User:JenniferSkyes/sandbox

Medical Billing Company
Medical billing company is a company that helps healthcare practitioners in submitting and clearing medical claims reimbursements from insurance companies like Medicare and Medicaid.

What is medical Billing and medical billing process?
Medical Billing is the process of getting remuneration of the services (rendered by a medical practitioner) from insurance companies. Medical billing is a complicated process. It requires proper coding and documentation to be submitted to insurance companies for claims clearance.

The process of medical billing includes the below mentioned steps
 * Patient registration
 * Confirmation of eligibility
 * Maintaining the record of Check In and check out of the patients.
 * Prepare and submit claims.
 * Monitor the claims process and follow up.
 * Generate patient statements
 * Handle collections.

How Medical billing company works?
A medical billing company submit claims on behalf of the medical practitioner. The information along with documentation is collected from the healthcare practitioner. The proper medical codes are applied on the claims. After the completion of documentation the claim is submitted to insurance company. In case of rejection or denial either it is a soft denial or hard denial, medical billing company is responsible to detect the errors, rectify them and resubmitted to the insurance companies.

Benefits of Outsourcing a medical billing company
Outsourcing a medical billing company can help healthcare providers in claims submissions, resubmissions and getting paid for their services. Here are some of the benefits of outsourcing a medical billing company.

Cost-reduction
Out sourcing a medical billing company is helpful in cost reduction of the healthcare enterprise. The cost of hiring staff, their training and overhead costs are reduced to zero level because medical billing company already has technical staff like billing and coding staff and they are conducting staff trainings on the regular basis.

Time-Saving
Medical billing companies offer Electronic and cloud based health record software along with the professional billing and coding staff. The use of both AI and Human resources helps in speedy process.

Accuracy
Medical billing firms have professional and up-to-date trained billers and coders. They have updated knowledge of newly issued medical coding guidelines. So the errors in coding and billing are reduced.

More Focus on core responsibility
The core responsibility of a medical practitioner is to take care of the patients. If he remains busy in taking care of the tasks other than diagnosis, it is possibility of wrong diagnosis or mismanagement. In some cases the wrongly entered codes also lead to denials. in both the case the chances of rejection are increase. By out sourcing a medical billing firm can help care providers to concentrate on their core responsibility.

Reduces un-necessary multitasking.
Multitasking may lead to the errors in claims or patient dissatisfaction. Out –sourcing a medical billing firm can reduce the errors in claims. It can also give an ease to the healthcare provider to concentrate on patients.

Enhanced Patient satisfaction
Out sourcing a medical billing firm helps healthcare providers to concentrate on diagnosis and better healthcare services. The more the healthcare provider concentrate on proper diagnosis, the more satisfied are the patients. The satisfied patients are the free and potential marketers of the healthcare entity.

Compliance with the transforming industry
Medical billing and insurance companies are constantly transforming. After regular intervals the medical codes are updated or changed. Medical companies conduct regular training and keep their coding staff up-to-the-date. It is quite difficult to maintain compliance with this rapidly changing industry until your core competency is billing or coding.

Profit Generation
Out sourcing a medical billing company is helpful in cost reduction, and profit generation. The stream line revenue cycle is helpful in uninterrupted cash flows and profitability.

The Bottom Line
The medical billing companies when outsourced can become an extended (offshore) part of the healthcare enterprise.