What’s the most important thing they don’t teach you at medical school? And yes there is a lot they don’t teach at medical school but arguably the most important point in your future practice is medical billing. Medical billing is incredibly confusing and the new ICD-10 has somewhere in the region of 70 000 billing codes. Remembering and understanding all of this are imperative to get the right fee for your service. This is often where medical billing services come in. The argument for medical billing services has probably been made to you a hundred times over, yes they improve revenue and cash flow and mean you get to spend more time with your patients, but you might not have thought about how the billing service industry protects you from fraud charges.
Yes, that’s right, medical billing services could actually save you from costly fraud charges that might leave you and your practice in tatters. But why exactly is this? Well, having a poor understanding of the procedures you are performing or incorrectly entering billing codes can have dire consequences, as Dr. Joseph Pober recently found out.
If you recall the name Dr. Pober that’s because he became famous for helping out a trump supported who was injured in a brawl. But now the New York Post is reporting he finds himself in trouble over incorrect billing. The Board for Professional Medical Conduct is set to hold a hearing about Dr. Pober that will decide whether or not Dr. Pober has his medical license revoked. Dr. Pober is currently the defendant in a fraud charge after he allegedly falsely represented a number of skin graft procedures he did. These “deviated from medically accepted standards” according to the state.
Clearly, a medical billing service would not have this kind of issue. Their service provides the correct billing codes for insurers as they are experts in medical billing who understand the process and intricacies of the American system. If a practitioner is left to their own devices with medical billing, incorrect charges can be levied on insurers. As we have seen in the tragic case of Dr. Pober, this may lead to the loss of a doctor’s license.
Therefore the easiest way to ensure a safe and accurate medical bill is provided to insurers is to call in the professionals.
Using a reliable and proven medical billing company can quickly and efficiently turn a medical practice into a profitable business. At the same time, the benefits can extend to the patients’ too increasing confidence and provide reassurance. With technology improving considerably, this is now being considered a must-do operation by many US medical practices.
What exactly is medical billing?
Medical billing is an interaction between the healthcare provider and the insurance company. This can be a time consuming and complex procedure. It’s easy to make mistakes as many medical practices have experienced first-hand. Any small changes that have not been noted or any tiny errors can be costly and hold up a claim. This can result in frustrated patients and lead to long delays trying to solve these issues which will impact other areas of service. The reputation of the healthcare service is at stake and this is why so many healthcare providers look to outsource medical billing these days.
By using a trusted medical billing company, you take the pressure off the practice. A good medical billing company will know exactly what they are doing as this is their sole business. This is a complex industry, and these are professionals in their field of expertise. Mistakes can be expensive, and by ensuring you have professional systems in place and backed by professional, well-trained people, this eliminates the stress on a day to day basis.
A medical billing company will also be on top of any legislative changes in a way that a medical practice might not. Again, this is an area that can be very expensive if any new changes are not adhered to. By eliminating these potential risks, you allow the practice to concentrate on what it does best which is patient care. Improved cash flow and reduced overheads allow growth and higher profits.
A proven medical billing company will already have a good understanding as to the long-term medical benefits achievable by any medical practice and will know how to implement them in a very efficient manner. This long-term plan will encompass growth and a fine-tuned approach to where it matters the most. A good medical billing company can accelerate productivity and increase profits which benefits the whole practice. It does this by reducing overall running costs and creates a tight efficient business blueprint which the practice can come to rely on. There will be customized options instead of generic data which can save in-house medical staff a great deal of time searching other resources. You gain easy system API, Regular updates and fast turnaround times and all this leads to an efficient service.
What should a medical center look for in a medical billing company and what are the advantages?
- Ways to increase patient confidence
- Ways in which to reduce overall running costs
- To be able to detect where cash flow can be increased
- To improve overall efficiency
- To accelerate productivity
- To have a vision of the long-term benefits to the company
A serious advantage to any business is an increase in cash flow as this can absorb unexpected shortfall problems and act as a buffer when sudden demands are called for. By outsourcing to a reliable medical billing company, you eliminate training needs but gain valuable expertise, speed, and efficiency at a whole new level.