Medical billing services come as a welcome respite to health care practices that are already juggling time and resources. They take over the tedious job of claim filing and associated managerial jobs from the health care provider and increase their revenue. Medical billing services are quickly becoming the industry standard because of the numerous advantages they offer.

Medical billing services offer both accurate claim filing and full practice management solutions. Generally, companies that are either home-based or are small scale only offer simple billing services. Larger practice management companies offer complete packages that deliver long-term improvements for the medical practice or hospitals. These services can offer everything from advertising to setting up appointments, and much more.

Depending on your practice's needs you can hire a medical billing provider who offers suitable services. The services are broadly categorized into standard billing services, extended billing services and practice management services.

Standard billing services

Standard billing services are the least any medical billing provider offers. These include:

Claim submissions: Medical billers have software to submit claims. The patient data, encounter data, and insurance particulars are stored in a database accessed by software that is programmed to verify the claim for accuracy. Accurate claims bring down odds of claim being turned down by the health insurance. The validated claim is submitted electronically in less than a day.

Regular follow-up of claims: This is where medical billing providers show why hiring them was the better choice. They aggressively follow up on claims till they are paid. The medical practice is benefited by this plan by getting more claims approved in a short time.

Logical reporting: Medical billing services provide critical information in monthly reports. The reports can help business heads of the healthcare practice take steps to boost the growth, efficiency and cost-savings.

Patient billing and answering inquiries: Medical billing services take care of the logistics of the billing function, and handle queries at the reception.

Extended billing services

Extended billing services take on duties that are not directly linked to the invoicing process. Some of these are:

Diagnosis and procedure coding: Billing providers carry out the medical coding for the patient record before it is fed into the medical billing software.

Medical transcription: Medical transcription is done before the medical coding stage. Lots of medical billing providers offer transcription as part of the deal.

Credentialing insurance agencies: Credentialing services are a real help to new medical practices. Medical billing providers evaluate the license, integrity, track record and performance history of insurance agencies, and initiate a relationship with them.

Practice management services

Practice management services offer comprehensive services that completely revamp the health care office's organizational practices. Services include:

Financial services: Financial services begin with claims filing, submission, and follow-up and progress to accounting, tax preparation, budgeting, accounts payable and more.

Getting the best deal in agreements: Medical billing providers have the necessary know-how to effectively negotiate with health facilities and managed care representatives. Medical providers get the best deal by leaving this task to billing service provider.

Human resource services: Healthcare practices can outsource human resource functions such as payroll management, staffing, incentive schemes, and staff agreements to medical billing providers.

Medical billing services enable medical practitioners to improve the quality of patient care without worrying about piling bad debt and hence reduced cash flow. Medical billers relieve practitioners of the onerous organizational jobs related to insurance claims and revenue management and promise higher collections, higher productivity and increase in quality of service.