best medical billing company

Improve Patient Collection with Best Medical Billing Company

Getting payment from the services you provide is mandatory to run a medical practice, whether through insurance claims or out-of-pocket payments from patients. Over time, this process can be tedious and annoying, especially if payments are delayed.   

It is crucial to have a best medical billing company that can make the reimbursement process go as smoothly as possible as they are responsible for clearing claims. 

Make patient collections more effective by following these three steps:

Maintain A Patient-Centered Mindset:

Most of the patients want to pay their bills on time.  If the second or third invoice is not paid, the patient may have some problems in payments. If you guide them in the best possible way, the person can make a payment.

Billing is the ultimate sequence of the experience, disease-prevention care, and treatment you provide, not merely an administrative exercise in controlling income totals, to assist patients to become fit.

Keep In Mind The Truth:

The issue is never a patient’s unwillingness to pay for collections. They aren’t ignoring your invoices because they don’t agree with the amount. They aren’t paying because they don’t have the funds.

If you plan your collections strategy with this in mind, you’ll be able to help deficit patients pay off their debts gradually. Work with patients to manage their medical debt by educating them about payment plans they can afford, referring them to resources that can help, and educating them about payment plans they can afford.

Held Patients’ Judgments In Reserve:

 People should pay for services offered to them in all walks of life. However, all people are not able to pay. Many people are still attempting to get back on their feet in various ways while the pandemic continues.

Don’t let your staff or medical billing firm make quick judgments about why a patient can’t pay; instead, make sure your staff or medical billing firm explains choices to patients with honesty, compassion, and an understanding that no one knows what it’s like to walk in another’s shoes!

You need to understand the basics of billing and collections procedures within the medical industry for patient collections. The best medical billing company assists in achieving your end goal.

Best Medical Billing Company Can Streamline Your Medical Billing Process:

The medical coding, billing, and collections portion of your medical practice can be layered with complicated details and stress. BellMedEx, the best medical billing services Provider Company handle your medical billing and coding and ensuring accurate submission of claims on time and with great care!

If you want to get immediate growth to your revenue cycle and keep your focus on connecting and caring for your patients, BellMedEx is here to help.

best medical billing company

Billing and Collections Procedures in a Medical Practice: 

Patient Registration: 

Before entering the doctors’ check-up area, a patient books an appointment and submits their information to the front desk staff. The data includes patient demographic information, such as name, address, social security number, and the purpose for a visit. The error may occur while entering patients’ data that arise the need to follow up with the patients.  To avoid this issue, make sure your office double-checks the spelling of names and street addresses.

Verification of Insurance Eligibility: 

Verifying the patient’s insurance information and eligibility for the visit or treatment should be noted as soon as the patient gives you this information and the reason for your visit. Patient insurance policies differ from one state to the next and from one provider to another.

Verifying that the patient’s insurance carrier has authorized treatment at your medical practice is extremely helpful for both your administrative staff and the patient.

Check-In and Patient Appointment:

It’s best to validate the patient’s details and insurance card with a personal ID when they arrive at your medical office for their appointment. Also, if possible, provide the patient with their copay or total bill before the visit, so they are informed of their out-of-pocket costs.

Medical Coding: 

Medical coding is one of the most time-consuming and labor-intensive aspects of medical billing and collection. Whether you use ICD-10 (International Classification of Diseases) or CPT (Current Procedural Terminology) codes; if they’re incorrect on your insurance claim, it will be rejected, and you’ll have to start again.

This process is extremely detailed, and a low figure of clean claims could significantly impact your practice’s financial bottom line. To handle this critical portion of your medical practice’s revenue cycle, consider hiring a best medical billing company with experienced team.

Submit Claims To The Patient’s Insurance Company:

Your medical practice files claim to the insurance carrier once you’re sure it’s been correctly recorded and has all the necessary information.

This is usually an electronic process, and you must file claims with accuracy. If you don’t, your revenue cycle may suffer due to delayed claim submissions, and you may need to resubmit claims that were previously submitted incorrectly.

Claim Processing and the Payment Reimbursement:

Payment is reimbursed to you when an insurance company’s claim specialists analyze the claim and process the codes related to the claim. The insurance company will return the claim if there are any inaccuracies, whether patient information or medical codes. When this happens, it’s up to the administrative staff at your medical practice to rewrite the claim and submit it again to the insurance company for reimbursement. 

If the claim is correct, an insurance company will pay the amount agreed upon in the contract and send a charge to the patient for the remaining balance.

Top Patient Collections Challenges That Slow the Payment Process

Medical offices may confront several issues when it comes to patient collections, including:

best medical billing company

Incorrect Patient Data

One of the most frequent obstacles to patient collecting is the erroneous spelling of a name or missing insurance information. Failure to verify the patient’s insurance details at the front desk on the appointment day adds another layer.

Incorrect information about the patient can make contacting them impossible at any time and cause insurance companies to delay payment on the patient’s behalf.

Misrepresentation of the Visit:

Using the incorrect codes on a claim will almost certainly result in a delay in payment for services done.

Failure to Inform the Patient about Their Responsibilities:

Patients are likely unaware of how the medical billing process works, what role insurance plays in payment, or if they have problems with their financial responsibilities.

To address services to patients, be open with the patient about the breakdown of costs and be willing to answer questions about what their insurance covers. A certain strategy to simplify patient collections is to specify what the patient’s insurance covers versus what the patient will due out-of-pocket.

For years, hundreds of clinics have entrusted BellMedEx with the medical billing process and practice administration responsibilities. Our team of professionals has worked in your field before and can give high-quality medical billing services. To simplify your medical billing and coding, contact us today!

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