Tips to Enhance Physician Billing Services

Physician billing consists of an intricate web that can leave new doctors feeling overwhelmed. Even small mistakes can result in late payments, claim denials and lost revenue. The key to maximizing revenue cycles and enhancing cash flow is to improve and simplify your billing processes.

Effective strategies and best practices can help healthcare providers minimize billing errors and denial rates while maximizing reimbursements. These are some expert tips for improving your physician billing services to elevate your practice.

Improve the Efficiency of Outsourced Physician Medical Billing Services with Velan HCS

Practice billing means filing and processing claims with health insurance payers and getting paid for those medical services. The billing process includes submitting claims to insurers, monitoring the billing cycle to ensure that payment is made in a timely fashion, and coding medical treatments and diagnoses accurately.

Nevertheless, the complexity of physician medical codes, as well as the difficult billing rules and regulations, render this form of medical billing a difficult task. Without a competent billing team, keeping service quality high becomes more difficult, and the billing complexity increases.

Velan HCS understands the obstacles that come with physician billing and, as a result, provides customized solutions that are specifically designed to address these challenges and alleviate your stress. Our physician billing team is committed to ensuring that your invoicing process is both compliant and efficient. Here is how you do that:

• Collecting patient information (demographics and medical history, Medicare/Medicaid/Social Security information, etc.) and physician referrals.
• Before providing services, check the patient’s insurance coverage, eligibility and benefits to avoid claim denials and unexpected out-of-pocket expenses.
• Deploying billing specialists for physicians to help with value-based billing, telemedicine billing, capitation billing and episode-of-care billing.
• To then claim those medical services through insurance, those details are transcribed into standardized ICD-10 diagnoses, E/M codes for service complexity, HCPCS Level II codes (for individual procedures and supplies), applicable modifiers, and CPT codes.
• Claims preparation and electronic submission to insurance companies, with an eye toward maximizing possible reimbursements in compliance with payer requirements.
• Logging payments from insurance companies and patients and accurately applying them to the appropriate accounts.
• Determining the causes of denials for claims, analyzing these causes and implementing corrective measures to resubmit claims and reclaim revenue.
• Needs billing code: Generate and submit invoices to patients for balances remaining after submission to insurance for payments, including co-pays, deductibles, and non-covered services.
• Track unpaid claims and patient balances, and follow up with insurance companies or patients to ensure prompt payment.
• For instance, generating regular financial reports and analyzing affordable physician billing data to look for trends, improve processes and maximize the revenue cycle

Explore More Features

We have the potential to make any and all types of physicians more profitable, from independent general practitioners to multi-practice dermatology clinics. We are your personal CFO, at your disposal to strategize and optimize, with you in control. Our efforts will be greatly appreciated by your financial assets.

Insurance Verification and Eligibility Check

By conducting an initial investigation of coverage details, our policy verification feature enables you to provide care with assurance, knowing that reimbursement will be forthcoming.

Support for Charge Entry

Inadequate invoicing procedures impair profitability. Our charge entry feature is designed to accurately and comprehensively capture all services, diagnoses, and codes, ensuring that you receive every penny for the treatment you provide. This feature plugs the flaws.

Accounts Receivable Follow-Up

Our AR team will not cease until your money is in your possession, in its entirety. We pursue all unpaid claims, rectifying denials and underpayments.

The smart payment posting feature records funds right away from insurance companies, patients, and other sources, linking the main benefits of outsourcing physician medical billing services.

Efficient Revenue Cycle Management: 

The revenue cycle management for physicians is essential, but it is a difficult task due to the numerous stages involved, including charge capture and claim submission in physician billing. Consequently, internal teams often find it challenging to cope with large volumes of claims and keep up with productivity.

Outsourcing physician medical billing and collection services helps streamline the entire revenue cycle. By leveraging next-gen technology and proven workflows, they improve overall operational efficiency and accelerate revenue realization through enhanced performance on each step, from charge capture to collections. 

Less Administrative Burden: Internal billing departments may be burdened with a variety of tasks, ranging from physician billing to billing administration, which can reduce their efficiency and divert their attention from their actual medical activities. It is also diluting their focus and affecting the accuracy of their invoicing.

Primary Advantages of Outsourcing Physician Medical Billing Services:

• Outsourcing physician billing responsibilities to a professional service alleviates the administrative pressure on in-house personnel. It allows them to focus on providing patient care and other critical aspects of healthcare practice, which has ultimately resulted in increased patient satisfaction and greater operational efficiency overall. It helps promote better compliance and adherence to regulations. 
• For instance, physician billing compliance & fines are a real issue if practices do not stay up to date with constantly changing payer requirements & stringent healthcare legislation. Internal teams might struggle to stay abreast of regulatory tweaks.
• Outsourcing physicians’ medical invoicing ensures compliance with the new regulations and payer demands. They use specialized staff who are well-versed in compliance issues to minimize penalties and ensure that all of their billing processes are compliant with the latest standards.
• Enhanced Claims Processing: The seamless processing of claims for physicians’ services is critical to ensuring cash flow. However, internal teams can struggle with claim submission and follow-up, leading to delays and cash flow problems.
• Specialized advanced systems that AI and outsourced physician billing and RCM services use to customize and optimize these claims. They ensure that claims are submitted in a timely manner and follow up on them effectively, minimizing delays and improving cash flow management. 
• Scalability & Flexibility: When utilizing internal resources, adjusting the accounting team to accommodate a fluctuating invoicing volume by physicians or size of a healthcare practice can be difficult to implement. Such growth or fluctuations can stretch in-house operations and affect the efficacy of billing.
• Through outsourcing, physicians have access to scalable medical billing solutions that can grow or shrink with billing volume and practice size. This flexibility ensures that invoicing processes remain streamlined and responsive, regardless of changes in demand or the growth of the practice. 
• Organizations continue to use outdated technology. Internal billing departments face outdated tech, relying on processes prone to error and inefficiency. On the other hand, updating physicians’ billing systems is both costly and disruptive.
• Outsourced physician medical billing services use the latest technology and tools to make the billing process better. They ensure smooth and productive invoicing functions with improved accuracy, fast-tracking of claims, and better data management.
• Patient billing and collections: Our accounting team is responsible for all aspects of patient accounts, including invoicing, payment collection, payment plans, and the resolution of outstanding balances.
• Analytics and reporting: We produce insightful reports that help to interpret billing data, identify trends, and identify areas that are well-positioned for revenue growth. Physicians acquire an informational advantage that facilitates profitability management. The system automatically updates balances and makes payments to rectify claims.

Outsource Physician Billing and Coding Services to Velan HCS

Velan HCS is the most dependable outsourcing partner for your business, as our medical billing and coding services have already achieved tangible results for clients worldwide. With a decade of experience and ISO certification, we are a healthcare claims management company. With our cost-effective solution, you can confidently confront challenges, as we have a top-tier infrastructure and experienced programmers. We are able to provide healthcare services from our well-equipped global offices and serve as an extension of your team in your time zone.

Contact us to uncover a significant opportunity, as we cater to your requirements by creating a solution that is exclusively tailored to your project.

Please feel free to contact us!

FAQ

What does the term “ordering physician” refer to in medical billing and coding?

The “referring/ordering physician” is the physician who decides medical treatment is necessary, in other words. Thus, your “ordering” physician is the one shared in Box 17 when billing out for your clinic or your own physician-ordered diagnostic studies, labs and procedures.

What is an attending physician in medical billing terms?

Physicians who have completed all of their education and training and specialize in medicine or surgery are called attending physicians. He has a major role given the training of prospective physicians and the fact that these so-called trainees are essentially providing patient care when the attending is not in the building.

What does EOB mean in medical billing?

At approximately the same time you receive your patient accounting statement, your insurance provider will send you an explanation of benefits (EOB). The procedure by which your insurance provider handled a claim for the services that you got is described in detail in a document known as an explanation of benefits.

What does BPO mean relative to medical billing?

Healthcare Business Process Outsourcing (BPO) is the process of outsourcing business activities that provide administrative or support services to medical institutions, personnel, or organizations. Transcription, invoicing services, and coding are common to outsourcing.

How much does it cost for medical invoicing services?

Some typical expenses of medical billing services are software and technology costs, staff wages, operational expenses, fees for compliance and regulation, processing payment fees, and outsourcing costs.

How can automation and technology improve the effectiveness of medical billing and coding processes?

Technology and automation can enhance efficiency by automating claim submission and processing, boosting coding workflows, minimizing errors, bettering documentation management, and expediting reimbursement cycles.