Revenue cycle Management Archives - InfoHub https://infohubservices.com/blog/tag/revenue-cycle-management/ Tue, 01 Nov 2022 13:11:47 +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 Revenue cycle Management Archives - InfoHub https://infohubservices.com/blog/tag/revenue-cycle-management/ 32 32 5 Tips for Physician Financial Management https://infohubservices.com/blog/5-tips-for-physician-financial-management/ Tue, 01 Nov 2022 13:06:27 +0000 https://infohubservices.com/?p=47408 Every physician has a demanding career where patient care is their utmost priority. This directs the doctor to get engrossed in their core work – caring for their patients. Often this converts the financial management for every physician to become their last priority. However, financial management should be as vital as taking care of the patient for any physician, as it will improve the overall outcome by making the business aspect of the practice healthier. Therefore, developing robust financial management will improve your patient satisfaction by improving your practice’s revenue.

A physician can undertake a few ways (especially with the help of technology) to improve financial management. Let’s discuss the top five tips for it:

Tip 1. Speed Up the Collection Process

Did you know? Technology can help your practice in several ways, making it more efficient. There are several HIPAA-compliant software in the market that can be used to improve your collection process. Instead of staying the legacy way, it’s time to upgrade and streamline your collection process with the help of revenue cycle management software.

Establishing a Practice Management System (PMS) is essential before implementing a new process. It will ensure that the new system will work effectively for everyone, including physicians, healthcare providers, and other admin staff. The PMS you select will define how your practice will be reaping the benefits of the electronic process and the software. Also, it is essential that the PMS you choose aligns with your practice and requirements and works with the EHR.

Tip 2. Improve Patient Collection 

The other strategy that should be implemented to ensure better financial management for your practice is to improve your patient collection. Patient collection is a never-ending headache for most physicians. In fact, the collection becomes more challenging with more patients opting for higher deductible insurance plans.

It has been seen that physicians can collect only 60 percent of their dues from the 20 percent of the revenue that co-paying patients provide. Overcoming this revenue collection can be quite a hurdle when it starts to pile up; your practice will surely spiral down. You should either work with a collection agency or re-evaluate the collection strategies for better financial management. It would also require changing and updating your billing and coding practices.

Tip 3. Electronic Claim Submissions

Manual submission time is an old tradition; one must use the updated software to generate an electronic claim. Before submitting the claim, you should conduct a pre-audit to ensure it has no incorrect or missing information. In most cases, claim rejections and denials can be reduced with in-built checks of the latest software. It allows one to address potential issues before sending them to the health insurance company.

You should also check your electronic claim status to confirm the receipt of the claim in real-time. When an electronic submission is used, the insurance company must respond to the claim’s status in the next business day. Hence, instead of waiting weeks to know your status, immediate action can be taken to rectify any issues with your claim. This eventually ensures better financial management of your practice. 

Tip 4. Verification of Insurance Eligibility

Start saving time and dollars with electronic eligibility verification before your patient visits. Although the patient’s eligibility can be verified via the web portal or phone, these methods fail to provide vital information and prove inefficient. When a patient’s eligibility verification is done electronically, all the necessary details can be gathered practically in no tie.

All staff who schedule the appointment must collect your patient’s insurance information and submit it online for electronic eligibility by entering your patient’s data. As per federal regulation, the health plan must respond within twenty seconds. Thus, it will give your practice enough time to make your patient aware of their financial responsibility when they visit your practice.

Tip 5. Outsourcing The Medical Billing Practice

Though you have an entire team of nurses, assistants, and other staff, you need to operate with top skill sets (irrespective of the size of your practice) to handle your patients, their requests, insurance claims, billing, and coding on an urgent and regular basis. Staying on top of all these can be challenging.

The best way to stay ahead with the financial management in such a case is to outsource your medical billing and coding. The experts of the outsourced company will take care of your revenue management cycle. At the same time, you and your nurses, assistants, and staff can look after the patient and improve your services.

Where To Find the Financial Management Partner?

Now that you have a good idea of the five tips on how you can improve the financial management of your practice, the question remains who can help? Info Hub is a medical billing and coding company with a team of experts who can help you to build a sustainable financial management plan for your medical practice. They use the latest HIPAA-compliant software to help establish a beneficial revenue cycle management while ensuring every claim is passed without any hitches. They also provide reduced A/R time to enjoy uninterrupted revenue flows.

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3 Major Impacts on your RCM with Outsourcing Medical Billing Services https://infohubservices.com/blog/3-major-impacts-on-your-rcm-with-outsourcing-medical-billing-services/ Wed, 12 Oct 2022 10:59:08 +0000 https://infohubservices.com/?p=47364 According to the trends, the medical billing outsourcing market will exceed $16.9 billion. As a result, an increasing number of healthcare organizations are opting to outsource their rcm.

Based on the trends, what do you think?

Should you outsource all of your revenue cycle management tasks, including medical billing and coding?

What exactly is the purpose of outsourcing?

There are significant issues that many practices are dealing with today. Running the business side of medicine can be difficult for physicians at times. Even if you have an excellent medical staff, inefficiencies in revenue cycle management (RCM) are common, resulting in financial losses.

Your bottom line is heavily influenced by revenue cycle management. If you don’t do it well, you might have a hard time staying in medical business. Undoubtedly, each practice has its own unique situation, including specialty, overall financial health, and experienced billing staff. But one thing that applies commonly to all is the direct impact of outsourcing medical billing and coding on the Revenue Cycle Management. Let’s see what impact it can have on RCM:

1. Improve Concentration on Medical Treatments

You can focus on improving medical services when you outsource your healthcare organization’s RCM. You can invest more time understanding the areas of improvement in your medical facilities as an outsourcing medical billing company can handle the other administrative processes.

As a result, you can channelize your doctors and other medical staff to focus on their medical service efficiency. It entails improved diagnosis, treatment, examination, research, and patient care.

Therefore, you can enhance your overall patients experience by sparing the time for developing better strategies. It will result in satisfied patients and higher revenues for your hospitals or clinics.

2. Better Clean Claims Rate

Every practitioner must target at clean claims as they are near-perfect medical claims with a low denial rate that don’t demand any extra information. It’s because there are no billing errors. As a result, these assist in covering the medical expenses of patients without difficulty. Outsourcing RCM increases the likelihood of such clean claims.

When you outsource your RCM to an outsourcing medical billing partner, the insurance claims are handled by experienced professionals. Their knowledge of medical claim settlements and calculating expenses allows them to approve claims quickly.

Thereby, you can easily avoid insurance claim denials and resubmissions for your patients. It will ultimately enhance the cash flows to your hospitals.

3. Avoid Billing Errors

Every medical or healthcare organization does not necessarily have the best IT and finance teams. It results in billing and coding errors, as well as more claim denials. However, when you outsource these tasks, skilled professionals will handle everything with ease!

You can avoid complications such as –

  1. Incorrect patient and medical data
  2. Billing errors
  3. Unbundling
  4. Incorrect diagnosis codes

Apart from that, you won’t have to recruit and train any additional finance or IT professionals. Thereby, you’ll save thousands of bucks and a lot of time..

Important RCM Metrics

Proper Revenue Cycle Management entails exceeding the baseline in several key RCM metrics. Among the metrics that medical billers should be concerned with are:

  1. Total medical claims reimbursement per week
  2. Average payment days
  3. Denial rate, and
  4. Accounts Receivable (AR) from Insurance and Patients over 60 Days

Outsource your RCM Process!

Undoubtedly, you may be perfecting an in-house Revenue Cycle Management Strategy as a healthcare provider. But simultaneously, it should be clear by now that a successful Revenue Cycle Strategy is one that is constantly evolving to meet the needs of a rapidly changing healthcare environment. Outsourcing the RCM process has the potential to transform your business and improve your financial health. It will also give you more time to focus on your core business of providing quality healthcare.

Info Hub Services is a pioneer in the transformation of RCM services.

Trusting a reputable medical billing service provider such as Info Hub Services who follows the proper procedure may appear costly. But it is what efficiently streamlines your RCM process via complex medical billing and coding process. These service providers offer complete claim processing services, including reviewing patient eligibility and payments, recording, coding, reviewing, and final submission.

With an effective RCM partner on your side, you never have to worry about incurring unnecessary financial losses as a result of errors in the medical billing process. Furthermore, you can rely on an expert to guide you through the system and resolve any technological billing and coding glitches with 24×7 back end support.

In this hyperconnected age, it makes financial sense for a medical care practitioner like you to invest in either efficient RCM software or outsource the process to a medical billing services provider as soon as possible.

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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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Impact Of AR Audits on Your Practice https://infohubservices.com/blog/impact-of-ar-audits-on-your-practice/ Tue, 05 Jul 2022 12:18:54 +0000 https://infohubservices.com/?p=46558 Are there loopholes in your AR process? Is your practice facing revenue losses? It goes without saying that unpaid accounts receivable stifle cash flow and rob you of the funds you need to invest in expansion prospects, purchase new machinery, and recruit staff, and that’s just the tip of the iceberg.

Other unintended effects of a poor accounts receivable management process include:

• Missed follow-ups on past-due invoices

• Writing down outstanding receivables as bad debt

• Errors on bills and invoices

• Incorrect payment allocation

All of these factors result in decreased cash flow, which may require you to scale back operations and production. As a result, the company can fall short of its revenue goals as its rivals expand. If you can spot the barriers to effective AR management, you can get through them.

Some of the common AR challenges that hinder practices are –

Unorganized Ledger

Knowing how much money you are owed, who it belongs to, and when they are required to pay you, is dependent upon keeping your invoices organised. For proper AR management, having a system that enables you to have total visibility is essential. Inefficient accounts receivable management can result in a cash-flow deficit.

Lack of Communication with Patients

At the start of every patient relationship, it is imperative to establish communication lines and contact points because this will help you get payments on schedule. To ensure a healthy information flow, we advise keeping note of all the times and channels you have spoken with your customers.

Inefficient Policies

The worst thing we can do is undermine the business by unworkable AR management procedures. Someone, sometimes not on the finance team, can add a new payment option or offer a credit incentive without taking into account how it would affect the accounts receivable procedure.

However, it’s a sad fact that not everyone will be a good fit for your goods or services. You can distinguish between those who would make excellent customers, and people who wouldn’t with the help of a well-designed credit policy. As a result, reviewing and streamlining your AR policies is frequently worthwhile.

Benefits of an Audit

The FPR is improved by the insights obtained through audits (First Pass Ratio). Understanding the different audit standards that apply to each provider setting will help providers choose the appropriate solutions for their particular requirements.

Optimised AR Process

A finance staff can improve a client relationship in a variety of various ways without hindering cash flow. Examples include:

• Providing “Zero-Fee” payment choices for chosen payment methods.

• Implementing a service charge to deter undesired payment methods.

• Automating reconciliation, follow-ups, and invoice mailing.

• Only accepting digital payments.

• Cutting costs, choose flat-rate payment processing solutions.

• Saved payment options by customers.

• Giving customers automated, verified receipts.

Increased Coding Efficiency

Coding staff benefit from billing audits because they can identify and address important problems well before insurance companies express concerns about inappropriate coding. With enhanced billing and coding procedures, conducting an AR audit helps streamline and expedite medical billing process.

Improved Administrative Process

Audits help the administrative staff by guaranteeing that claims are legitimate, accurate, and filed correctly. Medical claims audits safeguard the practice from erroneous billing and claims. Practices may successfully check for ICD-10-CM and Meaningful Use compliance. When they have an internal check and balance system in place, it will enhance the entire process. Medical billing audits are used to reduce or eliminate payment errors. Additionally, the practice gains from expedited file processing, decreased inappropriate payments, and improved claim payment.

Improved Patient Care

The entire medical practice focuses on the standard of care provided by measuring and observing services and practices and training doctors on how to give positive medical experiences to their patients. You can manage your business successfully and spend more time with your patients when the workflow for medical billing and claims processing is improved. Patients get better patient outcomes and the revenue cycle functions more efficiently when they have a better patient experience.

Info Hub Services comes with expertise in accounts receivable services along with medical billing and coding. Our highly qualified team of A/R experts has experience working with many insurance providers and is knowledgeable about all of their policies. We make sure that our clients receive their compensation for the services they have rendered without any problems.

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5 Reasons You Need an Offshore Medical Billing Company https://infohubservices.com/blog/5-reasons-you-need-an-offshore-medical-billing-company/ Thu, 23 Jun 2022 06:50:52 +0000 https://infohubservices.com/?p=46332 Medical billing entails back-end responsibilities such as addressing medical billing errors and increasing cash flow that cost time, effort, and resources, diverting attention away from patient care and concern. Discrepancies in billing can result in lost revenue, more effort for your hospital personnel, and a poor patient experience, all of which can harm your medical practice’s reputation in the long run. It’s not surprising, however, that many medical practises in the United States have chosen to outsource all of their medical billing and coding to offshore medical billing companies who specialise in this service.

Is your practice witnessing a downward trend in its finances? Is your stress affecting your patients? Using the expertise of an offshore medical billing company has a number of benefits. Read on to understand the most significant ones that can prove rewarding to your practice.

Cost Effective

Working with an offshore medical billing business takes care of the full administrative process of billing, coding, and collection, allowing you to spend less time on front-end staff hiring and training, as well as maintaining an IT infrastructure. You also have access to the agency’s existing pool of qualified medical billing professionals, making it simpler to expand backend operations at a lesser cost. Apart from facing potential losses due to errors, the expense of constructing infrastructure, resources, and training staff can increase the medical organisations’ expenditure.

When you outsource your medical billing, the entire administrative cycle is handled for you, and your overall cost is reduced to almost half on an average.

Increased Revenue

To prevent insurance denials, all claims are submitted electronically, which lowers time-to-collection. Claim forms are carefully examined by a qualified team before submission. Partnering with an offshore medical billing company frees your staff, thereby allowing them to focus on explaining to patients and their families the estimated cost of health care procedures, their out-of-pocket expenses, and the payment choices accessible to them, instead of making follow-up calls to insurance companies or entering data. As a result of all of this, payment collection will improve.

Compliance

Concerned about laws and regulations? When you work with offshore medical billing service providers, they handle all of the legal aspects of the transaction for you. If the terms HIPAA and Hitech make you nervous, rest assured that they’ve previously been addressed. The majority of offshore companies are compliant and qualified to handle sensitive data.

Better Control of Billing Process

Many medical practises are hesitant to deal with an offshore medical billing company because they are concerned about losing control, but this is not the case. Because medical billing is such a competitive field, your offshore medical billing company will go to great lengths to keep you happy. Only by reducing your collection time, minimising billing errors and claim rejections, guaranteeing that prices do not spike as you grow, and giving frequent reports, will they be able to accomplish this. In other words, you have more control over your medical practice’s billing process.

Patient Satisfaction

While you focus on the most important aspect of patient care, the offshore team takes care of the rest of the billing needs. Your team will be better informed to answer patient payment queries, thanks to the systematic gathering of patient data and digital filing of claims. This leaves them with more time to communicate with patients and family members, quelling any anxieties they may have. Higher claim acceptance rates are achieved through digital claims filing and verification of claims by a team of billing experts on the back end.

Patient experience with a medical practise can be improved by being able to offer an instant approximation of medical expenditures, boosting the level of human engagement, and processing claims quickly.

However, attaining this may not always be simple. To begin with, medical centers must implement an effective EMR and billing software, as well as train their personnel on how to operate the billing systems. Staying up to date on developments in healthcare billing codes and laws is often a challenge.

Info Hub, an offshore medical billing company caters to physicians and hospitals across a variety of specialties. The team at Info Hub has well-trained professionals who are updated with latest changes in the healthcare. With its extensive experience and expertise, we can help improve your revenue collection, reduce overhead costs and enhance patient satisfaction. Our customized solutions to every practice that leads to a streamlined medical billing process that is crucial to the financial health of a practice.

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Do’s & Don’ts of Medical Billing https://infohubservices.com/blog/dos-donts-of-medical-billing/ Mon, 13 Jun 2022 11:24:29 +0000 https://infohubservices.com/?p=46307 Medical billing entails a long process of activities, each stage significant to ensure full reimbursement. Majority of the physicians and practices suffer lower revenue collections owing to certain incorrect medical billing practices. Incorrect coding, piled A/R, lack of follow-up can all affect your practice’s financial health. We understand how important it is to strike a balance between offering patient care and steering clear of billing and coding errors that sometimes plague practices.

In order to stay financially strong and healthy, practices must follow a few dos and don’ts of medical billing. Read on to know more –

Don’t Ignore Denials

Setting up a process of balances will maximize first-pass rates, irrespective of whether a practise uses a medical billing agency or processes claims internally.

When denial rates are higher than predicted, it may be a sign that your team needs advanced training or that the scrubbing procedure is inadequate for your existing workflow.

The following are some of the most common causes for denials:

• You don’t have enough supporting paperwork

• Your doctors aren’t properly certified

• Codes are used for services and equipment that are not covered by the carrier

When you keep track of denial codes, you could see some simple ways to improve your practice’s efficiency.

Don’t Forget Check-In Policy

When a clear policy is in place and followed every time a patient checks in, the chances of medical billing complications are reduced. Before you do anything else, make sure your patient is aware of your payment procedures, and that all of their data is correct and complete. Even if they are regular patients, it is a good idea to have them double-check and confirm that their information each time they visit your clinic.

Don’t Fret Over Appeals and Claim Denials

Despite a near-perfect medical billing process, claim denials still happen. The best way to deal with claim denials and appeals is to employ medical billing services that can devote the necessary time to resolving the problem and obtaining approval for the claim. You must deal with appeals in time to avoid any losses.

Do Maintain Updated Patient Files

Handling claims with accuracy is difficult if you don’t have the correct information on all of your patients? At each visit, you’ll need to remind employees to double-check patient demographics and insurance information. A patient may have a policy change for a variety of reasons.

Explaining the procedure as you update their information will help so that they aren’t taken by surprise with unexpected charges. Double-check data, like the insurance details and information, including the health insurance company’s billing address. It’s critical that this information verifies the records of third-party payers.

Do Have a Medical Billing Assessment

The regulations and environment of medical billing are continually evolving. Billing assessments guarantee that your practice’s billing processes and technology are up to date and suitable. Assessing your present billing system will help you find areas that want improvement and provide you with the direction you need to make it more productive and cost-effective.

Do A Double Check on the Billing

Having a process in place to detect claim problems before they are submitted is the simplest method to be compliant and prevent claim errors. Although human error is unavoidable, utilising technology – claims scrubbing, rules engines, etc. can significantly reduce the likelihood of denials.

It’s critical to train your team and provide them with the resources they need to conduct accurate claims processing for the health of your practise’s bottom line. The finest thing you can do for your company is to have all of your accounts managed by professionals. Medical billing and coding is a complicated process that should only be handled by experts. Info Hub, an offshore medical billing company offers impeccable services in billing, coding, credentialing, A/R follow-up and more, and to all specialties. Our dedicated team for every service ensures you get reimbursed correctly and on time. Medical billing services will help save you time and revenue in the long run, as well as relieve you of the burden of this task.

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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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Physicians – Do you Lack Understanding Revenue Leakages? https://infohubservices.com/blog/physicians-do-you-lack-understanding-revenue-leakages/ Mon, 06 Jun 2022 09:45:18 +0000 https://infohubservices.com/?p=46050 The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.

In today’s healthcare system, medical reimbursement prioritises quality care and patient outcomes. As a result, it’s critical for medical practise leaders to take a new look at their operations to ensure that prospective collections don’t get lost in the process.

Here are some questions to physicians must ask themselves in order to identify, and steer clear of revenue leakage in your practice.

Are we collecting to our full potential?

The payers with whom you sign contracts limit your reimbursement possibilities in several respects. For practises that rely significantly on government payers, this can be difficult. Medicare and Medicaid beneficiaries often receive reduced compensation under these contracts, which cannot be changed to achieve more profitable conditions. However, the payment your practise receives is ultimately influenced by the quality of the contracts, not the insurers themselves. That’s where a medical billing partner may help by ensuring that all contracts are arranged on terms that assure your practice’s profitability.

Are the RCM resources robust enough?

Medical billing and collections in the revenue cycle management is an area where more help is required. Your organisation is at jeopardy if you don’t have a good billing system in place:

• Incorrect claim coding

• Inadequate account collection management

• Significant income loss, reducing the profitability of your practise

If you’re lacking in these areas, your practise is likely to be experiencing revenue loss. Using the services of an experienced medical billing business allows your staff to focus on treatment while leaving these hassles to the professionals.

Are we well versed with data?

Data is used by successful practises to influence business choices and support strategic planning. It’s impossible to comprehend revenue leakage in your practise if you don’t know what’s going on with accounts receivable. Every practise should have access to this information.

• What is the acceptable collection percentage?

• How successfully do they collect from government payers? 

• How well do they collect from commercial payers and private insurance companies?

Now that we have helped with where to begin in order to understand revenue leakages, here are common causes for the same.

Inaccurate Enrolment Date

One of the most significant assets in the delivery of patient care is provider data. All IT systems (EMR, credentialing, marketing), patients, and payers are consumers of provider data. Poorly handled provider data causes revenue cycles to be delayed, has an impact on clinical quality, poses a compliance risk, and has a poor marketing impact (referral and patient). Filling out provider enrolment forms completely and accurately is a crucial step for medical clinics. When claims are filed without complete and/or accurate information, Medicare, other commercial payers will deny them. In that instance, your billing team will have to work even harder to collect what the practise is owed.

Lack of Real-Time Data

If hospital management does not have access to real-time data, they risk making decisions that are not well supported by data. Administrators can have access to real-time data via PARAS. This enables them to prevent income leakage in the healthcare industry before it occurs. The ability to view all data in real time cuts discharge time in half and improves the patient experience at the hospital.

Inadequately Trained Coders

 A practice’s lifeblood is medical coding. That is how billable income is generated from the services you supply. Payments may be delayed, refused, or limited if incorrect code is not provided. At a bare minimum, your coding process should involve qualified coders who are well-trained and experienced and who keep up with the various updates issued by the Centres for Medicare & Medicaid Services on a regular basis. A practice’s lifeblood is medical coding. That is how billable income is generated from the services you supply. Payments may be delayed, refused, or limited if incorrect code is not provided. At a bare minimum, your coding process should include trained and seasoned coders who keep up with the various modifications made by the Centres for Medicare and Medicaid Services on a regular basis.

Unbilled Claims

Errors can cause claims to go unpaid or become trapped in medical billing software. Scrubbing functions are available in various medical billing software packages, which indicate problems in claims before they are submitted. Claims that are stalled owing to a scrubbing issue never make it to the clearinghouse and may go unbilled. By evaluating reports of patient appointments, treatments completed, and the quantity of claims submitted, unbilled claims can be detected.

Underpayment

The majority of doctors are unaware of a cost structure for different operations. Depending on your contracting agreement, various payers may pay you differently for the same procedure. Planning and updating your charge schedule with diverse payers will help you minimise underpayments. Seek professional help when it comes to negotiating with payers and determining your charge schedules.

While these are some of the reasons for revenue leakages, it is important to ensure a robust in-house team who can help salvage situations. Are you dealing with incompetent billers and coders? Info Hub, an offshore outsourcing medical billing company can assist you with its expertise of AR callers, highly trained coders. Our team comes with immense experience in making sure your practice does not experience revenue leakages owing to any of the potential causes.

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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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Offshore Medical Billing – All You Want to Know! https://infohubservices.com/blog/offshore-medical-billing-all-you-want-to-know/ Thu, 26 May 2022 13:19:42 +0000 https://infohubservices.com/?p=45961 Medical billing involves back-end responsibilities such as creating patient bills, submitting claims, resolving billing errors or optimizing cash flow, interacting with insurance companies, which cost time, effort, and resources, diverting attention away from patient care and concern.

Are consistent billing errors or late reimbursements plaguing your practice? Offshore medical billing is the solution for when you are looking for efficiency in the financial health of your business and ensuring complete focus on patient care.

Here is all you need to know about offshore medical billing, and how it can be an effective solution to the challenges you face in your medical billing process. Offshore revenue cycle management includes –

• Setup of Practice Management System/EMR System
• Scheduling, Eligibility Verification, and Pre-Authorization
• Patient Registration
• Medical Coding
• Customer/Patient Access Solutions
• Accounts Receivable (A/R) and Denial Management
• Credit Balance Resolution and Management

Offshore Medical Billing Process

Plenty providers and hospitals have taken resort to offshore medical billing services as it offers multiple advantages. A typical offshore medical billing company entails the following –

  1. Patient enrolment – All insurance information is recorded into the practice management system. Insurance validation and approval, which includes validating coverage and out-of-pocket payments, and if necessary, acquiring pre-authorization/pre-certification.
  2. Coding — All offshore medical billing companies have AAPC-certified coders that give the most relevant ICD, CPT, and HCPCS codes to the charge team, so that they can file charges in accordance with payment guidelines. Before submitting a claim, the codes and accompanying costs are meticulously reviewed for accuracy.
  3. Payment Posting – Payments are posted, and missing, and/or denials are identified so that corrective steps can be taken as soon as feasible in order to ensure full reimbursement.
  4. Accounts Receivable Management – AR analysts in an offshore medical billing company help you keep your accounts receivables in check, follow up with health insurers and payers, and take steps to collect payments that are past due.

Compliance with HIPAA

Providers don’t have to be concerned about information security when they offshore their medical billing. The offshore medical billing companies are familiar with all HIPAA standards and protocols, and take steps to safeguard the security of all medical information. Computers with firewalls and anti-virus programs are installed, along with monthly backup. The companies also take care of on-site shredding of hard copies of patient data, and are on top of the most recent regulatory developments and make necessary revisions to ensure compliance.

Operation Management

Dealing with the full medical billing procedure can be and exhausting and time-consuming. However, because the process is complex and challenging, it is critical to hire and train the appropriate personnel. When you take help of an offshore team, you gain access to a larger pool of trained individuals who can complete the assignment, saving time and resources on training and hiring. The candidates are found following a thorough assessment and qualifying evaluation phase, as well as an interview and reference checks. You acquire the finished output with less effort and in a significantly shorter time frame. We stay on top of the newest policy measures and make necessary adjustments to ensure compliance.

Quality Service

You can take advantage of offshore solutions with customizable turnaround times and no quality compromise. Additional benefits include: strict quality checks; daily, weekly, and monthly reports; no worry regarding time differences between offshore locations; and weekly meetings to learn about the progress and review data.

Patient Satisfaction

While you focus on the most important aspect of care, the offshore team takes care of the rest of the billing needs. Because of the time zone difference, the offshore company can accomplish end-of-day tasks before the day even begins! This frees up time for you to focus on your main job: patient care and happiness.

Offshore medical billing companies have been around for more than two decades and is a tried-and-true concept that has aided the expansion of several healthcare businesses in the United States. Due to the ideal time difference (about 9 -15 hours), a large English-speaking talent, stable Democratic governments, and ultimately the economic advantage that can be used, India is considered to be the best geographical option to offshore. Info Hub, a leading offshore medical billing company, is the appropriate partner to help you do more with your revenue cycle, whether you need component revenue cycle operations like medical billing, medical coding, or accounts receivable management, or you want to offshore the full chain of the process.

Offshore medical billing companies understand the need of cooperating with onshore revenue cycle teams, and working with physicians to minimize revenue leakage, enhance reimbursements, and improve processing quality. We recognize the impact of each step from credentialing and enrolment to billing and collections.

Info Hub, a well-established medical billing offshore company, provides services that give you access to the latest technology and qualified staff to assure your practice’s financial success. Individual and group practices, hospitals, clinics, and ambulatory surgery centers all benefit from our personalized medical billing services. From patient enrollment and verification to collections, our medical billing company has proven experience in all elements of revenue cycle management. We operate as an addition of your facility to assist you increase production and optimize reimbursements while lowering your overhead expenses by 30-40%.

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