Get rid of lost revenue and manage account receivable backlogs effectively with our expert physician medical billing services. Our specialists ensure precise billing and coding, minimize revenue leakage, and enhance the financial stability of your healthcare practice.
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Physician billing is the systematic process of submitting and handling claims with health insurance companies to secure payment for services provided by physicians. The billing process includes accurately coding medical procedures and diagnoses, submitting claims to insurers, and overseeing the billing cycle to ensure timely payments. However, this type of medical billing is challenging due to the complex physician medical codes, complicated billing rules and regulations, etc. The billing complexity becomes more pronounced due to the absence of a proficient billing team while maintaining service excellence.
At Invensis, we comprehend the challenges associated with physician billing and, therefore, offer tailored solutions designed to tackle these challenges and relieve you of the burden. Our physician billing team works dedicatedly to keep your billing process compliant and streamlined by:
During the consultation, some of the issues we can discuss are:
Invensis has over two decades of experience in offering physician billing services to independent physicians and medical practices, multi-specialty clinics, group practices, urgent care centers, and specialty care providers. Our physician billing specialists effectively handle every aspect of the billing process, from accurate coding to prompt claim submissions, ensuring maximum reimbursement. We develop and implement tailored physician billing solutions that align with healthcare practice's unique needs, accelerating revenue collection and minimizing payment delays. By focusing on efficiency and precision, we enhanced the claim reimbursement rate by 35% and attained a 97% first-pass claim acceptance rate for our clients.
Here are the key benefits of outsourcing physician medical billing services:
Here are some of the key trends in physician billing:
Outsourcing physician medical billing services allow practices allow access to specialized billing experts proficient in coding and compliance. This reduces the likelihood of errors, minimizes claim denials, and improves overall billing accuracy, leading to better reimbursement rates.
You should consider the key factors, including experience in the healthcare industry, expertise in coding and compliance, robust data security measures, transparent pricing, and a track record of successful claim management and revenue optimization, while looking for a physician billing service.
Reputable hospitalists billing companies stay updated with current regulations such as HIPAA, CMS guidelines, and payer-specific rules. They implement rigorous compliance measures, including regular audits and staff training, to ensure adherence to all regulatory requirements.
Outsourcing providers employ advanced security protocols to protect sensitive patient and billing information, including encryption, secure servers, and access controls. They also comply with HIPAA regulations to ensure data privacy and security.
EOB is a statement from an insurance company detailing how a claim was processed, including payments, adjustments, and patient responsibility. On the other hand, RVU is a metric used to measure the value of medical services based on time, skill, and effort required. Both are crucial for accurate physician billing and reimbursement.
Physician medical billing services often utilize advanced billing software such as Kareo, AdvancedMD, and Athenahealth to streamline physician billing processes. These tools offer comprehensive features for claim submission, coding accuracy, patient management, and financial reporting, enhancing efficiency and ensuring compliance with industry standards.
Costs for outsourcing physician medical billing services can vary on the basis of the healthcare practice's size, the volume of claims, and the range of services offered. Typically, billing outsourcing involves a monthly fee or a percentage of collections. Discussing and clarifying the pricing structures with potential providers is essential to fully understand the costs involved before committing.
The transition involves a detailed process such as data migration, staff training, and integration of billing systems. The patient billing services work closely with physicians to ensure transition with minimal disruption to billing operations.
Yes, many healthcare revenue cycle management services offer customizable solutions tailored to the specific needs of physicians. This may include specialized coding, customized reporting, or specific billing workflows based on your practice's requirements.
Performance can be monitored through regular reports and analytics provided by the outsourcing partner. Key performance indicators (KPIs) such as claim denial rates, payment turnaround times, and revenue recovery can be reviewed to assess the effectiveness of the physician billing services.
Physician medical billing services stay current with changes in coding practices and payer rules through continuous education and industry updates. They ensure that their billing practices are aligned with the latest regulations and adapt quickly to any changes, reducing the risk of non-compliance.
You will generally have access to all billing data and records through the physician billing service’s secure online portals or reporting tools. This transparency ensures you monitor the progress, review billing activities, and stay informed about the financial status of your healthcare practice.
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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