The ins and outs of medical billing and collections are constantly in flux. Billing and coding and EMRs (electronic medical records) are changing regularly, becoming more and more complex.
It used to be good business for doctors to employ a medical billing specialist full-time to handle office receivables, but this is becoming a bigger and ever-changing responsibility. As the number of independent practices dwindles and overhead costs skyrocket, maximizing billing revenue and minimizing payment times can make all the difference in cash flow – and even profits.
Below are some FAQs (frequently asked questions) about outsourcing medical billing and collections to the experts:
How do you ensure accuracy in billing coding?
ProMD has a high “first pass” rate for claim submission, because we use internal performance monitoring to ensure proper coding and high accuracy. This helps to increase our clients’ revenue by an average of 20 percent.
What is claims scrubbing?
Claims scrubbing is a method of reviewing the accuracy and consistency of claims prior to submission. This can be automated through sophisticated software.
Our claims are reviewed for selected CPT, ICD-10, HCPCS, and use of modifiers as per-payer guidelines. This helps to minimize denials by submitting clean claims at initial pass.
Will you handle patient statements?
Yes, ProMD sends patient statements monthly, with advice to patients with past-due balances.
Do you manage remittances?
Yes. With dedicated staff that promptly post patient payments, your receivables reports will always be accurate.
Accounts payable tasks often require significant time spent by an in-office resource. If the employee has other responsibilities, posting payments can be delayed or entered inaccurately.
With ProMD, you always know the current status of receivables.
Will patients call you with billing questions?
Yes. ProMD offers complete revenue cycle management. With your staff freed up from handling patient phone calls pertaining to billing, employees will be better able to care for the patients in your office.
Our clients find that patient satisfaction increases through the focus and attention they now receive from physicians and support staff. The staff no longer must tend to the details of billing and finances.
How much do you charge for billing and collections services?
Unlike having a dedicated, in-house employee, ProMD charges only based on what we collect. With variable fees, a practice saves money when business is slow. Plus, the increase in revenue we help the practice to achieve always exceeds any fees charged.
How do you handle delinquent accounts?
ProMD sends statements monthly and calls patients with past-due balances.
What happens if the practice is audited?
ProMD maintains spotless, accurate records that are always available in case your practice is audited.
How is my financial information protected?
All accounts-receivable information is backed up daily, and it is sent to an off-site facility that is secure from disaster and theft.
Professional Practice Management for Doctors’ Offices
Curious about outsourcing these responsibilities to an expert team who knows what they’re doing? ProMD offers billing services, auditing, and more.
ProMD Practice Management has helped medical practices increase revenues and improve operations since 2004. Unlike other third-party medical billing services, ProMD approaches billing from an operations perspective. Patients experience better care, and practices are more profitable when physicians aren’t also juggling the responsibilities of managing a business.