Outsourcing your medical billing can be the most crucial decision you ever make in your medical practice as a healthcare provider. It can make your life a lot easier, and you will make a sharp reduction in billing errors, making more money, becoming more patient-focused resulting in satisfied customers as well as getting a plethora of many other benefits.
The following discusses the essential considerations, once you have made up your mind to outsource your medical billing practice.
Practice Analysis Report
The Practice Analysis Report deals with the enlistment of three main financial factors of CPT, HCPCS codes.
Billing Implementation plan
The billing implementation plan is the blueprint for all the strategies that are geared towards practical applications and actions to accomplish objectives and goals to help a medical, surgical, and diagnostics services provider to support it with its medical billing issues and problems.
The initial steps for the billing implementation include a proposal by the billing company to its client. It is followed by a sign up of an official billing agreement, and the billing outsourcing process takes off with the following steps in the billing implementation plan.
Implementation Kit signup: In this step, we come to a crucial phase of implementation kit signup that has to be furnished with information by the healthcare provider who is a prospect for medical billing services. The implementation kit shares the most vital information about the healthcare entity to carry out the billing services project further.
Entity Setup: Once the implementation kit is out of the way, the medical practitioners are offered to go through credentialing services in which the insurance company that is providing the medical insurance services evaluates the qualifications such as education, training, experiences, and other such competencies of the healthcare provider.
Software implementation: The billing provider company also provides billing software to its healthcare provider client. In some cases, the healthcare provider already has billing software. If so the billing provider offers to interface its digital services with the already running software with the healthcare provider’s computer network setup.
Customized Database Creation: A right billing services provider understands that every healthcare entity has a unique data set. To work with clients, the Billing Provider Company establishes a private database for each of its client that is highly secure, and strictly compliant with all the privacy laws and regulations in the United States.
Healthcare Provider setup integration: Once the Software has been implemented and the customized database has been created the healthcare provider IT setup is integrated with the billing company to ensure the flawless provision of services and communication of information.
Insurance Payer Rule Setup in the System: As the system is established between the billing company and the healthcare provider the Insurance payer rules are set up in the system to ensure timely payments of the medical billings.
CPT & Fee Schedule Setup in the System: Next, the CPT and fee schedule comes into play and the healthcare billing partnership to streamline all the processes to propagate the relationship between the medical billing company and the healthcare provider.
Centers for Medicare & Medicaid Services (CMS) Setup: The billing provider facilitates the Medicare and Medcare exchanges that empower patients to work with their doctors and other medical facilities to come up with decisions that are best for the patients.
A well established medical billing provider has a solid enrollment plan for EDI and ERA for every type of insurance through paper or portal forms.
A well-established billing company has a comprehensive training plan for the front office, the clinician, and the rest of the medical staff. It is to ensure a healthy and workable relationship of the medical billing company with its clients.
Medcare MSO is on the frontline of the billing industry when it comes to all these particular types of planning and procedures. We have the vital industry experience to serve all the billing needs of healthcare entities and facilities. Call or e-mail Medcare MSO today to see how we can help you.
Related Tag: 7 Benefits of Outsourcing Medical Billing