Medical Billing is a process through which healthcare service providers in the United States make claims and get paid from the payers, who in most cases are insurance firms. This system has become the de facto standard for healthcare providers to get paid after several laws were passed, the notable ones being those which relate to EHR. The net result of all these bills is that standards were developed for handling all the patients’ data in an electronic format and not only that, but also all their billing information and making it available and portable across different interested parties including healthcare service providers and insurers.
Thus, with the harmonization of all the patients’ data and retaining it in digital format, there arose a streamlined need for billing providers who could offer bespoke claims collection and settlement procedures on behalf of the healthcare service providers while they concentrated on their core mandate which is to take care of all the medical issues of the patients. Medical billing relies on a universal coding system which is collectively referred to as the medical code. In this case, medical coding quite simply refers to the process of transforming descriptions of medical diagnoses and procedures into a universal medical code.
Therefore, in a nutshell, medical billing is dependent on its entirety on medical coding which in turn uses medical code numbers to store all the pertinent patient records in digital format. The sources of this information include physician’s transcriptions, lab reports and lastly, billing information. Professional medical billing is dependent on these sources of information all in a bid to make the process of querying patient information easier and more transparent. Such a service provider should be able to offer the following advantages to your firm.
- Efficiency–The service provider should use medical billing software which easily transmits demographic and billing data across the entire user chain. This is not only efficient and fast but it also eliminates the time-consuming process of entering identical data on two systems, cutting down on time and storage resources as well.
- Error Reduction – The software in use should have built-in alerting systems which make the data cleaner and eliminates common errors which might occur and resolves those which might have occurred during the coding process. It therefore lessens the probability of costly errors which might cost you a lot of money and time in the long run.
- Enhance Reimbursement – The value of outsourcing this service to professionals is that you will have saved the attendant coststhat go a long with a paper-based approach. The net result is that you save on paper, toner and the staff who you would have required to get all this done. There is no chance of misplaced bills and so all the claims get paid on time as they ought to, leaving your practice with a lot of working capital.
Ease of access and enhanced data collection are also a useful factor of using bespoke billing services as they will allow you to query all the pertinent information that relates to a patient in the shortest period of time in addition to being able to carry out these queries from anywhere and on any device as long as it is connected to the internet and has the proper credentials.
via Lukas DesChamps
Lukas DesChamps is a Professional medical billing consultant who has been in the practice for the past 24 years in which time he has developed a whole host of solutions that rank among the most favored by the top 100 healthcare service providers in the US.