Most of the hospital owners lose a significant amount of revenue due to claim denials and rejections. An insurance company denies or rejects a claim because of certain factors such as non-identification of the patient, terminated or unverified health insurance policies, invalid medical codes, wrong database inputs, duplicates, and lack of payment credentials. These insignificant errors can impact the financial health of a hospital business negatively. Therefore, hospitals require the support of a hospital billing company in order to prevent their business from revenue loss.
Outsourcing hospital billing services to a competent and accredited hospital medical billing company will help you hash out problems that cause claim denials and delayed payments. Through their effective hospital revenue cycle management and a supportive team of professional medical billers that are backed by years of experience, any hospital can become able to generate smooth cashflow.
A dedicated and well-experienced hospital billing company can add value to your business and prevent denials in the following ways;
1. Implementing Electronic Health Records:
Due to the highly increasing importance of Electronic Health Records, most of the medical billing companies would always keep a backup server with millions of records of patients and safeguard that information at any cost. As the advent of modern technological innovations has impacted every industry all around the world, hence it has also not left any corner of the medical industry as well. Now modern hospital billing solutions including highly secure servers and state-of-the-art software are used in compliance with the Health Insurance Portability and Accountability Act (HIPAA) and other federal medical guidelines.
2. Verify and Sort Information Of Every Information:
Medical billing companies work with medical practitioners to assist and train them in front desk administrative tasks such as registering patients and processing their documents with medical codes. A hospital billing company is also responsible to measure the claims against denials and investigate each denial to solve the problem. It also constantly stay in touch with the medical staff for the maintenance of records and releasing of regular financial reports.
3. Provide knowledge about new and revised medical standards:
A professional medical billing company provides assurance of the efficacy of the medical billing procedures that they implement to each provider by being regularly informed of industry updates, changes in policies, and any other additional requirements for medical billing services.
4. Aggressively follow-up on every claim:
The most time-consuming and challenging task for the hospital staff is to follow up with every paid and unpaid claim. As the medical staff sometimes doesn’t find the time to rigorously appeal their outstanding balance from the insurance payer that results in millions of dollars slipping through the cracks collectively. While a hospital billing company dedicated addresses issues on claims by creating strategies that appeal to the payer like sending out a reminder email or calling for verification etc. A professional billing company also keeps the medical practitioners up-to-dates of the payer’s policy and authorization.
5. Consistent management of claim denials and compliance with deadlines:
It is the primary responsibility of a hospital billing company to closely monitor the percentage of claim denials and implement strategies that can solve the problem.
They have a team of experienced medical billers that keep in touch with the insurance payers and comply with deadlines in tax returns and other financial requirements.
In this way, a professional medical billing company can add value to your business by streamlining your hospital revenue cycle management systems. Learn how our industry-leading medical billing company can help achieve top-line revenue goals. Request a free demo! To make your practice profitable.