The Importance of Timely Claims Submission: How Medical Billing Services Can Expedite PaymentsSeptember 6, 2023
Submitting claims on time is a vital part of keeping your healthcare practice financially fit. If you want to get paid on time, your claims submission has to be on point. Handling medical billing can become complicated, especially when you also need to manage information like medical diagnoses, procedures, treatments, and prescriptions, which are usually part of these claims.
To help you manage these tasks, seeking support from medical billing services is a viable option. Before you discover the most suitable services for your needs, it’s necessary to identify the specific billing challenges you’re facing.
Issues Related to Medical Billing Claim Submission
Timely claims submission plays a huge part in your revenue cycle. Recent reforms in the healthcare industry have made claim submissions, denials, and resubmissions even more challenging. From simple typos to problems with medical billing, coding, and policies, numerous factors can impact claim submission. Insurance companies often reject claims for small errors, making the reimbursement process even more challenging for your medical practice. A situation like this could mess up your entire revenue cycle management process, resulting in lost profits and reputational damage.
Since submitting claims on time also means you get paid on time, this task is really important in maintaining a smooth revenue cycle management. When you’re trying to submit claims on time, whether you’re working in a clinic or handling billing and coding, you may encounter plenty of obstacles, such as:
✔️ Making simple mistakes while submitting claims
✔️ Needing to resubmit denied claims because of errors
✔️ Insufficient time, overwhelmed staff, high demand, and financial factors
Remember, it’s about getting medical claims in right and on time to keep your practice running smoothly and your revenue on track.
5 Ways Medical Billing Services Expedite Payments
Medical billing services can significantly accelerate the pace at which your medical practice receives payments. These services involve highly trained medical billers that are dedicated to run all your billing processes precisely and efficiently, expediting payments and, ultimately, your revenue cycle.
1. Make the revenue cycle more efficient
Maintaining a healthy cash flow requires efficiency. That’s what medical billing services offer. Outsourcing medical billing gives your practice the opportunity to benefit from the experience and expertise of experts who specialize in revenue cycle management. From accurate claims submissions to thorough documentation and adherence to payer guidelines, they can streamline your practice’s billing processes. They can help your practice optimize revenue cycle management, resulting in faster reimbursements and more financial stability.
2. Provide a proactive approach to denials
In your medical practice, payment delays due to claim denials can be a real setback for your cash flow. Approximately 20 percent of all claims are denied, and 60 percent of returned claims are never resubmitted. That’s what a dedicated medical billing team is trained to handle. They look closely at why denials happen, find the main reasons, and then come up with smart strategies to prevent them from happening in the future.
These experts quickly dig into denied claims, gather all the needed information, and work on giving them a second chance. They are highly proficient at appeals and resubmitting claims, and they don’t give up easily – they keep track of everything and deal with denials as quickly as they can, giving your revenue cycle a serious boost.
Read more about denials: Strategies for Effective Denial Management
3. Manage complex payer landscapes
As a healthcare provider, navigating the intricate world of payers can feel overwhelming. The good news is that you can offload this task to outsourced medical billing services. These experts keep up with payer rules changes, so you don’t have to deal with them yourself. When you let them handle your billing, you can be sure your claims are accurate and compliant.
Because these experts understand what the different payers require, you’re guaranteed that claims are submitted diligently and accurately. This gets you on the fast track to payments as your claims are in sync with the latest regulations. If you comply with payer guidelines all the time, you’re speeding up reimbursements while avoiding non-compliance pitfalls. You’re not just getting paid faster, you’re also getting paid right.
4. Give more time to focus on your practice’s growth
When your medical billing is handled by efficient, highly trained specialists, you can put all your energy into what you do best—giving top-notch patient care. When you hire experts to handle your billing processes, you and your team can spend more time and effort on delivering excellent healthcare services.
By focusing on patient care, you’re making patients happier and enabling your entire practice to work better. Outsourcing your billing streamlines your revenue cycle and makes your operations smoother. You can think of it as an investment that helps your practice thrive and your profits grow, ultimately driving your practice toward success.
5. Achieve operational and financial excellence
Recent data from Change Healthcare shows that 11.1% of healthcare claims are denied upon initial submission, presenting an increase of 23 percent since 2016. The way you submit claims significantly impacts your finances and how smoothly your organization runs. If you constantly get denied and rejected claims, consider outsourcing medical billing services. Bringing experts on board means you get proven billing software expertise and efficient claims processing systems. For example, they use efficient claims-scrubbing technology to verify claims before submitting them to insurers. This way, insurers are more likely to pay claims sooner.
On top of all that, outsourcing saves you from the costs of running an in-house billing team, which means you can redirect resources on other areas to boost your practice’s financial performance, setting you up for financial success.
Choose 5 Star Medical Billing Services
Managing medical claims might sound like a big task, but there’s nothing a highly trained medical billing team can’t handle. While outsourcing collections can help with most of your revenue management, having medical billing services can make your billing process easier and stress-free.
Our billers at 5 Star Billing Services are experts at handling different types of claims and ensuring you get the most money possible. We have invested in purpose-built claims-scrubbing technology to accelerate medical claims submission processes. With our medical billing experts’ knowledge and experience, your billing will be accurate and more efficient than ever. This means you can focus more on quality patient care, while the medical billing pros handle all the billing processes on your behalf.
We handle every aspect of billing for you! Schedule a call with our experts today!