Medical billing is the process of controlling revenue for healthcare providers. It involves submitting claims to insurance companies, following up on denied claims, and overseeing the entire billing cycle.
Our reliable medical billing service will thoroughly scrub your claims to reduce errors that could cause denials and rejections. Doing so can increase FPAR (Functional Product Activation Reporting) and minimize payment delays.
Practice Management Software
Shark Medical Billing Company’s Practice Management Software offers many features to make running your practice more efficient. These capabilities can simplify many administrative tasks and billing procedures for medical practices.
Practice management software can make scheduling appointments simpler for doctors. It will automatically generate patient eligibility lists, confirm appointments and send reminders to patients – helping ensure that patients get the care they require and stay on top of their medical bills.
Reliable practice management software should offer patients a secure environment to store their health information, decreasing the potential risk of fraudulence. Furthermore, retrieving this data in case of loss will be easy.
Another essential feature of quality practice management software is the capacity to integrate with an electronic health record (EMR) system. This facilitates linking patients’ medical records with the EMR and improving insurance claim accuracy.
Selecting the ideal practice management software can be a complex decision, so select one that meets your individual requirements. It should be capable of handling any unique demands your practice may have and be configured and scaled to accommodate new or expanding operations.
The software should also incorporate tools to improve billing accuracy and minimize errors. These could include ICD-10 coding systems or claim scrubbing tools, which guarantee all claims are submitted accurately and reimbursed promptly.
These tools can save time and money by ensuring all claims are filed accurately and quickly. Furthermore, they reduce the number of denials and boost reimbursements.
Reliable practice management software should offer reports to provide valuable insight into your business operations. These reports can demonstrate how well your practice is performing compared to others and suggest ways of improving financial health.
HIPAA Compliance
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) sets standards to safeguard sensitive patient information. Organizations dealing with healthcare data should abide by these rules for optimal protection of PHI (Protected Health Information).
The HIPAA regulations contain a series of steps that must be taken to guarantee compliance with laws and regulations. Companies, for instance, should create remediation plans that pinpoint areas where there are issues. These documents should then be regularly reviewed and updated as needed.
HIPAA requires that employees receive appropriate training on policies and procedures related to the law. This instruction should be provided by a company’s compliance officer and documented for future reference.
For instance, the company must educate all staff on policies and procedures regarding handling protected health information and ePHI (Electronic Personal Health Information). This training should be done annually with documentation of attendance.
Additionally, all individuals handling PHI must receive written notice of a data breach no later than 60 days after it is discovered. This notification must include an overview of what happened and the steps to mitigate further harm.
Finally, HIPAA compliance is essential for any medical billing company that deals with sensitive health data. This ensures patients can share their billing information with doctors without fear of it being leaked or accessed by third parties.
HIPAA laws not only safeguard PHI’s integrity but also encourage patients to maintain openness with their physicians by guaranteeing them access to a copy of their own medical records. This allows them to make more informed health care and well-being decisions.
The HIPAA Privacy Rule outlines patient rights to access their own protected health information (PHI), request corrections, and request copies of records. This regulation applies to covered entities such as healthcare providers, health plans, and clearinghouses for these services.
Similarly, the Security Rule specifies technical measures to keep PHI secure and confidential. This includes employing encryption technology when transmitting electronic PHI and installing firewalls on systems storing or maintaining electronic health information.
Claims Scrubbing
Receiving payment for medical services is integral to running a practice, yet it can be intimidating for healthcare providers to manage. Many insurance companies deny claims that don’t meet their rules or requirements.
Healthcare providers can reduce denials by investing in Claims Scrubbing services. This practice enhances payer-patient relations, guarantees that claims are filed accurately, and adheres to HIPAA regulations.
Manually checking all of your medical claims for errors can be tedious and time-consuming, but automated computer programs exist that do the work for you.
This means you’ll spend less time on this tedious task and more time providing quality care to patients.
A reliable claim scrubbing service will scan your claims for missing or incorrect CPT codes and other mistakes, helping ensure that your claims are accepted by insurance companies quickly and easily. With these services, you can receive payment more quickly for the services provided.
Additionally, this process will free up your front-office staff’s time and enhance patient-provider relationships. This means they can spend more quality time with patients while decreasing the hours necessary to make ends meet.
Utilizing these tools is an efficient way to reduce administrative expenses and boost revenue for your practice. These systems are provided through third-party medical billing companies, saving your team time by guaranteeing all medical claims are submitted promptly to insurers.
These systems will also automatically verify your claims for missing information, including insurance company contact info. This enables your team to focus on connecting with patients while saving money on paper-based billing fees and administrative costs.
In addition to scrubing, medical billing companies can also assist your practice with optimizing the revenue cycle management (RCM) process. This means submitting claims daily so they’re paid quickly. Avoiding payment delays that cause practices to lose money and hinder quality care delivery for patients.
Automated Billing
Automated billing systems handle the entire billing process, from creating invoices to collecting payments with minimal manual input. They’re designed to make the billing process faster and less error-prone, saving time and resources.
Automating your medical billing can make your industry more scalable and competitive. A suitable system will permit you to test different pricing plans, addons, and offers that customers desire. Furthermore, it will offer detailed reports so you always know the current state of your business.
Compliance with GAAP-specific ASC 606 standards and HIPAA regulations is easier too since accurate real-time data is essential for remaining relevant in today’s subscription business landscape.
The ideal automated billing software will keep track of your revenue and deliver real-time reports. Furthermore, it allows you to manage your billing workflow from any location with patient information access.
With an efficient and automated billing process, you can focus more on providing your patients with excellent health services. Furthermore, having more time to address billing issues before they worsen can save you a lot of headaches in the long run.
Furthermore, you can enhance patient satisfaction by offering them a convenient way to pay their bills. According to a recent survey, 74% of millennials said they would prefer medical practices that allow mobile smartphone payments.
Our Shark Services is an excellent way to reduce administrative work and free up more time for patient care. But it’s essential that you find the right one for your practice.
Some automated billing solutions come pre-made, while others need custom development. You can integrate features from an existing EHR or billing solution like NuMD, TherapyNotes, or Praxis or create your own software from scratch.
The ideal automated medical billing software will automatically generate invoices, accept payment, and manage approvals and provisioning for you. Furthermore, it should provide round-the-clock support so that your system runs optimally.
