A Brief about the Billing Process under Medical Billing Services

Medical services are indisputably complex services to offer and demands around the clock alertness and snugness, because one dime’s mistake is capable enough of resulting in million dollars’ havoc. Prior to the advent of medical billing services, the staff of medical institute always complained about being overburdened with medical duties as well as administrative duties. Although medical assistants is a productive solution, but when it is about big medical institute like hospitals where number of visitors as patients are in millions, a bunch of medical assistants neither can be easily hired nor they can handle heaps of paper formalities especially insurance claims. This is where; a medical institute looks for a company to whom they can outsource all these worried pertaining to health insurance claims. In this article we will be discussing the billing process.

Billing process
So far we know that, medical billing and coding services are related to submitting, processing and following up insurance claims to the concerned companies. Now let us understand its billing cycle:

1. Visiting a medical institute: The process can also be termed as a deal between the medical institute or doctor and insurance company. The process starts when a patient visits a clinic for his medical ailment and the medical staff, for the first time creates his medical report containing specific information about his medical history and personals.
2. Medical Report consists: This medical report contains all relevant information about patient such as his name, his social security number, contact details, his pre and post medical history and the test performed or to be performed.
3. Coding: After a basic medical report is prepared, the patient undergoes through various medical tests and level of service for billing services is determined on the basis of their results, complexity of the medical decisions to be considered and the pre-treatment medical history. Once the level is arrived, medical staff allocates a code (five digit standardized code) and the talked code is extracted from CPT’s database (Current Procedural Terminology). In addition to CPT code, there is another code known as ICD-10-CM, acronym “International statistical classification of disease and related health problems”, is also required and equally important as well. Without this code, the billing cycle won’t complete and one may have to face notifications like Pending claims, Denied Claims, Rejected Claims or Missing Claims
4. Sent to insurance company: After a code is arrived and the bill is prepared, it is then forwarded to the insurance payer (the payee insurance company). The insurance company, then use the expertise of its claim examiners and insurance adjuster for arriving at a decision about claim. If everything goes well, bills are approved or otherwise in case of any discrepancy found, the lodger is intimated about that.
   

The entire process is time consuming and it may take anything from few days to few months (depends on the level of complexity within claims), till a medical billing services company actually comes up with a bingo. For detailed information logon to http://www.activemds.com

Medical Billing Companies Playing an Important Role in Growing Physician Practices

The medical billing scenario has become extremely intricate. The procedure of medical billing includes the filing of the claims made for healthcare services. Nowadays, the schedule for medical professionals around the globe has become so hectic that they have to outsource the work to companies dealing in medical billing. For all the individual practitioners and various healthcare practices, Medical Billing Companies play an important role, today there is a wide variety of such companies offering their services around the globe. Every physician wants to grow his/her practice and efficient billing companies really play a key part in doing so.

Medical billing companies make sure well timed reimbursement
As discussed above, while focusing on everyday tasks and following hectic schedules, these physicians also have to bill the insurance companies or their patients to make sure that they receive reimbursement for all the services related to healthcare, well in time. It is very important the claims be filed based on the submission and evaluation of the patient enrolment, medical codes and treatment and diagnosis. In the situation where the claims are filed incorrectly, the revenue would considerably come down and hamper the medical practice. Today, more and more physician’s practices count on the medical billing services so that their accounts are managed efficiently.

Various Medical Billing Companies are proficient enough in managing the filing of the claims and payment collection. These companies hire well-trained professionals and following are the services that they offer-

• Software for medical billing is put into use for the filling of the claims electronically.
• Analyzing different forms of patient claims to authenticate enrolment, diagnosis and treatment recommended, insurance and enrolment.
• To make sure that appropriate codes have been assigned for all treatment procedures.
  

Every medical billing service company usually sends the bill within 24 to 48 hours so that it does not influence the cash flow. Further, the claims are being sent to the clearinghouses, which are accountable for billing the patients, who then pays the payment to the physician directly.

Medical Billing Companies know how to conduct their tasks more efficiently and cost-effectively as compared to the practices of the physician as they are the masters of the field. They also make use of the coding specialists and all the necessary hardware and software in order to carry out medical billing. Therefore, they are considered more proficient in handling various tasks as compared to the medical practices. They help in restructuring various office procedures, which help the practices of the physician to grow.

To know more about Medical Billing Companies, logon to http://www.activemds.com.