Billing companies provide services for both the physician and the Medical Billing Companies. It is a comprehensive list, many of which have new items that many do not know about. Recurrent subscription business comes across many problems that will be solved by an efficient billing company. Use of the proper solution is important as this will serve to stabilize your business and bring in more customers.
Common Complaints about Billing
Billing is a vast area with numerous responsibilities. The number of challenges you will face include these:
- Billing customers
- Maintaining subscription records
- Messaging customers
- Support services for customers
The top medical billing companies have a methodical approach to this work. Here is a look at the various aspects involved in this.
Customer Management and Invoicing
Taking care of customers begins with customer management. We do this using a recurring billing solution. Every signup is categorized then activations, trials, and upgrades are put in place automatically. For this, the status of the customer is updated continuously. If they opt out, they are downgraded.
When thousands of customers sign up for your services, invoicing all of them on the trot is a challenge. Use automated invoicing software to take care of this. This will take care of renewals and subscription for extra services.
Procedure for Medical Billing
This process begins with Eligibility Verification. Before the patient goes to seek services from a provider, one has to make sure that he or she is qualified for getting service. We must see if copayment must be collected and whether pre-authorization is needed. Also, one must see whether the insurance covers the procedure which the patient is seeking. The best medical billing services do this first step before going any further.
Doing Entry and Verification
The second step is demographic entry and verification of medical documents. We access detailed patient information through a secure source. Validation is sent to the client. The medical coding department will now wait for the files. He healthcare documents will get the needed CPT and ICD codes. Proofreading and cross-checking are done by the coding manager. Next, the documents go to the charge entry team.
Charges are entered into the patient’s account. If the patient is new and does not have an account, then the demographic entry is consulted. The details are gathered from there and entered into the patient’s form. We get the details from the patient registration form. A quality Assurance team audits the bill to make sure it is valid and only then, the claim is transmitted to the insurance payer. At this time, some billing companies have the capacity to process paper claims.
Check for wrong claims
Incorrect claims are rectified with necessary information within 24 hours. Then, it is submitted to the insurance company. Payments are entered into the system after charging the appropriate patient account. This is then followed by Denial Management, Accounts Receivable Follow up, and Patient Follow up statements.
Reports are prepared and submitted. These include insurance aging reports and Key Performance Indicators. Some billing companies will also do the credit balance processing and verify each of the payment cases. Data protection is needed to protect the validity of the documents.