In this day and age, the medical industry is fast becoming the most expensive industry in the world. With the increasing growth of this industry, more and more physicians are looking for affordable options to manage their medical billing. Additionally, HIPAA (Health Insurance Portability and Accountability Act) is also coming down hard by their compliance laws that they expect physicians and healthcare organizations to comply.
The health insurance industry has tried to make services and physicians billing services affordable. Many a step is being taken to ensure that the claims of physicians can be submitted quickly, seamlessly and immediately.
As more and more needs have risen with the industry’s growth, many billing companies have also tried to provide full and affordable solutions when it comes to billing services for physicians. Most companies that offer services have fully equipped teams that control all aspects of the claims submission. Companies provide medical billing specialists, coders, auditors, accountants and other experts. Additionally, the services these companies provide also include transcription services, authorizations, charge entry and audit, claim transmission, payment posting, patient statements and wellness checks, denial resolution, and so on.
There are many organizations that work towards making HIPAA-compliant affordable medical billing services for physicians. Many organizations also outsource the entire process to companies in India and other countries. Outsourcing of medical billing services provides multiple advantages to the provider –
• Physicians can concentrate on the core work of patient care.
• Medical billing companies in India offer extremely high quality labor at very cheap prices compared to US.
In addition to core billing services, these companies also focus on reducing the number of claim rejections, streamline workflows to ensure that the amount of time spent on processes are minimized, and ensure that the amount of effort (tangible and intangible) spent on the process of billing is minimized.
HIPAA has often reinvented itself to ensure that, while the compliance needs are met, the billing process is seamless, saves time and energy. The benefits that are an outcome of HIPAA are as follows:
• Elimination of paperwork
• High privacy and security of data
• Web-based medical billing software with EMR solutions
• Efficient data storage, retrieval and periodic data backup facility
• Antivirus and firewall software protection on every computer
• Superior quality assurance
• Highly consistent solutions with minimum turnaround time
• 24X7 customer care and technical support services
Additionally, the HIPAA provides clear guidelines for the following physician billing services:
• Insurance verification
• Medical coding
• Patient demographic entry
• Charge entry
• Insurance authorization
• Cash posting and reconciliation
• Account receivable follow-ups
• Collection agency reporting
Overall, with HIPAA’s strict patient privacy policies and guidelines on services, it is beneficial and advantageous for physicians to outsource their billing to dedicated physician billing companies.
If you require more information on how to take advantage of affordable medical billing services, send a mail to [email protected].