Medical billing services are a powerful solution for healthcare providers seeking to reduce costs and increase revenue cycle efficiency. Hiring an in-house team of billers can cost up to $50,000 per year, but a top-notch medical billing service can deliver similar results at a fraction of the price.
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Often, the best medical billing companies offer customizable services tailored to your specific practice’s needs. They also employ certified professional coders and teams of specialized medical billers, who can process bills more quickly and accurately than an in-house staff with limited training and experience.
The front-end medical billing process starts with patient registration, which involves verifying the patient’s home address and insurance coverage, as well as recording any existing conditions or allergies. Next, medical coding specialists translate this data into CPT and ICD-10 codes that represent the medical procedures performed during each visit. This step is critical for accurate reimbursement from insurance companies and ensuring that patients are aware of any costs they may be responsible for, such as copayments or deductibles. This Link : https://emedpartners.com/services/
Medical billing also includes payment posting, which involves identifying and recording payments made to the practice by insurance companies or the patient. It also encompasses managing denied claims, which requires identifying the reason for denial and then working to resolve it through revisions or resubmissions.
Finally, medical billing companies must follow up with delinquent patients and, when necessary, send accounts to collection agencies. When choosing a medical billing company, be sure to find out how they handle these tasks and whether or not they provide monthly reports and comprehensive analysis of performance metrics.
