A truly worthwhile medical billing company provides a medical practice fast and accurate billing, processes insurance claims, follows up on collections, provides reports, and provides assistance with meeting complex compliance requirements. If your current medical billing solution doesn’t do some of these things, you should reconsider your vendor, and if you have no solution currently in place, you should absolutely pay attention. These are the four features your medical billing company should have to make sure you aren’t wasting your money.
1. Insurance Credentialing
"Insurance credentialing," "credentialing," and "provider credentialing" are all terms often used interchangeably. Credentialing refers to the process of reviewing and verifying the information of a health care provider interested in participating or becoming in-network with various insurances. Submitting the paperwork and supplementary documentation, along with corresponding with insurance companies’ credentialing departments, can be a time-consuming process.
It helps to work with a medical billing company that has already gone through the credentialing process and understands everything that is involved. They have already waded through the process and can help you maneuver through all the requirements, making the task less time consuming for you.
2. Tools to Get Your Claims Paid Faster
Working with a medical billing company removes the hassle from claims submission and payment. They will have a claims management solution already in place to help your healthcare business overcome obstacles for receiving company reimbursements, such as rejections, delays, and denials.
The medical billing company will pass your claims through an extensive system of edits. These edits ensure that only clean claims are delivered to payers the first time around. Their tools will use powerful claims tracking features designed to eliminate lost claims by reporting when the claims were received, delivered, and accepted by payers. If any rejections do occur, the medical billing company's online tools allow you to research, edit, and quickly resubmit the claims.
3. Decreased Amounts of Paperwork
Another benefit is that a medical billing company has the key connections and technology required to automate the costly, time-consuming, and manually intensive process of dealing with mountains of paperwork. For example, using an electronic remittance advice (ERA) solution eliminates expensive paper processes and helps you take control of your back office. ERA tools allow you to search for an EOB by check, payer, or patient name, delivering remittance advices for hundreds of payers.
4. Custom Payment Portals
It pays to work with a medical billing company that can develop a custom payment portal for your practice. Printing the web address for your portal on all outgoing statements encourages your patients to pay bills online. For patients who prefer to pay by mail, there is a lockbox solution that automates the process of opening the daily mail, creating deposit tickets, depositing checks, reconciling balances, and posting patient payments.
A truly quality medical billing company has the technology to simplify the billing process and increase your collections no matter how your business collects payment from patients. If you are interested in learning how this type of service can benefit your practice by helping you save time and money, please feel free to reach out to us at any time.