Enough is Enough: It’s Time to Outsource Your Medical Billing
Posted on May 3rd, 2019 / Under Uncategorized / With No Comments
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.
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.Read More...
Can You Lose Your License Over Medical Billing?
Posted on April 1st, 2019 / Under Uncategorized / With No Comments
If you read through your copies of First Aid for the USMLE, parcelling 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 surgeons 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.
Medical billing services often tell you the positive changes they bring about in your business – eg 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 to you. The industry can provide excellent defense against fraud charges filed against the practice.
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 of this 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 doctors medical licensing status. Misrepresenting the work you have done – even in situations where this was not intentional – is deemed a serious misgrievance by the board and should be taken very seriously.
Can you lose your license over medical billing? The answer, unfortunately, is yes. How can you prevent this? Medical billing services like One Source Medical Billing.Read More...
Are You Sure Your Current Billing Solution Is Maximizing Your Profit?
Posted on February 4th, 2019 / Under Uncategorized / With No Comments
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.Read More...
Medical Billing Profitability in 2019
Posted on January 3rd, 2019 / Under Uncategorized / With No Comments
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
Posted on May 16th, 2017 / Under Uncategorized / With No Comments
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?
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.
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.
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.Read More...
ICD-10 and How it Impacts Your Medical Billing Process
Posted on March 11th, 2017 / Under Uncategorized / With No Comments
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.Read More...
Our Expertise and Knowledge of Constantly Changing Guidelines
Posted on February 6th, 2017 / Under Uncategorized / With No Comments
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.Read More...
How Outsourcing the Medical Billing Benefits the Doctor / Practice
Posted on January 18th, 2017 / Under Latest News / With No Comments
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.Read More...
Is Outsourcing Your Medical Billing Right For You?
Posted on January 5th, 2017 / Under Latest News / With No Comments
Many healthcare providers find medical billing, a simple and efficient way to decrease stress and increased revenue. If you have any of the problems below – outsourcing your medical billing may just be the solution to your in-house woes.
Confusing Red Tape
Have you ever found your in-house medical billing service tripping over themselves to understand the increasingly complex rules and regulations surrounding the industry? You aren’t alone. Hundreds of in-house medical billers struggle to keep up to date with the latest regulation. Take the recent update to ICD-10 as an example. Billing DX codes went from around 15 000 to a whopping 70 000. That’s a huge increase in complexity that only trained professionals with years of experience can understand. Incorrect codes can slow payments and decrease your revenue stream. Outsourced medical billing with www.OneSourceMedicalBilling.com doesn’t have this problem. Our experts work with multiple clients and take experiences from a multitude of practices, allowing them to have a detailed understanding of the system and its changes.
Loss of Focus
Many clients tell us they spend so much time worrying about collecting revenue that they often forget the most important issue, treating patients. Having to organize in-house medical billing can be a challenge at the best of times. It can take away from the most important part of your businesses focus – the patients and their care. If this sounds like something you struggle with, outsourcing your medical billing could be the solution. Our team of experts takes care of every facet of the billing process, letting you focus on what’s important.
Billing carriers is a cumbersome process and errors can occur at many points in the process. Do you often find that there are errors in your payment posting that delay cash coming into your business? Many in-house providers are tripped up by the claims system and do not follow up aggressively. This can massively slow down payment time and down the line could result in cash flow issues. An outsourced service solves this. We know the system inside out and are excellent at payment posting. We also aggressively follow up all claims ensuring you get paid as fast as possible. Our one job is to keep your revenue stream flowing and ensure you get paid, as soon as possible. If slow payments are an issue for your business, medical outsourcing might be the solution for you.
Above are a few examples of the issues in-house billers face, and why outsourcing might be the solution that resolves these issues. If these sound like issues you face, contact us now.Read More...
Is Medical Billing And Coding Worth It?
Introduction As a healthcare institution, you may wonder if outsourcing medical billing and coding services is worth the investment. In today's ev...Read More...
Physicians Billing Solutions: Streamlining Healthcare Finances
Introduction: Physicians' billing solutions are the backbone of any successful healthcare custom. As an expert in healthcare finances, I'm here to...Read More...
AI Medical Coding: How Artificial Intelligence is Revolutionizing the Healthcare Industry
Introduction: Medical coding is a critical component of the healthcare industry. It involves translating medical diagnoses, procedures, and treatm...Read More...
Medical Billing and Coding Guidelines You Need To Know in 2023
As a doctor or hospital professional, you understand the importance of providing high-quality healthcare to your patients. However, did you know that...Read More...
Medical Billing for Clinics/Doctors doing COVID-19 Testing / Rapid & PCR
Covid-19 tests are some of the most important tests to be run in the last year. Testing processes have been implemented and improved upon as quickly a...Read More...