Even though outsourcing the task of medical billing has become a common practice among health care providers, not many of them are actually aware of the services that should be given by companies offering such services. To get the maximum value for the money invested in hiring a third party to provide medical billing services, it is vital to be aware of responsibilities that such companies are supposed to handle. Given below are the major tasks that ought to be accomplished by any Company hired for medical billing by a health care facility.
1. Companies handling the medical billing of a health care facility are required to calculate the gross and net collection ratio of the facility. These figures are vital in calculating the overall performance of a health care facility as well as in determining the actual number of paying patients visiting the facility.
2. Medical billing also includes minimization the time taken in actually receiving the bill payment. Although, the time taken to clear the bills of different medical specialties varies significantly, it can be reduced by regular follow up and minimizing the errors in the submission of bills.
3. It is also important to keep a record of any previous bills that are yet to be cleared. Providers of medical billing service are required not only to keep an updated report of such bills but also to perform an effective analysis to determine the reasons for the non payment of bills.
4. Billing companies are also expected to calculate the patient liability percentage. This data is extremely important for determining the effectiveness of the functionality of the front office of a facility.
5. It is also vital to provide report about the number of claims that have been cleared without the need of doing any follow-ups. This data is vital in determining the efficiency of the billing service.
Active Management is a reliable and leading medical billing company with vast experience and expertise in the field of providing accurate medical billing service. For more information on the services offered by them you can logon to their website www.activemds.com.