Medical billing is an essential part of the healthcare industry that helps to maintain the revenue cycle. As per the definition, “It refers to a payment practice made by physicians to submit and follow up claims with insurance companies, to make sure that payment for services given is received on time.”
The Traditional method of billing was based on paper; where a biller had to fill up details, submit claim and make reports on paper. This led to a lot of mistakes. But today methods have been changed, technology has taken over and the traditional paper work has been vanished or is very minor. These days Medical Billing-Softwares are being used which is effective and efficient in submitting claims and receiving payment.
Let us look over why medical billing is so important and How Does Medical Biller Avoid Common Medical Billing Errors. It’s the medical biller’s job to negotiate and arrange for payment between the three parties i.e. first party-the patient, second party-the health care provider and third and final party is the insurance company, or payer. Medical biller ensures that the healthcare provider gets paid for their services by billing both patients and payers. Elaborating of their responsibility a little more:
They act as a bridge between Healthcare provider and the insurance company–
Medical Billers are responsible for preparing the invoice (called as a claim), stating complete details about the report they received from the Medical coder. They check every minute detail before sending it to the insurance company to make sure the company pays it all. As it is said that the company may pay it full or pay it half or sometimes it may completely deny the claim. This fear of denial makes them more conscious, as loss of revenue is unbearable.
Maintains financial health of health service provider–
Well a medical biller is known for submission of claims, but they do a lot more than we expect them to do! Apart from making sure you receive the payment of your claim, they stay in touch with the health expert on a regular basis to obtain additional information about diagnosis and treatments for better understanding of the concerns of both sides.
How does medical software come at aid?
There are many softwares as mentioned earlier like ICD Expert for Hospitals Online which help reduce the risk of errors, and ensure better reimbursement. It also reduces complexity and people can easily rely on them. Condingmaterials.com is an online marketplace that has all medical coding, billing & reimbursement books, ebooks, softwares and other resources at highly discounted prices.