried out correctly.
If your practice is experiencing increased denials due to billing errors, here are a few ways a medical billing service can help:
Implement practice management software.
If your practice isn’t using practice management software yet (what are the odds?) your medical billing company will likely implement one for you. This is due to the fact that medical billing services tend to offer complete outsource solutions, and they require practice management software to facilitate the different billing processes. From automatic charge capture to claims scrubbing and submission, PM software helps eliminate possibilities for mistakes along the revenue cycle.
Filing an insurance claim with incorrect or outdated policy information is one of the main reasons claims get denied; and preventing this type of denial requires little effort. In fact, with the help of an Oklahoma billing service physicians can prevent these denials altogether. Before a patient’s appointment, a medical biller will contact the insurance provider (sometimes by phone, sometimes using payer websites), verify effective dates and coverage period, and find out deductible and co-pay amounts for different types of visits.
Insurance verification should be carried out for every patient without exception. It doesn’t matter whether the patient is new, is returning after a year, or is coming back for a 4-month follow up appointment. Having correct insurance information is imperative to getting paid on time.
Check for errors in patient information.
Another reason claims frequently get denied is due to wrong patient information or omitted data. This can include a patient’s name being misspelled, the date of birth being entered incorrectly, or a diagnosis code not matching up with procedure that was performed. Because front desk staff is often unable to double-check these details, an Oklahoma billing service can contact patients ahead of time to obtain this information for you.
Are you interested in learning more about our medical billing services? Contact us today by calling 480-821-1371.
Making the decision to outsource your pain management billing to a third-party can be difficult, especially when it comes to choosing the right company that can meet the needs of your practice. After all, the performance of the billing company and their overall ability to handle your revenue cycle processes will determine your practice’s financial health.
Before making a final decision about outsourcing, it is important that you ask each potential medical billing partner the following questions. Getting answers will help ensure that the agency you ultimately choose to work with has your practice’s best interests in mind.
1. Will we have access to our data?
Whether your pain management practice chooses to outsource a few medical billing processes or every aspect of billing and collections, it is important for the third-party agency to be transparent and to share critical information with you whenever you need it. Professional pain management billing services will provide access to their system for monitoring and keep records of communications with patients, for example, so that you can monitor quality assurance at all times. Check with your outsourcing partner to see what they provide.
2. Will you provide detailed monthly reports?
Outsourcing pain management billing can help your practice be more hands-off and devote more time to patients. However, you still want to know how your practice’s finances are. Make sure your billing company provides regular reports about your accounts receivables, including how much they’ve collected and how much is still owed. These reports will help you determine how effective the billing company’s efforts are and which areas need improvement.
3. What kinds of fees or service charges will we incur?
Fee structures can vary from one pain management billing service to another; however, most third-party agencies will either request:
- a percentage of the total amount that they collect
- a flat fee per claim
Agencies that choose to charge a flat rate may also offer other accounting and administrative services that can be of real benefit to your practice. The fee structure that provides the greatest financial benefit to your pain management organization will depend on the amount of money you expect to collect each month. Be sure to review the terms of your contract carefully and ask questions if you don’t understand how something works.
5 Star Billing Services, Inc. has provided professional medical billing, collection and administrative services for pain management practices for many years. Contact us today to start reducing denials, decreasing costs, and improving cash flow.