Medical billing is more than just a step to be complied with in a healthcare system; it is aimed toward ensuring that there is an orderly flow of funds that enable the providers to be paid appropriately and on time for the services rendered. At Reliable Business Solutions, we constantly endeavor to facilitate medical billing processes in order for health care service providers to stick to their primary purpose – offering hands on care to the patients. In this article we will explore the medical billing dynamics, the challenges faced in this area and how to improve your billing operations.
Defining Medical Billing
Healthcare services are turned into billing claims that are issued to the insurance companies for reimbursement in medical billing.
The process encompasses the following activities:
- Patient Registration: This entails collection of information and confirming it including basic information and insurance.
- Insurance Verification: This entails the ascertainment of insurance benefits and eligibility of a patient.
- Charge Entry: This is the entry of the services rendered and their charges.
- Claim Submission: This is the process of sending out the billing claims to the different insurance companies.
- Payment Posting: This is the entry of payments made by insurance and patients.
- Denial Management: This is the process of working on claims that have been denied to ensure that every service gets paid what it is owed.
The Most Common Barriers to Effective Medical Billing
- Claim Denials: Denials of claims are events that happen for various reasons, including the wrong age of patient given, the wrong codes applied, or no insurance coverage. It is highly advisable that these be addressed in businesses with a strong denial management system in place.
- Coding Errors: Within any medical billing process, the application of codes is vital to its success. Failing to do so may result in reimbursement refusals or under-reimbursements and lost revenue opportunities. These errors can be reduced by constant education about coding and its revisions from time to time.
- Insurance Verification: Ensuring that the patient’s insurance information is accurate and up-to-date is vital. Incorrect information can lead to claim denials and delays in payment
How Reliable Business Solutions Can Help
At Reliable Business Solutions, we offer comprehensive medical billing services designed to streamline your billing processes and maximize revenue. Our services include:
- Accurate Coding: Our team of certified coders ensures that all services are accurately coded, reducing the risk of claim denials.
- Efficient Claim Submission: We use advanced billing software to submit claims promptly and accurately.
- Denial Management: Our experts handle denied claims efficiently, ensuring that you receive the reimbursement you deserve.
- Insurance Verification: We verify patient insurance information to prevent claim denials and delays.
