by Dr. Dipak Nandi, MD
Dynamic processes will be determining the future of medical billing. The key to any service provider in healthcare revenue cycle that is looking to make fast inroads in the competitive scenario will be to implement sound measures and well-connected platforms that accelerate medical claims submission practices of a provider.
As a healthcare practice, it is indispensable today to have robust operational best practices helping in faster reimbursements will claims. Also, helping providers with an end to end practice management support with quality eligibility verification and authorization will help them save millions in the longer run.
Reducing time is critical and ensuring result driven checks and balances with customized prior authorization is a must have for any practice. A medical billing company has to provide convincing solutions in authorization and verification that will help their clients with a streamlined insurance claims process.
Customization is the buzzword today and a specialized billing company should be working as a perfect operational extension. The idea should be to enable a provider to improve their patient care with better financial returns and excellent account management methods.
In fact, a provider today will be looking for a comprehensive support plan with aging as well as current accounts. The timely filing of the claims, better handling of rejections, ensuring collections and finally reducing the accounts receivable (AR) days will be the top priority.
A billing company has to enhance the transparency of the claims with quality medical coding and billing. They should have a competitive team of billers and coders that understand the immediate requirements of respective payers. In fact, a disciplined assessment of the claims adjudication needs of a payer will be helping a medical billing company induce proper measures reducing process loopholes of a provider in the longer run.
Improving on accounts payable will need fast, connected processes that share information in a secure manner and reduce turn around time (TAT) considerably. It is true that the competition is immense and medical billing companies must have flexibility in their processes and their engagement model to give a clear picture of how they will be able to challenge the conventions with tailor made revenue cycle management solutions.
To conclude, references, case studies, unique partnership approach will be vital for any billing company to make a mark. Finally, it will be the cost effective model and how they will help a provider reduce their billing costs and simultaneously improve collections that help a provider with financial viability.
Author Bio: Dr. Dipak Nandi, MD, has been responsible for major developments in the field of healthcare outsourcing, especially medical billing, insurance claim administration, and telemedicine. A New York-based psychiatrist and entrepreneur and a key member of the United States-India Business Council (USIBC), he is currently engaged in key initiatives in the segment of knowledge process outsourcing.