Workers Compensation Billing Services
Is your practice struggling to accurately code and bill for workers compensation insurance? Is this challenge leading to claims denials or delays? Look no further! Our HIPAA-compliant workers compensation billing services assist you in billing and coding requirements and get maximum reimbursements.
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How We Streamline Workers Compensation Medical Billing for Your Practice
Our specialized coders and billers have extensive experience adhering to federal and state laws, AAPC, AMA, and HIPAA regulations, and insurance payer billing guidelines and fee schedules. Their expertise helps us assist healthcare providers in securing complete service reimbursements. The experts have years of experience getting maximum reimbursements by filling out forms like the First Report of Injury Form, CMS-1500, and more. Here is how we simplify the entire billing process for you:
- Leverage workers compensation-specific billing software coupled with digital data platforms such as EDI, EHR, EMR, and PCS to facilitate electronic claims submission and electronic payments.
- Check with carriers regarding the coverage details for certain types of treatments or procedures for workplace injury or illnesses.
- Assign correct billing codes such as ICD-10 codes, HCPCS Level II codes, and CPT codes (surgery codes: 10000–69999, E/M codes: 99201–99499, diagnostic services: 80000-89398, physical therapy: 97001-97799) for rendered services.
- Comply with billing laws and regulations of various jurisdictions (country, state, or region) to ensure adherence and avoid potential penalties or fines.
- Adhere to the fee schedules and payment guidelines set by insurance payers including state managed insurance funds, specialty insurers for high-risk businesses, professional employer organizations (PEOs), and others.
- Maintain code specificity and regulations while handling different types of billing for workers compensation including value-based payments, fee-for-service, capitation, global billing, DRG billing, case rate billing, APC billing, utilization review billing, etc.
- Submit clean claims to the appropriate workers' compensation insurance providers such as Travelers Insurance, The Hartford, Zurich North America, Liberty Mutual Insurance, Nationwide, State Insurance Funds (e.g., New York State Insurance Fund, California State Compensation Insurance Fund), etc. for timely reimbursements.
- Review Explanation of Review (EOR) to understand the specifics of what the insurance has covered regarding a claim.
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During your consultation, some of the issues we can discuss are:
- Your current challenges in workers compensation billing processes and how we will streamline it.
- How we coordinate between providers, employers, and insurance payers to streamline workers compensation billing
- How we comply with various state and federal regulations
- Our medical success stories to exemplify our expertise in this field
Why Choose Invensis as your Workers Compensation Medical Billing Company?
We are a leading workers' compensation billing services provider offering services to hospitals, clinics, physical therapy and rehabilitation centers, occupational health clinics, and urgent care centers. Our clients have banked on our billing services to request reimbursements for follow-up visits, physical therapy, occupational therapy, diagnostic services, surgical procedures, pain management services, etc. We are driven by a team comprising Certified Professional Coders, Certified Professional Billers, Certified Workers’ Compensation Professionals, and Certified Medical Compliance Officers. Our expertise helped our clients achieve a clean claims rate of approximately 98%, a reduction in accounts receivable (A/R) days by up to 45 days, denials maintained below 8%, and an estimated net collection rate of 95%.
Benefits of Outsourcing Workers Compensation Billing
- Streamlined Processes: Handling workers compensation billing effectively can be a complex process for healthcare providers, especially due to changing regulations. They face numerous challenges to stay current with the guidelines and ensure timely payments. To streamline the process, healthcare practices outsource workers compensation billing services to specialized experts.
At Invensis, we have a team of experienced professionals well-versed with the latest tools and practices to provide accurate and efficient billing solutions for workers compensation. Our streamlined process ensures practices receive payment on time and in compliance with regulatory requirements. - Improved Accuracy: A high degree of accuracy is highly essential in workers compensation billing, as errors can lead to delayed payments, claim denials, and legal issues. To avoid such ill consequences, practices prefer outsourcing workers compensation billing services.
Invensis is a workers compensation billing company that has in-depth knowledge of the billing process. And they use the latest tools, to maintain electronic medical records and verify insurance verification. This eliminates errors and ensures accuracy in billing. We also help practices to work on core business activities while we take care of all the billing needs. - Faster Payments: Timely payment for the services rendered for workers compensation billing is essential for healthcare providers to maintain a smooth cash flow. However, because of the complexities involved in the billing process, many times, practices fail to get payments on time.
By outsourcing workers compensation billing services to Invensis, healthcare practices can avoid these challenges and benefit from our streamlined billing process. Our experts handle every key aspect of the billing process, from claim submission to follow-up, and ensure prompt payments. - Reduced Costs: Managing workers compensation billing is a tough nut to crack for healthcare providers if they lack the necessary expertise and resources in-house. It also leads to overhead costs and reduced productivity. Outsourcing billing for workers compensation can help practices to avoid these unnecessary costs and enhance productivity.
At Invensis, as a preferred workers compensation billing service-providing company, we help healthcare providers eliminate the need for costly in-house resources. We allow them access to advanced technology and tools to ensure accurate billing, reduce the likelihood of billing costs, and increase revenue.
Trends in Workers Compensation Billing
- Increasing Focus on Data Analytics: With the growing importance of data in the insurance industry, workers comp billing companies are increasingly relying on data analytics to identify trends and patterns in claims data. This can help employers and insurance companies better understand the root causes of workplace injuries and develop strategies to prevent them. At Invensis, we customize our workers compensation medical billing services to help practices leverage data analytics tools and techniques and analyze data to identify trends and anomalies in billing activity.
- Telehealth: The COVID-19 pandemic has accelerated the adoption of telehealth in the healthcare industry, and workers compensation billing is no exception. Telehealth can help injured workers receive medical treatment more quickly and reduce the need for in-person visits, which can be especially beneficial in rural or remote areas. We at Invensis, are facilitating telehealth functionalities to augment healthcare providers services.
- Cybersecurity: As workers compensation billing outsourcing services handle sensitive personal and medical information, cybersecurity is becoming increasingly important. Companies are investing in cybersecurity measures to safeguard against data breaches and ensure compliance with regulations such as HIPAA. Invensis is a workers compensation billing company that has implemented robust cybersecurity measures such as encryption and multi-factor authentication to combat security breaches and attacks.
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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