If you are a physician, you probably trust your staff to take care of the appointments and billing. That’s important so that you can concentrate on your practice. However, it’s good to understand the basics. In fact, it’s vitally important to understand if your medical billing in Aurora is maximizing your revenue without adding too much to your overhead.
Medical Billing Basics
Medical billing as a payment system was formalized as a way to standardize the claims process in the U.S. health system. During this process, you, as a healthcare provider, submit claims with health insurers and follow up until you receive payment. Insurance companies will try their best to minimize the payments you receive to keep their costs down.
Medical coding is a specialized field used to track all this back and forth communication for the treatments and procedures performed for your patients. It can be very expensive to hire medical coders with the right skill set and qualities to stay on top of your open claims.
Understanding the Process
After the patient has been checked in, you need a knowledgeable coder who knows your business. They need to be able to deal with your patients while translating the treatments and medical services into the proper codes acknowledged by each insurance company. The coding is done electronically in most cases, but may sometimes need to be submitted on paper.
During a claim submission, the insurance company receives the claim. You then receive reimbursement for the services you provided. During the final settlement for medical billing in Aurora, the balance, if any, is settled with the patient. However, coinsurance copays and deductibles all must be considered. Since the patient must pay out-of-pocket whatever the insurance company doesn’t pay, it’s important that the appropriate codes are used from the beginning. Otherwise, you can lose patients due to staff errors and aggravation.
Things to Consider
Maybe it’s time to consider a service for medical billing in Aurora that is founded by medical professionals. Using a service takes the pain out of finding and keeping qualified staff that can help you navigate the claims process without taking away from the clients to whom you’ve dedicated your professional life.
Dynamic Physician Billing Solutions acts as an extension of each client’s office and is committed to increase revenue and reducing overhead. They do this by understanding that the claims process determines the profitability of a medical professional’s business. Founded by a physician, Dynamic Physician Billing Solutions provides an insider’s understanding of the inner workings of the medical billing process.