Hospice Billing Services
Are you a hospice provider struggling to submit accurate bills to payers? Are these challenges leading to frequent claims denials or delays? Look no further! Our HIPAA-compliant hospice billing services will streamline your coding and billing process and improve accuracy, increasing reimbursement rates for your practice.
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How We Streamline Hospice Billing For Your Practice
We have designed our services to help streamline billing processes for your hospice practice. We provide end-to-end billing solutions, from insurance verification to claims submission and electronic payments to collections follow-up. Our AAPC and AMA certified experts provide billing services that adhere to various payer guidelines and codebooks. Here is how we do it for you.
- Integrate digital billing systems such as EHR, EMR, and EDI into the hospice-specific billing software to facilitate faster and accurate electronic claims processing.
- Verify patient information (demographics, medical history) and insurance information (insurance coverage, eligibility, effective dates, expiration dates, and claim addresses) to prevent billing errors and reduce claims denials.
- Verify pre-authorization needs and process the documentation accordingly stating the medical necessity of services to get prompt approval from insurance payers.
- Assign specific billing codes for the hospice procedures offered to the patients (pain management, symptom management, emotional and spiritual support, assistance with activities of daily living (ADLs), end-of-life planning, caregiver support, medical equipment and supplies, and more.
- Stay current with the E/M codes, modifiers, HCPCS Level II codes, ICD-10, and CPT codes such as routine home care - 99201 to 99499, continuous home care - 99324 to 99350, general inpatient care 99221 to 99239, etc.
- Adhere to coding and regulatory guidelines while handling diverse billing models for hospice procedures, including Per Diem Billing, Capitated Payment, Fee-for-Service, value-based payment, and more.
- Process clean claims and submit them to the respective insurance providers (Medicare, Medicaid, Veterans Administration (VA), Tricare, Long-term Care Insurance, and private insurance companies (Humana, Aetna, Anthem)).
- Engage with payers to obtain EOBs and review them to understand reasons for denials. Resolve discrepancies and initiate appeals to gain maximum reimbursements.
- Inform patients about their out-of-pocket expenses including copayments, deductibles, coinsurance and more.
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During the consultation, some of the issues we can discuss are:Â
- Your current hospice billing procedures and the underlying challenges
- The compatibility of hospice billing software with your existing technology infrastructure
- How we comply with various billing regulations from HIPAA, AMA, and more
- Measures we take to improve key performance indicators of billing and claims process.
Why Choose Invensis as your Hospice Billing Company?
We are an established hospice billing service provider with over 25 years of experience providing hospice billing solutions. Over a span of 25 years, we have assisted clients, including hospice agencies, inpatient hospice facilities, nursing homes with hospice care, residential hospice facilities, home-based hospice care, and more. We bank on an experienced team of coders (CPC, CCS, CCA), billers (CPB), reimbursement specialists (CMRS), and compliance officers (CHC, CPCO), among others. Their expertise and dedication helped our clients achieve an approximate 98% clean claims rate (CCR), A/R days minimized to 45 days, about an 8% reduction in claims denials, and a nearly 98% clean claims submission rate. Our streamlined processes reduced claims denials by almost 95% net collection rate (NCR).
Benefits of Outsourcing Hospice Billing
- Accurate billing:
Accurate billing is essential for the financial stability of hospice care providers. Hospice billing requires high accuracy and attention to detail to ensure that claims are submitted correctly and in a timely manner. With the expertise and experience of a third-party service provider, hospice care providers can generate accurate and comprehensive bills.
Outsourcing hospice billing services to a specialized third-party provider like Invensis can help hospice providers ensure accurate billing and timely reimbursements. At Invensis, we use the latest billing software and technologies to ensure accuracy and efficiency in hospice billing. Our team of experts is trained to review documentation thoroughly and identify potential errors, ensuring that claims are submitted accurately the first time. - ‍Reduced administrative burden:
Administrative tasks, such as billing and coding, can be time-consuming and take away valuable patient care time. By outsourcing billing services to a specialized third-party provider, healthcare providers can reduce their administrative burden and focus on delivering exceptional care to their patients.
Invensis is a hospice billing company that understands the importance of reducing administrative burdens for healthcare providers. Our hospice billing services are designed to streamline billing processes, reducing the amount of time and effort required. Outsource medical billing services for hospice to Invensis and reduce the need for in-house billing staff, saving on labor costs and other overhead expenses. - ‍Improved patient satisfaction:
Accurate and timely billing can help improve patient satisfaction. It reduces the risk of confusion or frustration caused by billing errors or delays. To avoid these issues, many hospice care providers prefer to outsource hospice billing services to a specialized provider. Such hospice billing companies will make billing efficient without any errors or non-compliance issues.
At Invensis, we understand the importance of a positive patient experience. Our billing services are designed to be patient-centric, providing clear and concise billing statements that are easy to understand. We also provide timely responses to patient inquiries regarding their billing, reducing their anxiety and creating a more positive overall experience. - ‍Customized billing solutions:
When it comes to hospice care and billing, every carer will have unique specifications and bills. Billers need to know the terminologies and codes in billing to generate accurate bills. To tackle the constantly changing regulations and specificity in bills, hospice care providers outsource their billing needs to hospice billing companies.
We understand that every hospice care provider is unique, and that's why we deliver customized solutions that meet your specific needs. Our hospice billing services are designed to improve accuracy, increase efficiency, and reduce revenue cycle times. With our comprehensive approach to medical billing outsourcing services for hospice providers, you can focus on providing quality patient care while we take care of your billing needs.
Trends in Hospice Billing
- Focus on quality measures:
Hospice providers are increasingly being evaluated on quality measures, such as patient satisfaction, pain management, and symptom control. This can impact reimbursement and require more attention to documentation. Thus, we have developed comprehensive quality management systems and processes designed to ensure that our services are of the highest possible quality. - Increased scrutiny of claims:
Hospice claims have become a focus of increased scrutiny by government regulators in recent times. This means that the regulatory bodies are placing more emphasis on verifying the authenticity of the services provided to hospice patients. As a result, healthcare providers and hospice organizations are expected to provide detailed documentation to support the services provided. Invensis is a hospice billing company that delivers hospice medical billing outsourcing services that are accurate and also comply with various regulatory requirements. - Changes in payment models:
Changes in payment models have become a significant trend in healthcare services. The traditional fee-for-service payment model is being replaced by value-based payment models, which focus on the quality and outcomes of care provided rather than the volume of services rendered. We at Invensis have developed innovative hospice medical billing services that enable us to navigate the complexities of value-based payment models.
What Our Customers Say
We have been working with Invensis for the past two years, and they have helped us overcome many revenue cycle management challenges. The team often walks the extra mile to ensure that our needs are met.
Invensis has been our revenue cycle management healthcare outsourcing partner for the past 5 years. They have always delivered on their commitments, whether it is meeting our Service Level Agreement (SLA) or improving our billing process.
Invensis has been a great partner providing quality medical coding and billing services. The team is extremely responsive to every query we pose, and the turn-around time for deliverables is always as committed.
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