Medical Billing And Consulting Services
Get Paid Fast and Stay Compliant With Our Medical Billing Experts
At MIU Medical Billing, we specialize in taking these administrative burdens off your plate. Our medical billing experts thrives on tackling the intricacies of accurate coding, smooth claim submissions, rejection resolution, successful appeals, and timely payments so you can get back to patient care with peace of mind.
What is Medical Billing And Consulting Services?
- Verifying patient insurance eligibility and coverage details
- Assigning appropriate medical codes for diagnosis and procedures
- Completing claim forms accurately with all required details
- Submitting claims electronically or by mail to insurance companies
- Following up on pending, rejected, or denied claims
- Appealing improperly denied claims
- Collecting patient payments like copays and deductibles
Medical billing and consulting services provide expert assistance with the billing process to ensure healthcare providers maximize earned reimbursements. Professional billing services take care of: Claim submission while complying with payer policies, claims tracking and any necessary denial appeals, accounts receivable follow-up and patient collections, medical billing reports, and revenue cycle analytics.
Revenue Cycle Management Process in Medical billing
- Verifying patient insurance eligibility upfront to prevent claim rejections
- Coding procedures accurately to ensure proper reimbursement amounts
- Submitting error-free claims to payers to expedite processing
- Following up rigorously on all pending, rejected, or denied claims
- Appealing any improperly denied claims to regain lost revenue
- Analyzing revenue cycle KPIs to continuously improve our RCM approach
Importance of Medical Billing In Healthcare Revenue Cycle
As a healthcare provider, you devote your days to delivering quality care for your patients. However, receiving timely and accurate insurance reimbursements is essential to your practice’s financial viability. This makes medical billing services a critical backbone of your revenue cycle.
Without diligent medical billing, claim errors and denials can abound, revenues may leak, and your accounts receivable will build up – compromising cash flow. Delays in payments also impact your ability to cover overhead costs and staff payroll.
That’s why efficient medical billing management is a lifeline for the financial well-being of your practice. Here are some top reasons it’s so vital
- Prevents Lost Revenue – Incorrect coding and missed deadlines lead to denied claims and missed reimbursements. Good billing maximizes your earned revenue.
- Improves Cash Flow – Getting claims paid faster means you have the cash to cover expenses and bills without taking loans or credit.
- Reduces Costs – With staff focused on core duties, you avoid the high overhead of in-house medical billing staff and systems.
- Enables Growth – With optimized revenue and cash flow, you can expand services, hire staff, and invest back in the practice.
