What is physician billing?
Physician billing, which is also termed as Ambulatory Surgical Center (ASC) billing or professional billing is the billing of claims for services, which were offered or performed by healthcare professionals or a physician that also includes inpatient and outpatient services.
Mhites offering End-to-End RCM services or Customized services the practices as per their requirement. Mhites has over 10 plus years of experience in revenue cycle management service for multiple specialties of practices including PCP, Family practice, Cardiology, Physician Therapy, ER, Urgent care, Obstetrics and Gynecology, Gastroenterology, and others.
- Eligibility verification
- Demographic entry
- Charge entry/Coding
- Claim submission
- Payment posting
- AR follow up
- Denial Management
- Account Receivable Services
- Practice reports
Here are a few advantages of shifting your billing to a professional medical billing company.
Medical billing companies as compared to the conventional paper based system help saving a lot of office expense. The paper based system requires additional employees and equipment in order to function. However, the medical billing companies have professional medical billing experts who can manage medical billing at every scale and without adding extra cost to the service fee. Hiring an in-house medical billing team has become very costly. First of all, it includes the hiring cost then you would be providing all the benefits of employees. Similarly, over the time your in-house medical billing team will require trainings to keep updates with the latest changes. However, outsourcing to a professional medical billing company would save you from all these extra costs. You would just be paying a fix fee to medical billing company and all of your billing process would be managed by medical billing experts who got years of experience in managing billing for numerous clients.
Quick access and analysis
Medical billing companies also help the clinicians and hospital management to analyze revenue trends and to determine effectively where to minimize potential risk. Moreover, you can easily access all patient information, bills, claims, services and invoices in the blink of an eye with their help. Medical billing companies use sophisticated software to manage client data and they are quick to provide answers to any queries. These companies also provide weekly, monthly, and quarterly reports to their clients and factual information about the account receivables. This makes them very handy and they make sure that no information is missed in the reports.
Ease In auditing and less risky
Medical billing companies help reduce errors which are more likely to occur when using paper based medical billing procedure usually used by clinicians. When dealing with massive amount of insurance claims, bills, patient information and other critical information, you are more likely to commit a mistake.
Reduction of errors not only helps in reducing audit risks. It also highlights effectively, the areas where the organization is performing and under-performing. The clean and pristine system of medical billing companies has made this quite easier to go for audit. If you have hired a professional medical coding and billing company, then you need not worry about the audits and objections from the insurance companies. As medical billing companies scrub the claims themselves and double check the accuracy of the information. This is why the payment claims they prepare are not rejected and have maximum ratio of acceptance. Even if they are rejected, these medical billing companies have a professional mechanism of review, readjustments and resubmission of rectified medical bills.
Up to date financial records
Medical billing companies efficiently handle the billing process, so that the healthcare services providers get accurate and up to date financial records. Medical billing companies help to allocate proper budget, staff resources and other related stuff, in order to maximize revenue and minimize costs.
Automating invoices and insurance claim process in your office with the help of a medical billing company is advanced must. Medical billing companies would keep you updated about each and every element of the billing process. It also lets you access invoices, patient history, bills, budget, claims and their payment in a matter of seconds.
Outsourcing your billing to a professional medical billing company is a way forward to achieve your revenue goals. It is cost saving, fast and an effective way of streamlining your billing process. It would help you improve the quality of patient care when you would be focusing more on the care delivery than on consuming your precious time on exhausting billing tasks.