Medical Billing Services Archives - InfoHub https://infohubservices.com/blog/tag/medical-billing-services/ Tue, 22 Nov 2022 11:21:10 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://infohubservices.com/wp-content/uploads/2019/10/cropped-INFO-HUB--32x32.png Medical Billing Services Archives - InfoHub https://infohubservices.com/blog/tag/medical-billing-services/ 32 32 5 Challenges Providers usually face with Medical Billing Process https://infohubservices.com/blog/5-challenges-providers-usually-face-with-medical-billing-process/ Tue, 22 Nov 2022 10:10:17 +0000 https://infohubservices.com/?p=47498 Medical Billing process is a tricky task. A simple error or missed information can cause delays or denials of claims which will have a major impact on the revenue cycle of the medical facility. That is why a lot of such facilities turn to medical billing agencies or medical billing companies to handle their medical billing process. And so far, the decision to outsource medical billing services has proven to be quite helpful to these organisations.

However, this process too comes with its own set of challenges which even the experts can have a hard time with. So here are the five challenges providers usually face with medical billing process.

Training Requirements

Collecting the patient’s data and processing it correctly are one of the most crucial parts of medical billing process. Since this is a tedious task, the probability of error increases tremendously. In order to avoid such errors, the staff which handles such roles needs to be trained thoroughly so that they have a deep understanding of how to handle things. Even if the patient’s information is correctly collected and processed, the staff needs to be well aware of how to track and follow up on it. Any errors during this process can result in adding up to already costly hospital expenses.

Multiple Claims

Due to the lack of technology, sometimes the person in charge needs to file multiple claims manually. This becomes even worse for the speciality providers. Depending upon medical speciality, one may have to file thousands of claims per week. Some billers lack the technology to process multiple claims at once so this requires the person in charge to file these claims manually which in turn creates hold ups and slows down the billing process.

Increasing Claim Denials

The medical billing codes constantly change all over the field. Amongst such rapid changes it gets hard to keep a track of it all. This can affect the overall goal and the revenue of the medical facility. It also comes with its other disadvantages such as low revenue leading to negative effects on the cycle. Usually, a computerised system helps in significantly reducing delays or denials on claims but that would require a skilled and highly trained professional to constantly monitor the system. Many medical facilities choose to outsource medical billing to third party medical billing companies who already house a team of trained professionals.

Outdated Technology

It is a known fact that when it comes to churning a big chunk of data, machines are more capable than humans. The factor of human error is completely eliminated and the technology designed will give out reliable data. However, if the medical facility makes use of outdated systems, then a fresh set of problems arise. Training individuals on outdated system is a task and while no proper knowledge gets passed on, errors are bound to happen which might even cause financial losses to the facility along with the precious time lost to locate and rectify the error.

Customer Support

While taking upon any task proper guidance is required. While it might not be the case every time but in medical billing process where precision is the key, a comprehensive customer support to guide the team is required. A lot of companies struggle with such services but this is crucial as the codes and procedure are getting updated frequently. A proper customer support to resolve any operational problems and to clarify things regarding the process is required to ensure seamless working of the process and also error free delivery.

Just like any other sector medical billing process also comes with its own set of challenges. So, a lot organizations now prefer to outsource medical billing services to medical billing agency. We at Info Hub are equipped with a capable team of experienced professionals. We provide one of the best medical billing services so you can be assured that your process is safe with us. To get the best services contact us today!

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Top 5 Offshore Medical Billing Companies Reviews https://infohubservices.com/blog/top-5-offshore-medical-billing-companies-reviews/ Tue, 25 Oct 2022 12:47:38 +0000 https://infohubservices.com/?p=47397 With the advent of technology, the healthcare industry has witnessed exponential growth in the last few years. Technology has been decisive in improving the health system in the U.S. With the increase in the demand for reasonable care among patients, the growth in the industry has been unprecedented. As a result, medical billing providers and companies have come under immense pressure to ensure error-free medical billing claims.

The process further becomes more challenging when there are regular updates ad changes to the medical billing, coding, and regulations. Hence, outsourcing offshore medical billing has become the norm to provide the best care to the patients while ensuring there is no revenue loss for the procedures provided to the patients.

Let’s have a look at the top offshore medical billing companies’ reviews:

Different Medical Billing Systems

There is a need to be aware of the different medical billing systems, especially when an offshore medical billing company in India is outsourced. The primary systems for medical billing and coding include:

Closed System

Any practice that requires focusing on a single practice without allowing the transfer of files falls under a closed system. The closed system is often used with the EMRs and doesn’t provide any access to collaboration with other healthcare facilities of doctors.

Open System

The open system enables all healthcare reports to be transferred across different healthcare facilities, practices, and professionals. This means the practice needs medical billing software that supports the open system to enable effective communication and collaboration. However, not all software can function or allow open systems.

Isolated System

The isolated system uses the personal health records (PHR) that the patients hold and is entirely removed from the practices, healthcare facilities, and other physicians. While these records cannot replace the EHR or EMRs, they must be used separately. Often, not understanding an isolated billing system can be complex.

Offshore Medical Billing Companies Reviews

Kareo

Kareo entered the healthcare software industry in 2004 with the goal of revolutionizing how independent practices managed their businesses. They now help over 150,000 users provide better care to their patients.

The Kareo Platform contains the software that:

  1. Provides an integrated and certified cloud-based EHR
  2. Assist with in-house billing and patient management
  3. Promotes patient engagement and helps your practice grow; and
  4. Results in the increased and faster collection

Dr Chrono

dr. Chrono’s technology assists medical practices in providing personalized care to their patients. They’ve been assisting healthcare organizations in removing administrative barriers since 2009. They now serve over 17 million patients and have tens of thousands of clients.

Among their solutions are:

  1. Direct claim creation from treatment entries and health records
  2. Duplication elimination
  3. Enhances the accuracy and speed of the claims billing process

AdvancedMD

Since 1999, AdvancedMD has been at the forefront of healthcare technology solutions. Their software helps process approximately 6.5 million insurance claims per year. Not surprising, given their 13,000+ medical practice clients.

The features of AdvancedMD software include the following:

  1. Medical billing
  2. Online scheduling and patient intake
  3. Charting and billing tools
  4. ePrescribing
  5. A self-service patient portal

CureMD

CureMD helps medical organizations of all sizes. Through advanced technology, their solutions can transform your clinical and administrative operations. It also ensures that you are complying with industry best practices and standards. CureMD’s all-inclusive solutions enable you to monitor your Key Performance Indicators (KPI) to increase revenue while tracking administrative tasks such as:

  1. Patient statements
  2. Management reports
  3. Fee schedule reviews
  4. Cash posting
  5. Charge entry

Info Hub – Offshore Medical Billing Company in India

Info Hub is another offshore medical billing company with over 200 expert billers and coders in one team. They successfully handle over 400,000 claims monthly, with over 800,000,000 AR every month. Their entire team of billers and coders work by understanding the practice, the specialties the healthcare facility offers, and the medical billing practices that would suit the requirement.

Info Hub offers:

  • A one-stop solution to all medical billing and coding requirements
  • Equipped with the latest software while being HIPAA compliant

Once all the offshore medical billing companies are reviewed, select the best option available per your practice requirements and patients’ needs. You can also contact the experts of Info Hub at +1 (888) 694-8634 to get a free consultation regarding your doubts.

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Benefits of Outsourcing Medical Billing Services to Indian Companies https://infohubservices.com/blog/benefits-of-outsourcing-medical-billing-services-to-indian-companies/ Wed, 17 Aug 2022 12:12:05 +0000 https://infohubservices.com/?p=46820 Do you experience revenue losses, a rise in denials, or tardy reimbursement? Your medical billing may seem like a good candidate for outsourcing. The benefits of outsourcing medical billing services to India are widely known and understood, and many billing companies in the United States have started to take advantage of this knowledge. For many firms, outsourcing has not only helped them reduce costs, but it has also improved their bottom lines. Regulations and laws will undoubtedly continue to add to the existing system as the healthcare industry develops, forcing healthcare organisations, groups, and practises to search for more effective ways to conduct their operations.

India is one of the top nations that American corporations use for labor outsourcing. The top Indian firms provide assistance to the healthcare industry more than any other, especially in the area of medical billing. However, there are certain reasons why India does better than other nations. When most US healthcare businesses are looking to outsource medical billing and coding services, India ranks as the top destination. India’s dedication to remaining up to date with evolving technologies is one of the key elements in its growth as a significant hub for outsourcing healthcare services. In comparison to other nations, India provides the highest quality medical billing and coding services for a fair price.

In the competitive healthcare market of today, effective administration of medical billing, medical coding, and revenue management is a strategic goal for the sector. Outsourcing medical billing services is always the greatest plan of action for growing the business. Managing the issues with medical bills on top of a tight schedule would be risky.

Outsourcing medical billing services might result in significant revenue development. A medical practise should consider outsourcing medical billing services to India for a number of reasons, including the ones listed below:

Save Costs

Outsourcing medical billing services can help businesses and organisations save money. It is possible to cut back on staff, equipment, expenditures, and healthcare IT services. The effectiveness and consistency of processes for collecting money and managing cash flow can both be enhanced by outsourcing services. The need to reduce expenses has long been one of the main reasons for outsourcing. By outsourcing medical billing, hospitals can save money on staff salaries, educational costs, and other costs. Additionally, hospitals can save money on purchases of new or upgraded hardware, office supplies etc. Due to the possibility of receiving high-quality services at a lower cost, many customers choose specialised providers. Thanks to changeable pricing models, customers can select the one that best suits their needs (transaction, percentile, and FTE).

Quick Turnaround

One of the key advantages of outsourcing is that India’s time zone is 12–14 hours ahead of the US time zone. Medical billing and coding services can be finished and offered quicker than anticipated as a result. American time zones are generally 9–12 hours ahead of Indian Standard Time (IST). Another advantage of outsourcing your medical billing services to India is the fact that the majority of your billing and coding tasks are completed earlier than the turnaround time (TAT).

Reduced Labor Cost

You can spend much less money by outsourcing your medical billing because you won’t need to hire a dedicated team of medical billers. This will reduce the need for increased staffing, training, and labour expenditures.

Cost Effective

The cost of outsourcing medical billing services is lower and it makes more financial sense because there are no employees. There is less reason for concern when billing services are outsourced because the healthcare provider does not have to wait for any staff to submit claims. They are not required to spend money on employing and training employees.

Easy Transition

Today, a large number of medical billing companies in India are outfitted with state-of-the-art technology, cutting-edge software, and workflow management tools. As a result, healthcare outsourcing organizations do not need to be concerned with intensive training. It will be an easy and seamless transition. The staff will remain the same. In actuality, the Indian offshore firms will serve as a sort of virtual back office, offering complete support.

Experienced Team of Professionals

Outsourced billers and coders are knowledgeable and capable of handling even the most challenging claims. They are kept abreast of ongoing changes and satisfy quality standards by passing domain-driven examinations. You may decrease your denial rate while also boosting cash flow by using these experts to assist with your billing process.

According to reputable surveys in the outsourcing sector, India accounts for close to 50% of the global BPO market. India is the best alternative for healthcare businesses, not just because of labor prices but also because of the nation’s commitment to professionalism while serving clients from other countries.

Indian outsourcing companies make investments in cutting-edge technology and complex software tools to make sure they stay at the top of their respective industries. Healthcare organizations can still use and benefit from these capabilities and technology even if they don’t want to invest a lot in their digital transformation path. They can invest more revenue in capital projects while delivering finally superior services. India, which provides services to many foreign clients on a global scale, is a professional outsourcing partner.

Info Hub, a provider of medical billing and coding services, has accumulated significant expertise in addressing the revenue challenges faced by US doctors and hospitals, and has contributed to the healthcare institutions improved financial health.

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5 Reasons Why You Should Hire an Offshore Medical Billing Company https://infohubservices.com/blog/5-reasons-why-you-should-hire-an-offshore-medical-billing-company/ Mon, 25 Jul 2022 13:21:31 +0000 https://infohubservices.com/?p=46704 Back-end duties associated with medical billing include fixing billing problems and boosting cash flow, which takes time, energy, and resources away from patient care and concern. Billing errors can lead to lost revenue, extra work for your hospital staff, and a bad patient experience, all of which can eventually damage the reputation of your medical practice. But it’s not surprising that a lot of American medical practices have decided to outsource all of their medical billing and coding to foreign firms that specialize in this industry.

Is the financial health of your practice declining? Do your patients see the stress you’re under? There are several advantages to using the services of an offshore medical billing organization. Continue reading to learn about the most important ones that could benefit your practice.

Revenue Increase

All claims are submitted electronically, which reduces the time it takes to collect by preventing insurance denials. Before submission, claim forms are carefully reviewed by a knowledgeable team. Rather than making follow-up calls to insurance companies or entering data, working with an offshore medical billing company frees up your staff so they can concentrate on discussing with patients and their families the estimated cost of medical procedures, their out-of-pocket costs, and the payment options available to them. All of these will lead to better payment collection.

Compliance

Are laws and regulations stressing you?  When you interact with offshore medical billing service providers, they take care of all the transaction’s legal facets on your behalf. If the words HIPAA and Hitech give you the shakes, don’t worry—they’ve already been discussed. Most offshore businesses are certified and compliant to handle sensitive data.

Cost-Effective

Working with an offshore medical billing company handles the entire administrative process of billing, coding, and collection, freeing up your time to focus on the recruitment and training of front-line workers as well as the upkeep of an IT infrastructure. Additionally, you have access to the agency’s current pool of qualified medical billing specialists, making it easier and less expensive to expand backend operations. In addition to possible losses from mistakes, the cost of building infrastructure, gathering resources, and hiring employees can raise expenses for medical organizations.

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Reduce Your Overhead Expenses with Offshore Medical Billing Companies https://infohubservices.com/blog/reduce-your-overhead-expenses-with-offshore-medical-billing-companies/ Fri, 22 Jul 2022 11:47:58 +0000 https://infohubservices.com/?p=46698 The healthcare industry is constantly advancing, posing a challenge to many medical billing companies in the United States to serve their clients using solely internal. Many hospitals and physicians are struggling to keep up with the increasing expenditures of maintaining employees, setting up software, and assuring prompt insurance company reimbursements. Offshore medical billing companies come as a savior, who can efficiently handle the duties. Medical offices that experience high staff turnover or a dearth of qualified personnel locally often find that offshore medical billing is a viable solution.

Many clinics lack the extra funds or time necessary to maintain a full-time billing team. You can count on your medical billing company to provide a better managed and long-lasting strategy for revenue cycle management as a result of outsourcing this area of work.

Medical providers and revenue cycle management businesses can both benefit greatly from offshoring revenue cycle processes. When medical billing services are offshored, many fixed costs, including overhead and technology installation costs, can be significantly reduced, if not completely eliminated. These costs include training, perks, insurance, and payroll. Is your practice affected by high overhead costs?

How Offshore Medical Billing Can Reduce Overhead Expenses?

By outsourcing your medical billing, you’ll save money on office overheads in addition to lowered administrative costs. Modern IT hardware, up-to-date software, and the right knowledgeable staff are necessary. All of this is on top of the increased liability that comes with handling your own internal medical bills. The necessary billing software will be set up for clients using tax ID and NPI data from providers by qualified billers. You can avoid the extra expenses associated with hiring and training an internal billing team by hiring an offshore medical billing company.

Your practice will experience much lower costs and liabilities compared to maintaining your billing in-house. Here are few ways how offshore medical billing services can effectively help reduce expenses for your practice.

Technology

In-house billing calls for the procurement of suitable and updated technology and software, both of which can be very expensive. By supplying or building appropriate technologies that could be coupled with current ERM software, offshore medical billing lowers total IT costs. Whether you work for a medical billing company or a healthcare organization, customized reporting is essential. End-to-end process automation offers a real-time view of process performance. Possibilities include stock control reporting, digital collaboration tools, and collection efficiency.

Extra-Curricular Costs

Your medical practice’s expenditures may increase in addition to the potential for financial loss as a result of errors and the price of developing resources, staff training, and infrastructure. The administrative cycle is taken care of for you when you offshore your medical billing, cutting the overall cost in half. In addition to cost reductions related to wage arbitrage, there are also sizable cost savings in the form of decreased overhead expenditures. Additionally, there are significant savings due to lower hiring and training expenses.

Operations

Dealing with the entire medical billing procedure can be tiresome and time-consuming. The right individuals must be hired and trained, owing to the process’ complexity. You can be sure of the utmost level of privacy with offshore medical billing companies because they have a well-trained workforce with the required certifications and are HIPAA compliant. When you outsource your medical billing services, you have access to a larger pool of skilled workers who can complete the work, saving you time and money on hiring and training.

Decision-makers at offshore firms are turning to offshore medical billing and coding services as a way to enhance their financial outcomes as healthcare expenses continue to rise and reimbursements continue to decline. Medical coding and other knowledge-based services are becoming more widely used. Access to top-notch medical coding expertise is expanding because of a greater emphasis on certifying resources and availability of certifying organizations like AHIMA and AAPC in important offshore locations like India.

By emphasizing claims submission processes, lowering revenue leakage due to denials, and enhancing the quality and efficiency of the entire process, the ideal offshore medical billing partner can aid in boosting your revenue cycle performance. The outcome includes greater profitability, reduced denials, and higher quality.

Info Hub is an offshore medical billing company located in India, and we understand the need of working with onshore revenue cycle teams and cooperating with physicians to reduce revenue leakage, enhance reimbursements, and increase processing quality. We also understand the impact of each step, from credentialing and enrollment to billing and collections, thus making sure we are adept with all nuances of the medical billing process.

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Why Small Practices Should Outsource Their Medical Billing Services? https://infohubservices.com/blog/why-small-practices-should-outsource-their-medical-billing-services/ Fri, 10 Jun 2022 09:58:55 +0000 https://infohubservices.com/?p=46296 A consistent cash flow is essential for any practice to run effectively. The revenue cycle is dependent on efficient coding and billing specialists that correctly classify each service provided to a patient, generate bills, and file claims to insurance companies. Hiring skilled employees for coding and billing procedures may be a good idea for large organizations such as hospitals, but it may not be a good idea for doctors and small practices because it increases the financial load and losses. Outsourced medical billing is always a preferable option for such practices as it lowers costs and increases cash flow because they are experts at handling all billing concerns and claim settlements.

Below are a few reasons why small practices will benefit from outsourcing their medical billing services –              

Cost-Effective

A medical billing business can help you save money and get things done faster. If you outsource your billing, you won’t have to spend in cutting-edge billing technology or pay exorbitant software fees. Practices with an in-house medical billing department similarly spent 30 to 40 percent of their collections to cover billing department costs. At the same time, when you use a medical billing service, you spend significantly less per claim. Finally, data security is a difficult process that must be approached with caution in order to meet HIPAA criteria. Outsourced medical billing companies will assure data security as part of their comprehensive service.

Improved Patient Satisfaction

Outsourcing medical billing allows a facility or practice to focus on their core mission of patient care while avoiding the burden of billing and claims. This increases the practitioner’s and other staff’s focus, and patients are happier with the care and attention they receive. It also speeds up the invoicing process, and allows patients to budget for their co-payments.

Efficient Billing

Regular reports and general practice management can be given additional attention by providers. Reporting also makes results apparent, allowing you to monitor your ongoing success. Medical billing companies have professionals who perform a fee schedule analysis to ensure you get the best reimbursement rate, ensure the accuracy of claims from all angles before submission, implement policies and practices to reduce processing time, and carefully review rejections to address any shortcomings. They make certain that each EOB is scrutinized in order to ensure the refund is accurate.

Increased Revenue

A medical billing company can propose innovative billing methods, such as trans-promotional marketing, in which a patient’s bill includes an offer to a testing service, immunizations, medical events, or other special offers. This encourages patients to be more involved while also providing an income stream for the practice.

Transparency

Physicians frequently assume that outsourcing medical billing entails handing over management of the RCM process to a group of strangers, but this is far from the case. Once you’ve signed a contract with a company, your outsourced billing team is obligated to earn you high marks on a set of metrics and to update data on outcomes, giving you total insight into your revenue cycle. Leading medical billing outsourcing companies will provide you with detailed performance reports on a regular basis, and most will keep you updated with delays and payment concerns. That means you have complete control of RCM without managing your billing team.

Our medical billing services at Info Hub, a leading offshore medical billing company, are tailored to match the demands of a variety of practices, not only to support with medical billing, but also to help maximize management potential that will result in increased income. We’re here to help where we’re needed most in varied practices, including DME, gastroenterology, oncology, ASC services, and more. Some practices may only require credentialing and contract management, while others may require full revenue cycle management to get back on track. 

There are numerous advantages to outsourcing medical billing while making it feel that it is being handled in-house. Our team is committed give you the best of our services, from medical billing and coding to consulting services and much more.

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What Are Write-Offs in Medical Billing https://infohubservices.com/blog/what-are-write-offs-in-medical-billing/ Thu, 02 Jun 2022 06:43:33 +0000 https://infohubservices.com/?p=46045 Are you wondering what write-offs in medical billing mean? Write-offs refer to the sum the provider must deduct from his accounts. Contractual write-offs and adjustments are two types of write-offs. The excess of the invoiced amount over the carrier’s permissible amount is wiped off as a contractual write-off. Each carrier’s pricing schedule will be placed into the billing system. When you’re publishing EOBs, these charge schedules, also known as system authorized amounts, will appear in the system. If the EOB permitted amount is less than the system permitted amount, the write-off will be the disparity between the billable amount and the system allowed amount. Or else, the write-off would be the gap between the billed amount and the EOB allowable amount.

Some of the most common types of necessary write-offs include charity, small balances, no insurance, and contractual adjustment.

Charitable write-offs—These are a basic courtesy that occurs when the fee schedule and the sum collected coincide. You may also refer to them as a fair endeavor to provide financial aid to the community while adhering to policy.
Small balance write-offs– These are taken into account when small balances on a patient’s account under $10 or $15 are deemed uncollectible. In primary care settings, practitioners will not mail small bills and will try to collect them when the patient returns to the clinic.
No insurance and prompt payment write-offs – These are usually provided by well-to-do offices that grant write-offs to patients who pay in full at the end of treatment or who remain uninsured or pay in full towards the end of the treatment.
Contractual write-offs– are the differences in fee-for-service and the maximum permissible in the patient’s portion that has been agreed to through a contractual adjustment.

Errors including missing an insurer’s timeline, diagnosis coding errors, illegible claims, inaccurate patient numbers, and registration issues all result in unwarranted write-offs that could have been avoided. Unnecessary write-offs are those for which you have not approved, and for which you grudgingly reduce the amount due to invoicing errors or situations over which you should have had control but did not.

• Timely filing write-offs occur when a claim is filed after the payer’s deadline. To be paid by Medicare, claims must be made no later than 12 months from the date of service. Medicaid coverage varies by state. Commercial payers typically have strict deadlines for filing, with most averaging three months. Make sure you’re aware of the deadlines for each payer.
• Uncredentialed provider write-offs occur when a claim is submitted for a provider before they have been credentialed by the payer.
• Bad debt write-offs are the amount that you’ve decided not to pursue any further.
• Administrative write-offs are the ones that the manager approves based on customer service complaints. If a patient has a particularly terrible experience at the office, the management may decide to offer a discount or write off the bill entirely. If you discount the service, make sure to file a claim for the adjusted rate, as you can’t charge the payer the full amount while discounting the fee to the patient.
• Collection agency write-offs are accounts receivables that have been written off the principal A/R (accounts receivable), and are being collected on your behalf by a third-party collection agency. These debts will not be pardoned. Some practice management systems have a separate collecting bucket or account receivable, whereas others don’t. Most practices will not set an appointment with patients who owe money to them until the debt is paid in full or the patient agrees to a suitable payment plan.

What does the term “provider write-off” imply?

The gap between the actual charge and the permitted charge is that a network provider can’t charge a patient with a health insurance plan that uses the network.

What is a healthcare write-off?

The amount deducted from the charges for a service delivered by a center that functions as a healthcare professional for an insurance provider are known as a provider write-off. The write-off could take the form of the insurance company refusing to bill the covered for specific services that surpass the insurance company’s authorized expenditures.

What’s the difference between the billed amount, allowable amount, and the write-off?

When you utilize an in-network provider, you don’t have to pay the difference between the permissible amount and the actual cost billed; your provider must simply write off the part of their billed amount that exceeds the allowed amount.

A write-off should only be used when you are qualified for the claim but are unable to recover money owing to conditions such as patient insurance that is not valid. This would be considered a legitimate tax deduction. Info Hub services, a medical billing company has a team of billers and coders who are professionals and are adept with the nuances and requirements of every billing aspect.

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7 Reasons to Hire an Offshore Medical Billing Company https://infohubservices.com/blog/7-reasons-to-hire-an-offshore-medical-billing-company/ Thu, 21 Apr 2022 11:51:29 +0000 https://infohubservices.com/?p=45655 Medical billing entails back-end responsibilities such as addressing medical billing errors and increasing cash flow, which cost time, effort, and resources, diverting attention away from patient care and concern.

What if you were told that with half the effort, time, and resources, you could accomplish both and excel at them? Offshore medical billing is the solution to this problem. Physicians and revenue cycle management organisations can benefit greatly from offshoring their revenue cycle processes. While the primary goal of outsourcing is to save money, the perks of offshoring extend far beyond that.

Here are top 7 reasons to hire an offshore medical billing company –

Management

Coping with the full medical billing procedure can take up a lot of time, and get exhausting. However, because the process is intricate and can be difficult, it is critical to hire and train the correct individuals. When you outsource your medical billing services, you gain access to a larger pool of skilled individuals who can complete the assignment, saving both, time and money on training and recruiting. The candidates are sourced by the offshoring company following a thorough screening and qualification assessment stage, as well as an interview and a background check. You get the finished product without having to put forth any effort and in a far shorter time frame.

Latest Technology

Most offshore medical billing companies are putting money into cutting-edge technology.

1. Automation of Work Processes – End-to-end work process automation provides a real-time picture of operation performance – stock control reporting, online collaboration software, collection efficiency – the possibilities are nearly endless. Managing an offshore staff is less difficult than you would assume.

2. Revenue Cycle Reporting SoftwareThis is a set of tools that can be used to create customized reporting for clinicians, and is crucial whether you’re a medical billing company or a healthcare provider. Provider-specific data, such as collection trends, clinical documentation difficulties, and so on.

3. Engagement Tools – Through interactive tools for the team, create a global team culture with your offshore team members.

Compliance Certifications

Concerned about laws and regulations? We’ve got your back. When you work with offshore service providers, they handle all of the legal aspects of the transaction for you. The majority of outsourcing firms are HIPPA-certified and prepared to handle sensitive data.

Patient Satisfaction

Ensuring your patients are tended to in the best way, While you focus on the most important aspect of patient care, the offshore team takes care of the rest of the billing needs. This frees up time for you to focus on your main concern: patient care and happiness.

Increased Focus on Administration

An offshoring medical billing company helps frees up time and resources for your domestic personnel to focus on fortifying and redesigning other sections of your facility that require assistance, such as administrative jobs. The administrative side of your facility’s billing and collections processes, patient satisfaction, and claims submissions process can all be improved, resulting in increased efficiency and a healthy revenue cycle. Any employees who have been aiding in coding or assisting with coding operations will now be able to focus on their primary duties.

Reduced Costs

Apart from facing potential losses due to errors, the expense of support infrastructure, resources, and training staff, can increase the overhead costs for a medical company. When you offshore your medical billing, the full administrative cycle is handled for you, and your overall cost is cut in half on average.

The Right Knowledge

You run the danger of losing provider-specific knowledge and instructions if your processes aren’t documented. You acquire Standard Operating Procedures (SOPs) Manuals from offshore service providers, which are compilations of your process expertise. This lowers your risk and raises the quality of your work.

Opting for offshore medical billing and coding services to boost financial performance is a technique that decision-makers at offshore firms are considering as healthcare expenses continue to rise and reimbursements continue to fall. Info Hub, an offshore medical billing company holds the expertise to assist in doubling your reimbursements with reduced errors and timely submission of claims. Contact us today!

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Info Hub Signs a Contract with Ohio-Based Medical Billing Company https://infohubservices.com/blog/info-hub-signs-a-contract-with-ohio-based-medical-billing-company/ Tue, 19 Apr 2022 13:30:47 +0000 https://infohubservices.com/?p=45650 Tuesday, 19 April 2022

Ohio

The most important entry point in any healthcare system is the family, medicine, and practice. But simultaneously, the shortage of physicians offering family practice is a concern. In fact, it must be noted that the higher compensation rates for specialties such as neurosurgery, radiology, and even dermatology are becoming more attractive avenues for practice as compared to Family Practice physicians.

Adding to this, Family Practice medical billing companies are in more demand than ever before especially in the situations when the health reforms are combining with the increase in the number of aging baby boomers. Therefore, keeping the medical billing and coding up to date to ensure seamless revenue flow has become one of the essentials for the existing practices to keep flourishing.

What were the challenges faced by the Ohio-based Medical Billing Company that directed the company towards Info Hub?

Keeping in mind the need for 100% reimbursement to the family practice, a well renowned medical billing company based out of Ohio offered medical billing and A/R management solutions to family practices clinics. Though everything was going smoothly in the initial years, soon the company started facing immense challenges with the increase in the clientele base. The issues initiated with the increase in the billing errors along with the failure to get the claims successfully with every filing.  

The list of challenges continues with the lack of staff efficiency despite putting all the efforts into moving ahead. As more and more clients started visiting the company, the staff lacked the skills to keep up with the billing system and failed to file thousands of claims weekly on time. This eventually resulted in the loss of revenue.

As said by George Williams (name changed for confidentiality), of Ohio-based Medical Billing Company, ‘The lack of our staff’s knowledge on updated family billing codes/multi-tasking skills and how to file documented medical bills led to failure in getting the reimbursement amount from the insurance companies.’

The Covid-19 crisis highlighted the value of detailed patient data for insurance providers. As a result, many insurance companies have raised their expectations for what they expect to know about a patient’s condition and associated procedure. Unfortunately, these additional requirements demand for additional helping hands of coders and billers, as we are unable to move forward without precise clinical documentations.

How is Info Hub helping the Ohio-based Medical Billing Company in boosting the revenue?

Out of the numerous offshoring options available, this Ohio-based medical billing companyopted for Info Hub, an offshore medical billing company to boost the revenue with the assurance of 100% reimbursement. With the help of in-house billing and coding experts, Info Hub was able to offer to do a complete overhaul of the process on how to ensure a detailed collection procedure.

“We believe that the main reason our clients remain loyal to us is that we are more than just a medical billing company. We take pride in being a one-stop solution for all of your revenue cycle management solutions,” notes Harisudan, Managing Partner of Info Hub.

Info Hub executed work for this Ohio-based Medical Billing Companyby bringing in experts in the billing profession as the outsourced partner to ensure an end-to-end revenue cycle management process is in place. The experienced billers and coders placed a structured approach to help and manage their billing activities with their collection and the updated billing system, ensuring they receive payment on time.

“We should begin with the major global issue that requires the most innovative solutions, resulting in losing of dollars due to billing errors,” states an RCM specialist of Info Hub.

The World Health Organization has already labelled this issue as “the last great unreduced health-care cost.” Billing errors appear to waste an amount equal to 7% of global health expenditure, or $487 billion USD.

Simply educating the company’s staff along with the automation of the medical billing operations helped the company in saving millions of dollars every single year. With so many clients money being lost due to billing errors, smarter solutions with double check using the manual verification that eliminate as much human error as possible are the answer.

The process continues with the teaching of staff to collect patients’ information before the scheduled appointment and explaining to them the medical billing options. Regular and timely claims are made with follow-ups and understanding of the rejected claims, so the mistakes are not repeated anymore.

The other challenge faced by the company to keep up with the billing system is met by using the proper billing tools and moving from the legacy system to the latest billing tools and software. The idea is that the transition is an upheaval and costly process often leads many to put it off until they feel its pain like Family Billing.

George, further added, ‘The revamping done by Info Hub with their experts and by outsourcing the billing practice has improved the claim rate and lowered claim rejection significantly. He further adds, ‘After a long time, our Company is experiencing profit from the billing with the help of Info Hub.’

About Info Hub

Info Hub is a leading offshore medical billing company offering a range of billing and revenue cycle management services with the latest technology to individual practices, hospitals, healthcare facilities, and medical institutions. They aim to offer affordable and round-the-clock services to help their clients to earn more revenue and flourish in their practice. They partner with their clients intending to improve their resources, creativity, and affordability with an assured positive outcome in their practices.

They pride on themselves for having 10+ years of knowledge in implementing the best resources for practice with reliable and experienced professionals.

Media Relations

Hari Sudan,

Info Hub,

1280, Patterson Ter,

Lake Mary, Florida

Tel: + 1 -888-502-0537

Email – inquiry@infohubservices.com

Website – https://infohubservices.com/

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3 Best Practices to Recover Revenue in Account Receivables https://infohubservices.com/blog/top-3-best-practices-to-recover-revenue-in-account-receivables/ Fri, 08 Apr 2022 07:42:13 +0000 https://infohubservices.com/?p=45630 Setting up a strong account receivables (AR) management strategy is important for a successful practice. Is the number of denials and write-offs escalating out of control? It’s possible that your accounts receivable plan has to be re-evaluated. An efficient healthcare AR strategy can result in speedier payments and improved financial performance, but where do you begin with such a complicated procedure as AR?

What is Account Receivables?

The sum due by healthcare providers for services performed to patients is billed to insurance companies. This is referred to as the accounts receivable procedure. In most cases, AR days are derived by dividing cumulative account receivable days by daily charges. If account receivable days exceed 30 days, payments to healthcare professionals will be postponed for at least 30 days. In fact, AR is divided into age groups – the time it takes for healthcare practitioners to bill their claims to insurance carriers and for the outstanding amount to be reflected.

Common Challenges in Optimizing Account Receivables

When healthcare providers do not get revenue reimbursements on time, their account receivables rise. Recovering money from individual patients puts a greater strain on medical providers’ accounts receivable operations. Missed collections during visits, individuals deferring payments owing to financial difficulty, the unpredictability of AR length, and other issues must be dealt with by providers. If accounts receivable ageing surpasses 90 days, revenue cycle management organizations and healthcare providers are likely to lose money and their claims will not be paid. The following are the most prevalent issues with significant account receivables:

1. Claim Denials

2. Unjustified write-offs

3. Debts that aren’t up to par

4. Collections

Many medical providers find that evaluating their systems is one of the simplest ways to enhance their accounts receivable. ARs gather, age, and turn into revenue loss when process errors and blunders go unchecked. A few pointers can help revenue cycle management organizations overcome some of the most prevalent account receivable issues and recover payments without incurring any revenue loss.

A/R Tracking

Keeping track of your accounts receivables on a monthly basis provides suppliers with the data they need to identify customers who are at risk of losing revenue and adding to bad debt. Providers can evaluate ARs over time to spot potentially dangerous trends, and identify any remaining reimbursements that are relatively simple to resolve.

Providers should examine their AR data to identify how old their borrowers are and what their collection rates are. These two measures give you an overview of your provider’s AR cycles and whether they’re on the correct track. The number of ARs in each age group is revealed via aged debtor reports. The success of providers in turning ARs to payments in a fiscal period is measured by collection rates.

Providers must conduct reports to identify their average AR cycles while tracking accounts receivable. Is there a lapse between giving treatment and billing patients? Because longer ARs are more likely to be forgotten by patients and may go unpaid, getting the cycle started as soon as possible can prevent them from ageing past collection. Identifying the period of various steps of the AR cycle can assist providers in determining where improvements might be made.

Identifying Root Cause of Denials

The second AR recovery approach is to figure out what’s causing your denial patterns. When dealing with insurance claim denials, it’s critical to discover payer trends as well as the fundamental cause of denial trends so that action plans may be put in place to prevent future denials. Although all payers utilize the same CAS Codes, not all payers use them in the same manner. Assess CAS Codes by payer group and link CAS Codes depending on your understanding of the payer. You can fix several rejections quickly if you recognize payer patterns, and start investigating the fundamental cause of the denial.

Making it Right in First Attempt

It’s vital that clinicians obtain accurate patient data and submit the right claims in the first time itself. From the start, inconsistencies and errors set physicians up for insurance claim denials and longer AR cycles. The most significant challenge to medical claim payment is unverified insurance. From a revenue cycle standpoint, collecting the most accurate information up front begins with patient scheduling and registration, which lays the foundation for claims to be paid and received in the most efficient and productive way possible.

Optimizing your accounts receivable in healthcare necessitates proactive revenue cycle management and the elimination of any process inefficiencies. Investing time and effort into improving administration, running AR reports, and tracking claims can help healthcare providers recover revenue that would otherwise be wasted.

Medical billing and A/R outsourcing companies like Info Hub can use their knowledge and big data analytics to pinpoint where providers are having the most trouble with their accounts receivable. Integrations with your electronic health records to capture all charges, ensure code accuracy, and automatically resubmit rejected claims, eliminate many of the administrative problems that might occur during the revenue and accounts receivable cycles. Contact us to partner with our professional team of A/R specialists from Info Hub.

Read More Blogs: Importance Of A/R Follow-Up And Denial Management

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