Keep reading the article to determine the importance of outsourcing Medicare billing and Coding companies to enhance your cash flow.
The healthcare facilities and providers have noteworthy accountability for the collection, maintenance, and recording of patient information to ensure the efficient and seamless functioning of Medicare billing systems. While providing healthcare services, it’s their responsibility to categorize payers not entitled to the Medicare program to avoid incorrect billing and denial of payment down the line. And failing to maintain a proper system in place to identify secondary or other payers is considered as a breach of the provider’s agreement with Medicare.
Remarkably, with the escalating operating costs apart from patients with high-deductible healthcare plans, the necessity of a correct AR (Accounts Receivable) management system has been a major concern for providers. In fact, the higher accounts receivable means – the lower the cash flow which is obviously not desirable.
This is the basic reason why medical settings, providers, self-paying patients prefer outsourcing professional medical billing and coding service providers. Equipped with highly knowledgeable medical billing experts, they undertake the responsibility to evaluate the uprightness of the claims before they are submitted to the insurance company. Whereas the claims are denied, they examine the causes of denials and thereby undertake corrective measures in the Medicare billing process while enhancing your cash flow.
How it Works
Being professional accounts receivable management team, a medical billing service provider offers you a range of services ranging from identifying denied and unpaid claims, finding causes, re-filing the rectified claims that minimize AR days. In essence, accounts receivable refers to the money payable to providers by insurances for healthcare services rendered to patients. Through regular and effective follow-up with the insurance companies, they enhance your collection ratio and boost cash flow.
Identifying the key reasons for the denied Medicare billing claims is one of the major functions performed by a specialized accounts receivable management team. With a well-trained and skilled workforce, they evaluate the causes of claim rejection, and accordingly rectify the errors in the claim statement, and re-file the same without any delay.
Having a routine follow-up by AR callers on pending claims to insurance companies comes in handy to count continuous cash flow. Make sure that you outsource reputable accounts receivable management crew keeps proper tracking of claims once they are filed. With long experience in the industry, they execute effective action plan right away whereas the claims remain unpaid even after 30 days which is its general time limit. So, precisely working with an expert AR team specialized in Medicare billing rules, scopes, restrictions, and coding system ensure you shun overdue payment, payment rejection, or underpayment of the bills.
With the implementation of the self-pay program as people are allowed to pay directly for their treatments, rather than choosing private health insurances, the demand of medical billing companies is increasingly like anything. For self-payers, an AR team follows up with their clients (patients) through telephonic calls, email, and social networks and helps them to get reimbursement of their medical bills from employers without any delay.
One of the great services of specialized AR management groups is that they conduct audits on a routine basis to identify potential areas to bring consistency and evolvement in the Medicare billing system, verify lacking aspects and evaluate risks. On completion of auditing, they report on factors like aging AR reports, claim follow-up status, outstanding payment reports among others. This is how professional AR groups are consistently supporting providers, patients, as well as employers to ensure zero claim denial, timely receipt of payments, and avoid disputes.
Talisman Solutions, Inc specializes in services such as medical billing, medical transcription, audit services, medical coding, patient acquisitions & revenue growth solutions, revenue cycle management, hospital information system, electronic health records, provider credentialing, and payer services. To know more, visit https://talismansolutions.com/about-us/.