Here’s a fact: hundreds of millions of claims are denied by insurance companies in the US every year, amounting to billions of dollars. If you don’t have an efficient medical billing claims system, just imagine how much money your medical institution or healthcare organization is losing. Perhaps it’s time to review those rejected claims, get paid for them, and ensure that rejections are avoided in the future.
Steps in Proper Medical Billings and Claims
As much as healthcare should be a right, hospitals and healthcare practitioners still need money in order to do provide services. How do you ensure that your practice or billing company stays alive? Take note of the important steps when processing medical billing claims.
After servicing the patient, your hospital or clinic submits the claims to the insurance company. There are hundreds of insurance providers in the United States alone and the medical codes can be confusing, but you have to be meticulous because a single typo or wrong letter can cause a claim to be denied. After you submit the insurance claim, the insurance providers will process it according to the plan of the patient. Then they will reject or accept it.
In the event that the claim is denied, the first step would be to identify the reason for the denial. Common reasons for denied claims include incomplete information, coding errors and omissions, lack of prior approval, co-pay etc. By following up on patients and correcting claims, resubmitted claims can be approved to prevent aging claims.
Many of the most successful healthcare institutions and practitioners in the world have hired offshore medical billing companies to handle the insurance claims. By outsourcing your medical billing, you can save time, money, and energy. It will also ensure fast cash flow and shorter claim submission turnaround. One of the finest medical billing companies in India has over 16 years of experience, and they provide end to end medical billing services such as denial management, patient registration, AR follow up, and physician credentialing, among other services.