Are you running a healthcare practice and want to boost your revenue? If yes, then you should be familiar with the best way to eliminate the burden of your billing complexities so you can focus on your patient care and core operations. The ideal way to solve all billing issues is to outsource your medical billing tasks to a third-party billing provider. By getting professional help, you can streamline the billing process and revenue cycle of your practice and maximize your reimbursements.
This article is a comprehensive guide to third-party medical billing, the need to outsource the third-party billing services and the benefits for a healthcare practice. So let’s start!
What is Third-party Medical Billing?
Third-party medical billing is a type of billing in which a third-party medical billing company act as an intermediate between the healthcare providers and insurance companies. Third-party medical billing companies are specialized in handling the billing process and invoicing between patients, healthcare practitioners hospitals etc. As the billing process is quite complex and healthcare providers have to focus more on each aspect including the medical billing process, RCM cycle and patient care, so there is a greater possibility of errors that can negatively affect the stability of healthcare practice. But if you give the billing responsibility to any expert third-party medical billing company, you can effortlessly generate revenue and also focus on patient care to increase patient satisfaction and retention rate. Overall, the financial performance of your healthcare practice will improve.
Top Billing Solutions
There are multiple third-party medical billing companies which are efficiently regulating the billing of healthcare practices but among them, MedStar Billing Services is a top provider of billing services. You do not need to put pressure on the in-house billing staff to manage your billing as our billing experts can do that for you. They have supreme knowledge and skills and are well-versed in each aspect of billing so you can rule out the medical billing world. Our billing specialists can rapidly submit claims to insurance companies without reduced errors. Moreover, they also ensure regular follow-ups on unpaid or denied claims so you never miss out on any opportunity to improve the cash flow of your practice.
What are the challenges faced by In-house Billing?
Healthcare providers have to focus more on billing but unfortunately, they have to face multiple challenges due to in-house billing such as:
1. Complexity of medical billing and coding
Medical billing and coding is a complex process as billing experts have to pay more attention while dealing with different codes for diagnosis, treatment and procedures. Instead of just handling the cases, they also need to stay updated so they accurately submit the claims and rarely get the reimbursements.
2. Increased administrative burden
If you spend your precious time handling the paperwork then you will never focus on the most important billing operations. But billing experts can handle all the administrative tasks including claim submission, follow-ups as well as effective communication with insurance companies.
3. Staffing issues
If the healthcare organization hires additional staff for billing then they have to face more issues in terms of time, money and other challenges which are linked to recruitment as well as their training. Instead of hiring the staff, simply outsource the medical billing to MedStar Billing Services and grab the financial benefits in terms of revenue.
4. Less focus on patient care
If you are just taking the stress of billing and not focusing on patient care then you will never satisfy the patients. A reduced number of patients can directly affect the stability and financial aspect of your healthcare practice.
Top Benefits of Third-Party Medical Billing Services
There are numerous benefits of third-party medical billing services for healthcare practitioners, clinicians, hospitalists, and small and large practices. By outsourcing the medical billing services to MedStar, you can save your both time and resources and excel in the healthcare field. Some top benefits are as follows:
1. Increased revenue
One of the top advantages of third-party medical billing services is the generation of increased revenue by cutting down all overhead costs. You do not need to spend your money on office salaries, equipment, place and other related expenditures. Billing experts can effortlessly submit the claims on time and then process them so you experience sustained cash flow for your healthcare practices.
2. Reduced billing errors
Our billing experts have complete knowledge of the medical billing process and therefore they perform each step by ensuring the occurrence of reduced errors that can result the claim denials or rejections. With efficient claim denial management, they also keep an eye on the claim submission process so if any errors occur, they immediately resolve them.
3. Compliance assurance
Billing providers also ensure compliance assurance as adherence to healthcare billing regulations is useful for securing sensitive financial information. Moreover, they also stay updated with the latest trends and regulations so your billing process meets all the requirements of each insurance network including Medicare and Medicaid.
4. Cost Optimizations
If you start trying to fulfill each responsibility then you will have to put more effort as you will have to check who has paid and settled accounts etc. But by outsourcing the billing services, you will never have to show the increased efforts for overseeing the payments. You just have to sit back, focus on patient quality care and experience the continuous cash flow.
5. Scalable solutions
Third-party medical billing providers provide scalable and tailored billing solutions that meet the needs of each healthcare practice so each flourishes in the world of healthcare.
6. Advanced technology
Third-party medical billing providers also utilize the latest and advanced technology so you never stay at the back and come to the front to achieve your financial goals.
7. Safety measures
Each medical billing provider is compliant with the HIPAA which offers an additional level of security. You can stay relaxed as our high-grade security measures can protect your patient information and never disclose it to any third party without your consent.
8. Improved patient satisfaction
By giving the billing responsibility to experts, you can focus on implementing the strategies to satisfy more patients so they always prefer to get the healthcare services.
9. Financial reporting and analytics
We don’t just manage your billing, we also help you to make strategic decisions for the future. Therefore we provide the complete financial reports that provide detailed insight into the financial performance of your practice.
What are the key features of third-party medical billing services?
The main features of the third-party medical billing process comprise the following steps:
1. Patient check-in & Verification
The process starts with gathering complete patient information and then the accurate verification. The collected information covers the patient’s personal and insurance information. Accuracy is ensured at this step to prevent errors in the next steps.
2. Coding of services
The next step involves coding the services provided to the patients. The diagnoses and treatment procedures are translated into specialized codes. Expert coders handle the coding with accuracy to prevent errors that can result in claim denials or rejections.
3. Claim submission
After the coding of services, the claims are then submitted to the insurance networks. Third-party medical billing providers rapidly submit the claims so healthcare providers start getting paid for their services.
4. Regular follow-ups
Third-party medical billing providers also keep an eye on the claim status. If they find any errors then they immediately resolve them so claims are processed without any issues or errors.
5. Payment posting
The insurance company reviews the claim and approves it to provide the payment. The generated payments are then transferred to the respective accounts to accurately maintain the financial records.
6. Patient billing for outstanding balances
Third-party medical billing providers generate and then send statements to patients specifically for the outstanding balances. Moreover, they also manage and promptly answer all the queries related to billing.
7. Final reporting and analytics
Another main responsibility of third-party medical billing providers is to develop the final analytical reports. The reports provide detailed and clear insight into the billing process and financial performance. Moreover, healthcare providers can also find those areas that need improvement. Based on the results, they can make well-informed decisions.
Main things to consider while Outsourcing the Third Party Medical Billing Provider
Before outsourcing the third-party medical billing services, you should consider the following things:
- Professional billing experience
- Flexibility of billing solutions
- Financial terms & costs
- Communication
- Compliance and security
Elevate your practice with MedStar Billing services
Whether you are a healthcare provider or, an individual doctor or physician, you can also raise the billing standard of your small and large practices or clinics. If you want to boost the revenue of your practice then choose MedStar Billing Services as your billing partner. We have a professional team of billing experts who can submit your claims without any errors so you generate revenue for your healthcare practice. So don’t wait any more and schedule a consultation with our billing experts to experience the financial success of your healthcare practices.
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