We are Medical Billing Company provides outstanding billing services. We offer innovative solutions that help you boost productivity and maximize cash flow. With a team of professional billing services providers, we help medical practitioners no matter the size of their business to combat the complexities of revenue cycle management and stay ahead of the competition.
Here are five key duties performed by a Physician Billing Company:
Claims Submission and Management: One of the primary responsibilities of a medical billing company is to handle the entire claims submission and management process. This includes accurately coding medical procedures and diagnoses, preparing and submitting claims to insurance companies, and following up on the status of claims. They ensure that claims are submitted in a timely manner and adhere to the specific requirements of each insurance provider.
Insurance Verification and Eligibility: Medical billing companies verify patients' insurance coverage and eligibility before providing services. They gather necessary information such as policy details, coverage limits, and deductibles to ensure that patients are eligible for reimbursement. This verification process helps minimize the risk of claim denials due to insurance-related issues.
Payment Posting and Reconciliation: Once insurance companies process and reimburse the claims, a medical billing company reconciles the payments received with the claims submitted. They accurately post the payments, adjustments, and denials into the practice management system. By meticulously reconciling payments, they identify any discrepancies and take necessary steps to resolve them, ensuring accurate financial records.
Denial Management and Appeals: Medical billing companies are responsible for managing claim denials effectively. When claims are denied by insurance companies, they analyze the reasons for denial, correct any errors or issues, and resubmit the claims for reconsideration or appeal. They navigate through complex denial codes and policies to maximize the chances of successful appeals, aiming to recover rightful reimbursement for healthcare providers.
Financial Reporting and Analysis: Medical billing companies provide comprehensive financial reporting and analysis services to healthcare providers. They generate regular reports that offer insights into key performance indicators, revenue trends, claim submission and reimbursement metrics, and outstanding balances. These reports help healthcare providers evaluate their financial performance, identify areas for improvement, and make informed decisions to optimize revenue generation and overall financial health.