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Category Archives: Payment Posting in Healthcare

Rationalise your charge entry practice

Rationalise your charge entry practice

Of all the intricate processes that make up the medical billing and coding in the healthcare industry, be it Insurance verification, medical transcription, claim submission, payment posting, one process which holds utmost prominence, considering heightened intricacies of its own is charge entry practice.

Why, you ask?

Because charge entry process if overlooked will impact your eligibility for claiming the reimbursement of providing the service or impact the figure that you shall receive by the insurance company. The amount you will receive will depend on the accuracy of your charge entry.

What should all be covered under an accurate charged entry?

Diagnosis code
Service Location
The physician taking care of the case
Authorization
Date of the service being provided
Date and time of admission
Billing providers

One of the most common billing error which is also one of the most expensive ones is that of entering wrong information, which deprives healthcare service providers of their insurance money. Putting down incorrect information from the list mentioned above leads to immediate claim denial by the insurance companies. Furthermore, if the medical practice mentions inaccurate quantity like miscalculation in the number of days medical services were provided to the patient or in-facility prescriptions like Intravenous units etc., then they might not get the right compensation.

Some actions you can incorporate to optimize charge entry in your medical practice:

  • Encourage the habit of posting the charges the same day the service was rendered to the patients. With the passing days in delaying the posting of your charge, your reimbursement will be delayed.
  • If the code editor rejected the diagnosis code, implement practice and billing management system to quickly identify the error, giving the team the opportunity to fix the mistake.

How can a medical billing and coding service provide adequate entry service and help streamline the revenue cycle management?

Charge entry practice is the most crucial aspect of medical billing and coding as this establishes the amount that the insurance company shall pay a healthcare service provider. This is the reason why it is highly recommended that instead of burdening your pre-occupied in-house team with this intricate work, outsource a medical billing and coding solutions provider who specializes in charge entry practice like Medphine.

  • By outsourcing charge entry from Medphine, you can rest assured that there will a significant decrease in claim denials resulting from the improper filing of information. Our billing experts will make sure that every data is cross-checked twice to ensure 99% clerical accuracies.
  • Our team of specialists are adept with a wide range of billing software and have worked with several medical specialties. They stay abreast with the latest technological advancement in the standards and protocols of medical billing to ensure qualitative revenue cycle management.
  • Medicine billing expert will make sure that all the services are dispensed with 24-48 hours of turnaround time, so as not to delay the reimbursement process from insurance companies.
  • Our streamlined approach to billing processing will ensure smooth and quick claim management for your medical practice.

Accurate charge entry practice is necessary to minimize the number of claim denials, saving time otherwise spent on identifying and rectifying claiming errors and ensuring a healthy cash flow. All this can only be guaranteed by a team holding unparalleled expertise in medical billing and coding like Medphine.

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Medical billing for behavioural healthcare

Medical billing for behavioural healthcare

How is mental health billing different from medical billing?

Psychiatrist unlike a general physician or any specific medical specialist serves it patients differently. While other healthcare professionals perform surgeries, a psychiatrist counsels the patients through therapy sessions. Hence, while undoubtedly insurance claim is a hassle for general health practitioner, but having to prove the time taken in the treatment to the insurance company is even more daunting for the mental health care service provider. Nature with which the patients of behavioural health problems are looked after and how these patients receive the insurance coverage is different from other healthcare services.

Why should behavioural healthcare provider choose speciality-specific medical billing and coding service provider?

Every healthcare sector has a different set of billing protocols. Instead of going for a general medical billing service provider, it would be advantageous to you if you hire a provider who has a profound knowledge of addiction and substance abuse laws and has demonstrable experience in these specific billing procedures

A speciality specific medical billing service will mitigate any hindrance to the growth and expansion of your behavioural health practice which can be intricate considering the fractional nature of services. Speciality-specific medical billing with boost productivity, patient engagement and reduces the administrative burden along with the cost of operation.

Since a speciality specific medical billing provider will have more experience sorting out the billing processes of the particular department, there is no possibility of staff-errors.

Experts who have been looking after billing and coding of behavioural health practices will help streamline and speed up the flow of revenue, while simultaneously providing analytics reports all the operations.

Behavioural health medical billing providers like Medphine provide billing and coding services that comply with the standard guidelines set by HIPAA ensuring supreme privacy from fraud and abuse.

Speciality-specific billing providers, with their expertise and proficiency, know how each second wasted in the collection, bill generation, documentation can impact the revenue cycle. They will provide integrated tools to optimise financial performance, reduce denial probability, to save more time and money.

Behavioural health service providers face a host of unique challenges that are unknown to other healthcare professionals.

It would be in your best interest if instead of trying to go about the account receivables, following up the denial claim and wasting time in billing and complex coding, you outsource a specialty-specific billing and coding services provider like Medphine. We understand how time is of the essence in heat care division and hence ensure timely adequate reimbursement so that you can give proper therapy sessions to all your patients.

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How Can Your Medical Practice Benefit From Payment Posting?

How Can Your Medical Practice Benefit From Payment Posting?

The following constitutes a healthy revenue cycle management:

  • Patient Pre-Authorization
  • Eligibility & Benefits Verification
  • Claims Submission
  • Payment Posting
  • Denial Management
  • Reporting

Of all these critical processes required for an effective revenue cycle management, payment posting is one of the most crucial ones. Although it seems like a simple process, payment posting if gone wrong can disarray the finance of the medical practice.

How can an error-free payment posting benefit your medical practice?

  • Correct payment posting affects the whole claim processing. If there is a mistake in initial posting, the secondary and tertiary payers will get billed incorrectly. Similarly, an accurate payment posting reduces the denial resolution time. Hence it is necessary to keep the staff updated with the latest billing/ coding, insurance payers instruction and other important correspondence to resolve the denial as soon as possible.
  • Accurate payment posting helps in to analyze the revenue cycle, helping it identify an area that needs improvement. It also helps in reducing the account receivable days, strengthening the revenue cycle management and improving its efficiency.

 

Abide by these healthy billing practices to optimize your payment posting:

 

Communicate better with patients

Patients, after all, are your consumers, what they are going to say the minute they step out of your practice is going to influence your revenue inflow at some level. Hence it is necessary that you communicate well with your patients. We’re not suggesting, you be busy on the phone solving their minor queries, but we are talking about your online presence via an electronic health record portal or software. This will help your medical practice in engaging more patients and motivating them to pay earlier.

 

Harness evolving payment technologies

It will help you if you make it a habit to send out an electronic statement regarding the payment to the patients as soon as they leave the healthcare center. For better convenience of the patient as well as the service provider, more and more organizations are including automatic payment. Utilizing technology will help in decreasing the operating costs from electronic transactions, lowering the number of write-offs. Automation like every sector will assist in enhancing productivity and efficiency, which will ultimately increase the cash flow and lead to better collections.

 

Diversify payment methods

With almost everybody using all three payment methods, every healthcare service provider must have the requisite machine to accept payment via any method: debit card, credit card or cash.

 

Collect payment on-site

If the medical service provider does not collect payment as soon as the patients check in or are getting the service done, the probability of receiving payment gets delayed to a significant level. You will have to inculcate this practice in your staff members by motivating them

 

Integrate your payment processing with healthcare workflow

To give your patients the freedom to pay your medical practice by web, by mail, by phone and via payment plans, it’s imperative that all subsystems of healthcare systems and payment processing are well-integrated. This will promote improved reporting, enhance operational efficiencies and benefit the overall financial performance.

 

It is necessary to optimize payment posting for streamlining medical billing to promote healthy revenue cycle management. Even better an option would be if you consult a medical billing and coding company for revenue cycle management. Outsourcing a proficient billing and coding service will lead to quicker and efficient revenue generation with reduced errors. They will effectively manage all the billing operations, so that time and money otherwise wasted on hiring and training staff members for in-house billing and collections services can be utilized on developing the practice to provide better service to the patients.

 

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