Medical Billing Outsourcing - PowerPoint PPT Presentation

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Medical Billing Outsourcing

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When it comes to settling payments from insurance companies, medical practitioners, hospitals, and healthcare facilities face a lot of hassles. For the patients, the bill is settled once they provide the details of their insurance at the front desk of the healthcare facility. However, the hospital or healthcare center receives the reimbursements only when the claim is settled by the insurance companies. – PowerPoint PPT presentation

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Updated: 11 August 2020
Slides: 14
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Title: Medical Billing Outsourcing


1
Medical Billing Outsourcing
  • What is Medical Billing?
  • When it comes to settling payments from insurance
    companies, medical practitioners, hospitals, and
    healthcare facilities face a lot of hassles. For
    the patients, the bill is settled once they
    provide the details of their insurance at the
    front desk of the healthcare facility. However,
    the hospital or healthcare center receives the
    reimbursements only when the claim is settled by
    the insurance companies.
  • Medical billing refers to the process of filing
    and following up on claims with health insurance
    companies / providers in order to receive
    payments for the healthcare services rendered to
    patients by the practices / physicians.
  • Medical billing serves as an effective channel
    between medical service providers and insurance
    companies.
  • Read More

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
2
Medical Billing Outsourcing
  • Need of Medical Billing Services
  • With time, as the medical practice scales to new
    heights and grows, medical practitioners,
    doctors, and healthcare providers would need to
    delegate the medical billing task by hiring an
    in-house team of experts or outsourcing the task
    to a medical billing service provider.
  • The objectives of medical billing services are as
    follows
  • Boost the profitability of medical practitioners
    and healthcare centers
  • Streamline everything from start to end (Patient
    Appointment Scheduling to Collections)
  • Leverage on coding expertise and technical
    knowledge to maximize revenue generation from
    insurance payments
  • Reduce the chances of claim denials
  • A/R Follow up to reduce the accumulated A/R

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
3
Medical Billing Outsourcing
  • Common challenges faced by Physicians and
    Practitioners with Medical Billing
  • Lack of quality and effective medical billing
    resources
  • Lack of appropriate tools and techniques to
    minimize revenue loss
  • Staying up-to-date with the latest guidelines
  • Inaccurate data entry for patient information
  • Frequently changing medical billing codes
    increase the chances of claim denials
  • Old redundant software and the capital investment
    to upgrade it frequently
  • Duplicate charges or multiple billing for a
    patient
  • Late handling of denied or rejected claims
  • Delayed claim submissions

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
4
Medical Billing Outsourcing
  • Cons of In-house Medical Billing
  • In-house billing refers to the process of
    handling all the medical billing aspects by a
    medical practitioners own expert in-house team.
  • However, keeping everything in-house has a lot of
    disadvantages.
  • Highly Expensive
  • Having an in-house medical billing practice
    involves a lot of capital expenditure and
    investment in getting a medical billing software
    and recruiting a team that knows how to operate
    the software. The cost incurred for recruiting,
    training and salaries of the medical billing team
    would definitely be more than the cost to
    outsource.
  • 2) Support Issues
  • A major drawback of having an in-house medical
    billing team is the ability to provide the
    required support to the clients. If a limited
    number of medical billers are hired, it would be
    difficult to handle a larger client base. On the
    contrary, having a large team for limited number
    of clients means more expense for the business.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
5
Medical Billing Outsourcing
  • 3) Liabilities
  • Having an in-house medical billing team means
    that they need to be constantly monitored with
    regards to the security protocols and compliance
    guidelines followed by them. Any violations of
    PHI security or protocols can result in huge
    liabilities for the company. In order to get rid
    of the liabilities, a lot of cash inflow needs to
    take place.
  • Need for Outsourcing Medical Billing Services
  • Outsourcing medical billing refers to the hiring
    of an external agency by a healthcare provider
    who takes care of all the medical billing
    aspects.
  • Outsourcing is an effective way to manage medical
    billing. According to Verified Market Research,
    the medical billing outsourcing market worldwide
    was valued at 7.4 billion USD in 2018 and is
    expected to reach 15.6 billion USD by 2026.
  • In reality, medical billing can be quite tedious
    and a time-consuming task for medical
    practitioners. In order to overcome this, it
    makes sense for them to outsource the processing
    of medical claims. This would allow them to free
    up both time and space, thus enabling them to
    focus on what they do best, i.e. take proper care
    of the patients. Choosing the option to outsource
    limits their liability and helps to save capital
    in the long term.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
6
Medical Billing Outsourcing
  • Benefits of Medical Billing Outsourcing
  • 1) Boost in revenue generation
  • Medical billing outsourcing helps healthcare
    providers, especially small practices to collect
    more money and improve cash flow. This is because
    collection rate improves with timely submission
    of medical claims. This increases the inflow of
    reimbursements from the side of the insurance
    companies.
  • 2) Compliance with ICD-10
  • The latest version of the International
    Classification of Diseases (ICD), i.e. ICD-10 is
    a growing concern in the healthcare and medical
    industry. The new coding changes as per ICD-10
    has resulted in a severe impact on the
    reimbursements of healthcare providers.
    Outsourcing medical billing means that compliance
    regulations and coding changes of ICD-10 will be
    taken care of by the service provider.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
7
Medical Billing Outsourcing
  • 3) Saves money
  • One major benefit of outsourcing medical billing
    is that it is cost effective and helps healthcare
    providers and medical practitioners save money.
    The infrastructure, expertise and procedures,
    everything comes at a lesser price when
    outsourced. Thus, outsourcing medical billing is
    a profitable decision.
  • 4) Improved focus on patients
  • By outsourcing billing, medical practitioners can
    spend more time with their patients and offer
    better services to them. This is because they do
    not have to look into the medical billing work.
    More focus and attention to patients means more
    satisfaction and quality patient care.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
8
Medical Billing Outsourcing
5) A/R follow-up The accounts receivable (A/R)
follow-up by the outsourced medical billing
company ensures easy recovery of overdue payments
from the insurance companies. The A/R follow-up
team takes care of the denied claims and reopens
them to get the maximum compensation from the
insurance companies. 6) Denial management The
main aim of the denial management process in
outsourcing medical billing is that it focuses on
minimizing the lost reimbursements and denials
with highly efficient systems and solutions. The
denial management team of the outsourced company
works on resolving the problems that lead to
denials and strives to cut-short the accounts
receivables cycle.
info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
9
Medical Billing Outsourcing
7) HIPPA Compliance While choosing to partner
with a medical billing service provider, it is
necessary to ensure that the company is HIPPA
(Health Insurance Portability and Accountability
Act) compliant. An HIPPA compliant medical
billing service provider needs to ensure that all
the patients records and personal information is
kept completely secure and confidential. HIPPA
compliance requires healthcare entities to ensure
complete privacy of patients sensitive
information. 8) Reduced Billing
Errors Outsourcing medical billing
services helps medical practitioners to minimize
billing errors. The medical billing service
provider leverages on various technologies to
reduce billing errors. Any medical billing
mistake results in loss of reimbursements,
thereby affecting the revenue. Medical billing
errors can be reduced by ensuring and verifying
that all the patient details are correct,
investing in training and avoiding duplicate
claims.
info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
10
Medical Billing Outsourcing
  • Why choose 24/7 Medical Billing Services?
  • One stop shop solution for all your medical
    billing needs
  • Customized services depending on the nature of
    your challenge
  • Improved cash flow and collection rate of your
    healthcare center
  • Multi-level authentication and security system in
    place for data security
  • Reduced operational costs of your medical center
  • Fixed cost for all services with no hidden
    charges
  • Strict deadlines for reimbursements from
    insurance companies
  • CPT and ICD-10 coding compliance eliminates
    hassles in filing a claim
  • Skilled expertise in different domains
  • Competitive pricing for all medical billing
    related services
  • Flexible plans depending on your requirements
  • Complete transparency for all procedures
  • Detailed reporting of your accounts receivables

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
11
Medical Billing Outsourcing
  • 24/ Medical Billing Services has been in the
    industry for more than 12 years now We have
    been offering end-to-end Revenue Cycle Management
    services for huge practices multi-specialty
    clinics. We specialize in Durable Medical
    Equipment (DME) Medical Billing, Chiropractic
    Medical Billing, Tele-Health Billing close to
    40 other specialties.
  • Free Credentialing
  • Credentialing is a key step of becoming a trusted
    medical practitioner and healthcare provider in
    the list of medical insurance companies in the
    market. It is essential for healthcare service
    providers to be a part of the insurance companys
    network. If they are not a part of the list, many
    patients may refuse to take treatment.
  • At 24/7 Medical Billing Services, as a part of an
    on-going promotional offer, we are providing free
    insurance credentialing to doctors, hospitals,
    and small practices who partner with u as a part
    of the medical billing services. We verify and
    update the credentials of healthcare providers
    with insurance companies at regular time
    intervals. Credentialing serves as an effective
    medium to be recognized by insurance companies
    and get paid by them for the services rendered to
    patients.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
12
About us
  • We are a medical billing company that offers
    24/7 Medical Billing Services and support
    physicians, hospitals, medical institutions and
    group practices with our end to end medical
    billing solutions. We help you earn more revenue
    with our quick and affordable services. Our
    customized Revenue Cycle Management (RCM)
    solutions allow physicians to attract additional
    revenue and reduce administrative burden or
    losses.
  • Our company was founded in 2005 and is now a
    leading organization of highly motivated and
    certified coders billers in the US medical
    billing industry. Our current employee strength
    is 500 and we have ambitious plans to grow more
    rapidly.
  • As a leading Medical Billing Outsourcing Company
    we take care of the complete setup enrolment in
    about one to four weeks time depending on the
    complexity of the project. We have certified
    trainers with 10 years of experience to train
    the newcomers so they can get acquainted with the
    specialty jargons stay updated with the recent
    coding developments.

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
13
Contact us
  • 24/7 Medical Billing Services
  • 16192 Coastal Hwy,
  • Lewes, DE 19958
  • USA
  • Phone no
  • 1 888-502-0537
  • Email Address
  • info_at_247medicalbillingservices.com

info_at_247medicalbillingservices.com
http//www.247medicalbillingservices.com/
888-502-0537
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