Medical Billing Blogs

  Payment posting is essential to any solo practitioner’s or healthcare organization’s revenue cycle management. It entails posting and deposit functions and reconciling posting activities and deposits. The payment posting process impacts many other aspects of the healthcare organization, including efficiency, patient satisfaction, and overall financial performance. Payment posting also offers insight into a practice’s daily revenue stream and enables practices to identify and correct potential issues quickly. It is essential for your practice to be apt to see daily insurance payments from EOBs, patient payments, insurance checks from   ERAs , and other information. In addition, having an efficient ERA/EOB payment posting system provides a clear picture of your day-to-day financial situation. Let’s have a deep understanding of payment posting services: Types of Payment Posting Payment posting in medical billing  is done in two ways, depending on the level of insurance cov...

The No Surprises Act, which is included in the Consolidated Appropriations Act of 2021, is intended to protect clients from unexpected medical bills . The No Surprises Act’s Good Faith Estimates Billing provision is intended to provide clients with an estimate of how much they will be billed for the medical care they will receive prior to their appointment. How long will it take to provide the Good Faith Estimate? The Good Faith Estimate must be provided within the following time frame: If you scheduled service at least 03 days in advance, the Good Faith Estimate needs to be offered no later than 01 business day after the scheduling date, If you scheduled service at least ten days in advance, the Good Faith Estimate needs to be offered no later than 03 business days after the scheduling date, In other cases, the Good Faith Estimate must be offered 03 business days after the requested date. But what about the updated Good Faith Estimate? Is there any update required? If the scope of the...

  Every medical provider understands how tricky it is to be compensated for their services. According to 73 percent of healthcare providers, it takes 30 days or more to recover their payment fully. The payment cycle is complicated by various issues, such as: ·          Changing payer fee schedules, ·          Complicated billing procedures, ·          Government directives, ·          A lack of training and resources, and ·          High-deductible health plans. Furthermore, the critical communication triangle between the patient, the healthcare provider, and the insurance company exacerbates the problem. Medical providers must develop strong systems and procedures to ensure long-term success in order to be paid efficiently. This blog will provide you with proactive tips t...

  In the healthcare system, denial management and on-time submission are essential to warrant seamless cash flow for the hospitals and patient satisfaction. Many healthcare facilities use third-party medical billing company to reduce billing errors and claim denials, enhance the cash flow, and warrant medical billing compliance while improving patient satisfaction. With outsourcing medical billing, healthcare practices can save immensely on employee expenses and the overall infrastructure costs that often come with hiring and employing medical billing staff. This blog will explain how any healthcare facility can increase its profit in 2023 by outsourcing medical billing. Interesting Statistics on Outsource Medical Billing Before going into the details on how outsourcing medical billing can ramp up the profits for healthcare facilities, here are some figures that can help you to understand why it is an essential step to move ahead in 2023. Grand View Research reported on t...

  From the initial appointment stage to the collection of the claims after the services are rendered, a healthcare facility goes through a lengthy process that includes several organizations and people. The result is of having a scenario of too many cooks in the kitchen, which can open the medical billing process to mistakes. In medical practice, errors in billing coding are thus most common and occur often. It eventually affects the facility’s income, exposing it to scrutiny by the authorities. Many healthcare providers hence prefer to work with medical billing partner. It decreased the in-house burden of medical billing and training the staff while increasing the revenue with proper claims. However, the impact can be tremendous when the wrong medical billing partner is chosen. Some of the effects are: 1. Coding & Billing Errors In medical practice, one of the most complex but vital steps is to do correct coding, documentation, and billing to ensure the facility gets paid for ...

  Understanding HCC coding has become critical for healthcare organizations to succeed in new payment models as we transition to value-based care. As a reminder, HCC coding enables providers and billing/coding teams to account for future health risks and costs at the patient level. Thereby, HCC accuracy impacts program success, especially for innovative programs such as Primary Care First. If your patients are not correctly coded, your patient panel may be assigned to the incorrect risk group. Inaccurate risk classification has significant financial implications for the potential payments your healthcare organization will receive. Therefore, it is crucial to implement the following strategies to improve the HCC coding performance: ·          Adhere to the M.E.A.T. Criteria The only way to support a diagnosis for a face-to-face visit is via M.E.A.T. Each encounter should be treated as distinct and in accordance with M.E.A.T. criteria wh...