All posts by One Source Medical Billing

Is Your Practice Making a Huge Mistake?

The Costly Impact of Claim Denials on Medical Practices

One of the costliest issues for a medical practice is that of claim denials. They cost the practice revenue by delaying payments. They slow the work efficiency by forcing you and your staff to resubmit old claims in lieu of working on current claims. In general, they add frustration to the already hectic workday.

Even the most conscientious medical billing departments receive claim denials, but by avoiding the most common mistakes, your practice can reduce the denial rate significantly.

Common Errors Leading to Claim Denials

Here are some of the top medical billing errors that lead to claim denials:

  1. Coding is not correct.
  2. Coding is not specific enough.
  3. Patient information is missing.
  4. Patient information is incorrect.
  5. Incorrect use of modifiers.
  6. Claim information is missing.
  7. Claim not filed in time.

How do you avoid these mistakes? One answer is this: You pour over claims with a fine-toothed comb prior to submission and become a coding expert in your spare time.

If that does not sound appealing to you, try using a medical billing company staffed by experts in the field to take the burden off of your staff and streamline the process for your practice. This is a proven method to reduce the number of submissions of incomplete and inaccurate claims that could result in denials, in turn increasing the number of payments you receive.

The Role of Medical Billing Experts in Reducing Claim Denials

Harnessing the experience of dedicated medical billing professionals will accelerate the speed with which your practice receives payments and decrease your rate of denials, improving your practice’s bottom line and saving your sanity along the way. Additionally, it will allow your practice to focus solely on what really matters: the patients.

One Source Medical Billing has the experience and expertise to reduce claim denials to reduce redundancy on the part of you and your staff. Learn more about how your practice will benefit by completing a FREE comprehensive audit with our experts.

5 Ways Outsourcing Your Practice’s Medical Billing Can Increase Profitability

Updated 15/11/2023

Challenges in Modern Physician Practices

Physician practices nationwide feel the burden and frustration of increased regulation, mounting administrative duties, decreased reimbursements, rising costs, and changing payment models.

survey conducted by the MGMA (Medical Group Management Association) in 2019 found that nearly nine in 10 medical practice leaders said that the overall regulatory burden had increased in the past year. Additionally, 76% of physician respondents feel these changes had not improved the quality of care for patients.

MGMA Annual Regulatory Burden Report 2023 shows that healthcare practices are still confronted with an overwhelming number of regulatory hurdles. According to this report, 89% of medical providers find Prior Authorization extremely burdensome because it delays patient care and increases providers’ cost and burden. Submitting documentation manually through fax or a health plan’s proprietary web portal is one of the significant challenges practices face with Prior Authorization.

Impact of Administrative Burdens on Physician Well-being

Many believe that these increased administrative burdens significantly contribute to the soaring rates of physician burnout. As physicians and healthcare leaders question the healthcare landscape’s direction, some practices seek new ways to reduce their administrative burdens and increase profitability.

Impact of Medical Billing Outsourcing on Patient-Centric Care

More and more practices are looking towards outsourcing their medical coding and medical billing as a way to help improve profitability, reduce administrative duties, increase reimbursements, and improve revenue cycle management.

There are a multitude of benefits that outsourcing can bring to a practice, including:

1) Allows for more time spent on patient care – Medical practices that outsource these services are able to spend more time focusing on providing excellent quality care to their patients.
2) Reduces administrative duties – Practices that outsource spend less time handling phone calls regarding claims, pre-authorizations, and communicating with insurance carriers and third-party payers. This time is better spent responding to patients and managing other day-to-day operations.
3) Reduces overhead costs – Practices that outsource their medical billing save on salaries, office supplies, office space, software, and computer equipment.
4) Increases profitability – Medical Practices that outsource revenue services experience a decrease in overhead costs, an increase in more timely submission of medical claims, reduced coding errors, reduced denials, and increased reimbursements.
5) Improves patient satisfaction – One of the most important benefits of outsourcing medical billing is spending more time with patients, which results in better quality care and higher patient satisfaction.

Partnering for Success

If your medical practice is looking for ways to reduce costs and decrease administrative burdens while improving profitability, please get in touch with the experts at One Source Medical Billing. Let our highly trained specialists work for you!

Contact us at 888-624-5563 or [email protected] for a free consultation.

Enough is Enough: It’s Time to Outsource Your Medical Billing

There is no debate about the value of medical billing services like One Source Medical Billing. However many practitioners either haven’t heard of this easy and obvious solution or haven’t bothered to learn anything about it. In these uncertain times, it’s important to be clued up on each and every resource that might increase your revenue and secure your business’s future. There are clear imperatives to outsourcing your medical billing, we’ve included 3 below.

Free Audits can find the holes in your revenue streams

Companies like One Source Medical Billing provide a free comprehensive Audit of your practice when you sign up. This will help identify what is past due and where your revenue streams are failing. This initial audit is key to producing a roadmap and strategy that to take the business forward.

Increase revenue

The audit will identify where you could be losing revenue, which allows us to lay the groundwork to increase your revenue streams. We do this by ensuring the correct billing codes are entered and overdue payments are followed up quickly. Our team of billing and coding experts knows how best to classify your work and is aggressive in their pursuit of your hard earned cash.

Weekly reports provide clear and concise updates

If you already outsource your billing solution but are not receiving weekly reports it might be time to find an alternative solution. Some billing firms, such as One Source Medical Billing, provide up front and reliable weekly status reports. We provide data driven insights to fine tune your revenue streams. This allows you to see exactly where your money is going and what they’ve done for you recently. Many other solutions take your money and fade off into the background without really showing you what they have done. You need a provider that is clear and communicative.

Can You Lose Your License Over Incorrect Medical Billing?

If you read through your copies of First Aid for the USMLE, parceling through all the information you desperately crammed into your brain for the USMLE Step 1 and Step 2, you probably won’t find any information on medical billing. Correct coding or procedures and diagnoses is a large part of any good physician or surgeon’s day, yet represents 0% of the United States medical school curriculum. Whilst that’s not surprising (I mean, who needs to remember the 70,000 odd billing codes provided in the ICD-10), it does overlook how important the entire process is. In fact, in some cases, doing it incorrectly could land you in hot water.

The Crucial Role of Accurate Medical Billing

Medical billing services often tell you the positive changes they bring about in your business – e.g., the improvement in cash flow and a better, more reliable revenue stream that helps you focus on treating patients. After all, you trained as a doctor and not an accountant. However, these services often don’t tell you about another important service they can provide. The industry can provide excellent defense against fraud charges filed against the practice.

The Severity of Misrepresentation

How does this work? Having a poor understanding of how medical billing and coding works could leave you entering incorrect billing codes. This, down the line, may lead to lawsuits. The most recent example was a plastic surgeon in New York who found himself in hot water over incorrect billing. The Board for Professional Medical Conduct is set to hear the case and decide on the doctor’s medical licensing status. Misrepresenting your work — even in situations where this was not intentional, is deemed a severe grievance by the board and should be taken very seriously.

Prevention and Solution

Can you lose your license over medical billing? The answer, unfortunately, is yes. How can you prevent this? Get in touch with reliable medical billing service providers like One Source Medical Billing.

Are You Sure Your Current Billing Solution Is Maximizing Your Profit?

If you’re a physician or a health provider who has worked so hard to attain a certain level in your career and you are still having serious issues with your Medical Billing Provider, then you must have skipped some of my blog posts. The joy of every physician is to enjoy every penny you’ve worked for but after you’ve carefully looked before you leaped into the wrong billing hands. Nobody is above mistakes, but a mistake can be corrected.

How will you know if you’re on the right track? How can you tell if your biller is actively working on your claims? It’s simple…
1. The billing method is fast-tracked from both ends. As silly as it may sound, but to be honest, sometimes, insurance companies and patients don’t always follow through on payments. This is where the medical biller comes in to ensure a smooth flow of claims charged to generate revenue to the physician in question.

2. The medical biller won’t just take up only the billing part, but also maximize profits for you.

3. The medical biller will do a comprehensive audit of your practice.

4. From the audit, the medical biller will develop a roadmap and strategy to work with you to help your practice.
It’s basically simple, challenging and daring to contact a reliable and dependable biller amidst many billers for your business. One Source Medical Billing is one of the most recognized Medical billing agencies with reliable, hardworking and skilled employees handling heavy-duty tasks for physicians across the states. Our mission is to expedite our clients’ reimbursement while delivering excellent service with great communication, so they can be free of financial worries and focus on serving their patients.

You could be losing hundreds of thousands of dollars a year if you entrust in the wrong biller. Let One Source Medical Billing help by doing a FREE comprehensive audit and show you the reality like in our ad.

Medical Billing Profitability in 2019

Medical billing is profitable when a Medical Practice uses the services of an experienced medical billing company, which has over-time continuously trained its people, to oversee the processes of submitting and following up on claims with health insurance companies.

There’s a high tendency that revenue being generated would never be as high as it would be, with in house billing. As a matter of fact, which is statistically proven, over 40% of a physician’s revenue ends up becoming lost due to loopholes and mistakes people make in the medical billing processes.

In times past, we’ve had complaints from various health providers and have come up with the best strategical ways of improving your medical billing profits in 2019. I’m going to be listing few of these tips below:

1. Coding and Billing:

Medical billing is not the same as Medical coding. They are two different things entirely, even though they work hand in hand towards achieving same goals. A medical coder reviews clinical statements and assigns codes while a medical biller processes and follow up on claims. If an office should make the mistake of employing an inexperienced coder or an amateur biller, such medical practice stands a very high risk of losing valuable profits.

2. Insurance Verification:

As simple as it may look, insurance verifications can be so confusing which is why is so paramount to acquire all the identifying information from the patients before a claim is initialized. Prior to this, the billing department will be able to bill the exact payer the first time, thereby preventing delays in compensation.

3. Rapid & Aggressive Follow Up:

Despite the daunting tasks the billing department faces on a daily basis, they still create time to follow up on all the enquiries they receive. Failure to do so might lead to a slight delay in the physician’s income.

4. Verify Real & Exact Payments:

It is important to always cross-check for payments that hasn’t been made yet in order to maintain a 100% efficiency ratio.

5. Dispute Denied Claims:

There’s a possibility that a claim can be voided or unattended to, however, to fast-track these payments, a medical billing department has to follow up on all denials.

You could be losing hundreds of thousands of dollars a year if you entrust in the wrong biller.
Let One Source Medical Billing help by doing a FREE comprehensive audit and show you the reality.

In House Medical Billing vs Outsourcing Medical Billing

Many healthcare providers are now turning to outsourced medical billing. But what are the pros and cons of in house medical billing and outsourcing? Is there really any difference?

Control

Healthcare providers like to have control over every aspect of their business. In house billing can provide providers with this control. It allows you to pick your own staff and run every part of the billing process. This could be a disadvantage to outsourcing medical billing. However, many providers do not completely understand the billing process and hiring their own staff can actually be a disadvantage! These staff may not be the best at what they do, and this can lead to a number of issues including getting caught up in red tape and decreased revenues.

Time

When it comes to your time, outsourced medical billing is the clear winner. Outsourced medical biller like One Source Medical Billing will take control of every aspect of the billing process. Outsourced providers like One Source Medical Billing hire the most experienced staff who are fast and efficient at what they do. In house staff are a lottery pick at best. If you don’t understand the myriad of red tape around the system, it is incredibly difficult to know how well a member of staff will perform.

Jumping the Legal Hoops

In house medical billing is at a significant disadvantage to outsourcing when it comes to mediating the mountains of red tape associated with the billing process. In the past year alone codes have increased more than 3x. That massive increase in complexity is unrelenting and looks set to continue. In house medical billers often find it difficult to keep on top of all this paperwork. However outsourcing medical billing does not always have this problem. Our experienced staff work with multiple clients and bring experience from different healthcare providers.

Patients First

A massive upside to outsourcing medical billing is that you get to focus on the most important thing to your business, the patients. Not having to deal with the hassle of hiring in house staff or chase up non payers means you have more time to do focus on the patient’s. This is the bottom line of any business, and more time spent with patients always equals a better business.

In conclusion, whilst outsourcing your medical billing may relinquish some control, the benefits significantly outweigh the small downsides. As a health care provider, outsourcing means you get more time to focus on the patients and less time spent dealing with irritating legal hoops. You are likely to find your revenue stream is faster and more constant. Overall, outsourcing to medical billers like One Source Medical Billing is the clear answer.

ICD-10 and How it Impacts Your Medical Billing Process

If you’re not an expert on it, it could delay your payments and require painful re-submissions.

The medical billing industry has changed drastically in the past few years. In October 2015, the updated ICD-10 came into effect. The ICD-10 is also used to code and classify mortality data from death certificates. Whilst many improvements in the codification of mortality were made in the ICD-10 over the ICD-9, it also comes with a massive increase in complexity. The update includes a further 50 000 medical DX codes (up to 70 000 from less than 20 000). Doctors and billers need to be far more precise with their diagnostic codes in the update. On top of this, the estimated time to code 1 patient has increased 69% with ICD-10 (because of this increased complexity). This means that in house billers need to work faster to achieve the same results.

The issue is that this increased in complexity makes the process far harder to follow. The ICD-10 is draped in fresh red tape and unless you are an expert, it could delay payments and require painful resubmissions. Outsourcing your medical billing to One Source Medical Billing can alleviate this stress. With us, you know you are getting experienced staff with years of experience and multiple clients. They are experts at mediating the highly complex ICD-10 to decrease resubmissions and delayed payments.

ICD-10 has profoundly impacted the medical billing community by increasing complexity. This has caused in house billing to suffer a number of issues. Errors in coding have gone up and time to code has also increased. Overall this has caused decreased revenues and increased payment times for many healthcare providers. Switching to an outsourced solution can fix these issues. Our team of experts are fast and make fewer mistakes. Get in touch with our professionals for a quote now.

Our Expertise and Knowledge of Constantly Changing Guidelines

Our expertise and knowledge of constantly changing guidelines and insurance submission, help you get paid faster, minimize re-submissions, boost revenues, and decrease labor costs.

In the past few years, the red tape and guidelines surrounding the medical billing industry has increased exponentially. In 2015, the ICD-10 was updated to include a further 50 000 medical DX codes. This complexity makes in-house medical billing increasingly difficult. Many of our clients complain that when they were using an in-house solution, resubmissions were common and insurance submission mistakes plentiful. All of this influences one thing – your revenue stream. Mistakes and resubmissions equal longer payment times and a troubling cash flow.

Outsourcing your medical billing can provide a quick and easy solution to this issue. Our experts work with multiple different clients and have a wealth of experience with changing guidelines. This means they are excellent at payment submission and follow up with non-payers aggressively. Their mistake free, hard work can drastically improve payment times for you. This results in improved revenue, allowing you to spend more time on the important parts of your business and stop worrying about medical billing.

On top of this, outsourcing means you don’t have to worry about hiring and firing in-house medical billers. Knowing which staff are experienced enough to understand the guidelines when you yourself do not. It is not an easy job and many healthcare providers find that their in-house billing department is slow and inefficient. At One Source Medical Billing, all we do is medical billing and our employees are experts at navigating the red tape. On top of this, Labor costs are significantly reduced with an outsourced solution. You need not worry about pay raises, insurance, and benefits for staff. Instead, you get an expert team of billers whose only goal is to improve your revenue stream.

If you find the changing guidelines troubling, or simply want to decrease payment times and increased revenue get in contact with us now to speak with an advisor. Our team knows the red tape inside out, and could drastically improve your payment times. An outsourced solution can also save you a ton of money in labor costs.

How Outsourcing the Medical Billing Benefits the Doctor / Practice

How can outsourcing your medical billing improve your practice?

Billing might seem, the last of your priorities, but can take up a significant amount of time and effort. The new ICD-10 has significantly increased the number of hoops medical billers need to jump through. Outsourcing your medical billing can remove this stress and put your patients back into focus.

Experts Can Provide Clearer Instructions

Under the New ICD-10 regulations, Doctors should have some awareness of medical coding. This can be difficult to facilitate with an in-house billing solution as your staff is so busy dealing with the new codes. At OneSourceMedicalBilling.com we can provide simple and clear instructions, that will help you with the billing procedure.

More Time For Patients

Every practice has one central role, to help patients.
Being snowed under with medical billing resubmissions and errors can really hinder this key goal. One can lose sight of the original reason, we practice health care in the first place.
An outsourced solution helps practitioners get back to what’s important, and not focus on medical billing at every step of the patient’s treatments. This facilitation works seamlessly, and OneSourceMedicalBilling.com will provide support and guidance at every step of the billing process.

Less Hassle/Less Stress

Many of our clients complain that practice management can spend days worrying about revenue streams caused by resubmissions and non payers. A slow revenue stream can really impact a small practice and the stress can be a real time waster. Outsourcing to OneSourceMedicalBilling.com eliminates this stress. We are aggressive at following up on non payers, where we can significantly increase your payment turn times. This puts you at ease, knowing experts are in control of your revenue stream.

In conclusion, there are three main ways that outsourcing your medical billing can significantly improve your practice. Number one, our experts can provide your Doctors with clear advice on mortality and death submissions, significantly decreased submission errors. Number two, you have more time for patients and can stop focusing on billing.

Number three, the management can stop stressing about non payers and slow revenue streams! In all, outsourcing has many many benefits and these are just three!

Contact us today for a quote today.