If your practice is considering a partnership with a medical billing company, now is the time. Here you will learn 5 Reasons to Choose Zee Medical Billing as your Billing Partner. All over the world, healthcare providers are trying to strike the ideal balance between providing patients with high-quality care and maximizing their profits. Focusing too much on one direction without adequate resources causes the other to fail.
While providing quality healthcare and developing relationships with your patients should be your top priorities, there is much more to running a private practice than just healthcare. Medical billing, coding, claims management, and insurance follow-up is important administrative and financial tasks for your practice, and this is where you will need an experienced billing partner.
You may think you are on top of everything and don’t need a billing partner, citing reasons such as extra costs and so on, but that is not the case. Many private practices can benefit from a medical billing partner at the very least because it allows their staff to focus on patient care rather than the administrative burden of running the practice. A happy and not overworked staff means happy patients which contributes to an increase in patient retention. Everything works itself out when a burden of billing is removed from your staff and placed in the hands of professionals such as Zee Medical Billing.
Do you need a medical billing partner?
A medical billing company can help you in achieving balance. While medical billing company experts optimize your revenue cycle, your practice will be able to focus more heavily on the quality of patient care. If you are finding the idea of medical billing partner difficult to accept, then an introspection of your practice may help you make the right decision. This can help you identify red flags in your billing system and gain a better understanding of how well your practice is performing. And whether an experienced billing partner, such as Zee Medical Billing, can add value to the process by ensuring you are paid for your efforts.
One of the most important things to consider during your introspection is how efficient or quick your practice’s billing process is. Furthermore, you must understand what is slowing down patient payments; is it because they were unaware that they did not have insurance eligibility? If that’s the case, why didn’t your staff verify insurance eligibility before the appointment? This could have saved everyone time, and the patient could have been informed ahead of time if they needed to pay at the time of the visit, allowing them to come prepared.
Similarly, the payer may not reimburse your practice for some of the procedures as they aren’t covered by the patient’s plan. This lack of reimbursement may end up costing your practice significantly, and it is something that you would want to avoid. Your staff should do prior authorization on patients to know clearly what will be and will not be covered to avoid such problems later.
Furthermore, you must verify the accuracy of all claims submitted. This includes not only the accuracy of medical codes and clinical notes, which are essential but also the accuracy of the patient’s demographic information. Frequently, a claim would be submitted to the payer with the correct set of codes but the incorrect insurance information, for example. Alternatively, your staff may have mixed up the payers, resulting in the claim being sent to the incorrect insurance payer.
When this happens, a claim is denied. This denial is not free and can cost up to $45. Denials can occur as a result of a mistake made by your staff when preparing and submitting the claim, or as a result of a mistake made by the payer. If the latter is the case, it is critical to contest the denial and resolve the issue without making any payments or wasting time on a new claim. Your staff must identify and resolve the issue that has resulted in the denial.
If your introspection reveals that your practice is losing money due to the costs of training your staff while experiencing an increase in AR days, delayed payments, and denials, it may be worth considering partnering up with medical billing partners such as Zee Medical Billing.
What to look for when choosing a medical billing partner
A medical billing partner’s main goal is to increase your revenue, and when you hire them to do so, you must ensure that is what you are getting. While they are intended to relieve your stress, particularly about financial and administrative tasks, it may take some time for everything to click, and you will still need to stay on top of everything.
Before partnering with a medical billing service, you have to look for a few things to avoid having to change services or being stuck with a service that doesn’t serve your purpose. The first and foremost thing your billing partner should do is provide data security and complete HIPAA compliance. Any medical billing partner you choose must ensure that the sensitive data that is shared with them, such as patient information and medical information is not shared with unauthorized personnel and is not prone to a data leak. If the service seems to not put much effort into the security of the data, then they may not be the best to partner up with.
Your medical billing partner should not protect your data with a stringent policy that makes it almost impossible for you to access your data. This may seem like it wouldn’t ever happen but it happens frequently enough that it has to be mentioned here. This problem usually arises because the software the billing service is using for claims management and reimbursement is different than your practice’s electronic medical records software, and these two may not be compatible with each other. Due to this, there is limited accessibility to patient information from your patient record software.
Your medical billing partner should also provide training programs for your employees on how to use their software and improve its functionality. This is one way to save money because you don’t have to pay hefty prices to train your staff to handle everything. Instead, have the medical billing partner provide all relevant training on all process-specific aspects that your staff will have to deal with.
Overall, the partnering service aims to provide you with ease of access while also focusing on increasing practice revenue. They should collaborate with you to improve your practice’s reimbursements and free up your time for patient care and engagement.
5 Reasons to Choose Zee Medical Billing
Zee Medical Billing offers medical billing services to practices of all sizes. Medical billing, medical coding, chart audit, credentialing, eligibility, benefits verification, and pre-authorization services are examples of end-to-end services. Zee Medical Billing believes in giving you more than enough help and support in managing your revenue cycle. The entire process is managed by experts at the top of their fields who use cutting-edge technology to make your billing and claims management process as efficient and simple as possible.
Below are 5 ways Zee Medical Billing company can help grow your practice.
The Health Insurance Portability and Accountability Act (HIPAA) is focused on data protection and security. This law was introduced to prevent sensitive patient information from being lost or misused. You must ensure that the company you hire to handle your medical billing is HIPAA compliant.
Zee Medical Billing safeguards your patients’ data and strictly adheres to HIPAA regulations. The data is securely stored so that there is little to no risk of a leak. Furthermore, the data is stored on robust cloud-based electronic medical records (EMR) software, and data can be accessed securely from an online encrypted server rather than an offline installation.
Payments Reconciliation and Posting Services
You may receive payments after submitting a claim, but you are never dealing with a single claim. Insurance will make multiple payments, just as it sends multiple claims to payers. Data must be reconciled so that the amount paid matches an outstanding invoice or claim. This ensures that the correct amount is paid and that no invoices are missed. It is not an easy task, but Zee Medical Billing can handle it for you with all of its expertise and technology. This simplifies the reconciliation process, resulting in immediate system updates with no errors.
Zee Medical Billing helps better manage AR days, aiming to reduce the time between billing and reimbursement or payments. This is one of the main determinants of a successfully managed revenue cycle, and it refers to the days it takes for your service to get paid. If the accounts receivable days or AR days are between 90 to 120 days, then your practice is struggling and needs help.
Certified professional coders scrub claims before sending them to payors in good medical billing services. This results in faster claim processing, fewer rejections, and a decrease in outstanding AR days of less than 30 days. Reducing outstanding AR days will always result in more consistent and predictable cash flow.
Training and the technological advancement and services
A great medical billing company will constantly improve its use of technology and upgrade the services it offers to help you solve your industry’s ever-emerging challenges. An online patient payment portal to assist your practice in overcoming the high number of high deductible health plans, or a self-service knowledge hub to assist your practice in finding answers to common questions on the go, are two examples of these services.
Zee Medical Billing automates your revenue cycle process to facilitate better results, or in other words, increase revenue and profits through process automation. This includes using technology and impressive software programs that you or your staff may not be equipped to handle. However, the service doesn’t leave you to fend off for yourself, but rather provides training programs for your staff to learn to operate the updated software and function better, operationally.
Eligibility and Benefits Verification
Zee Medical Billing verifies insurance plans and checks patient eligibility to ensure that the patient is covered by their current insurance plan. This means that once the patient’s insurance eligibility is determined, there is a clear path from the appointment to reimbursement. If the patient does not, Zee Medical Billing will notify the practice in advance so that the patient is well informed and prepared for the appointment.
With Zee Medical Billing as your reliable billing partner, you can be confident that your practice is in capable hands, with all the expertise needed to mitigate financial and medical billing issues, increase cash flow, and protect sensitive medical data.
Get a free no-sting attached billing services quote from ZEE Medical Billing for your practice.