medical bills

6 Proven Tips To Drive Maximum Revenue From Optimized Medical Billing Services

Recent changes in the healthcare system have brought a lot of new challenges for practitioners in the United States. Many aspects of healthcare reform have changed with the passage of time i.e. value-based compensation models, frequent alterations of the rule engine for billing services and other federal policies. Due to these ongoing modifications, physicians have to stay well-versed with the updates. Hence, they also need continuous training in medical and coding rules. Staying outdated is a black spot for medical practitioners as they can’t let down the quality of their clinical services due to revenue loss.

Therefore, in order to avoid this hassle, medical practitioners should adopt the right strategies to stay compliant with the health billing trends and improve the quality of care services parallelly. In this article, I have mentioned 6 proven tips to optimize medical billing services that would help you drive maximum revenue and leverage your business growth index.

1. Develop A Well-Defined Medical Billing Process

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All medical practitioners should organize their administrative and financial responsibilities in the form of a well-defined plan. It is the best approach to establish a step-by-step procedure that clarifies all the procedures involved. In this way,  practitioners can track down the progress of the overall billing procedure and make improvements at every key step. It can greatly enhance revenue cycle management by ensuring the authenticity of every attribute involved in health billing. It will also help to ensure that your patients and payers are receiving clearly correct bills. Ultimately, it would improve patient satisfaction and provider-payer relationships.

2. Claim Management Process:

A recent survey conducted has revealed that almost 80% of all medical bills contain errors. Due to the strict insurance payer’s policies, these incorrect medical claims end up in denial and rejection. Although billers can resubmit these claims to appeal outstanding payment. However, the cycle of claim submission, rejection and resubmission consumes a huge amount of time.

In order to prevent the precious amount of time for providers, billers should establish a proper claim management process. They should dedicate well-experienced resources and equipment that can monitor all of the paid and unpaid claims. Use smart billing software solutions to file accurate claims in the first attempt. They should also ensure accurate information flow throughout the claim submission process. For this purpose, they should double-check the claims to identify any possible information error before submitting claims. So that payers and patients can receive clean claims that can be successfully reimbursed afterward.

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3. Minimize Medical Coding Errors

Medical codes are the framework of health billing services. The purpose of a bill is to define treatment and diagnostic procedures into standard medical coding protocols. These medical codes are classified as ICD-10-CM, CPT and HCPCS Level II classification systems for different medical procedures, respectively.

Although it is a standard method to describe procedures,  errors can occur in this aspect as well. It includes the most common errors such as incorrect, mismatched, or missing codes etc. Clearinghouses and payers can catch these errors easily. However, some of the medical coding errors are quite complex and also end up in negative results. For instance, if medical coders use less detailed ICD-9 codes instead of highly specified ICD-10 codes then such a claim would end up as denied or rejected. If medical coders have used incorrect modifiers, upcoding or under coding, such errors can also make your claims get wasted down the tunnel due to rejection or denial.

4. Implement Proper Denial Management System

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Medical billers should have a proper plan for denial management services in place. This plan is helpful to keep pace with outstanding claims. Oftentimes, when billers don’t follow up with unpaid claims then they fail to identify common mistakes or errors that cause claim denials and rejections.

Therefore, if medical billers would dedicatedly follow up with their denial management services then they would get insights about the most common errors. Checking for errors in the claims would help to minimize their occurrence in further claims. In this way, it could streamline health billing services at a constant pace. It would also enable  billers to track down unpaid claims and recover them in a timely manner. Hence, reduces the chance of frequently occurring errors, claim denials and revenue loss.

5. Streamline Revenue Cycle Management

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To keep pace with the rapidly evolving healthcare field, billers should also follow a dynamic suite of revenue cycle management services. By tracking performance and complying with the latest regulations and payer’s policies for health billing services, practitioners can identify problematic areas and implement new strategies to address these issues.

In order to ensure greater profitability and efficiency of your revenue cycle management, providers should adopt the following strategies;

  • Keep the track record of aging account receivables to capture the outstanding owed to your healthcare facility.
  • Stay on top of all the billing rules that keep changing, deleting or updating with the passage of time.
  • Adopt a well-managed healthl billing solution that can handle patient accounts and keep you abreast of all the potential challenges.
  • Use key identifiers to track problematic issues i.e. late payments, regularly declined payments or frequent changes in contact information to get better results.

6. Know How-To Outsource

  1. Know How-To Outsource:
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Practitioners should constantly strive to uplift the quality of their clinical care services. Maximum patient satisfaction adds more value to the business growth. However, if practitioners tend to keep their medical billing services within their office premises then they would have to strive hard to stay current with most recent medical billing and coding rules, insurance companies and federal regulations. With so much to keep up with, practitioners can skip administrative details through the cracks, resulting in claim denials and rejections that cost the business’ time and money.

If you are experiencing a number of obstacles in collection management then you need to consult with expert medical billing service providers. Despite their industry knowledge and experience, they have dedicated resources to look after your account receivables. With their proactive health billing services, they contribute a lot to nurture the financial health of your organization.

Although many healthcare practitioners find that even hiring a hralth billing company doesn’t make a difference. This is often due to the wrong choice, lack of industry research and outsourcing knowledge. In order to hire the best services for your business, medical practitioners should do thorough industry research, read the online reviews about a company, assess their industry experience and estimate the size of their workforce. If you find every factor favorable for your business then you should make a partnership with a medical billing company to keep your revenue cycle management in safer hands.

Otherwise, in response to increasing complications, multiplying billing and coding rules and constant labor and software maintenance costs for inhouse services would impact your practice negatively.

Looking for the top-tier collection agency to manage your RCM? Medcare MSO has been serving in the health billing and coding services for 12 years. Visit here:https://medcaremso.com/about-us/ to consult with our experts and unleash the full potential of your revenue collection management.

The 9 Step Process Of A Personal Injury Auto Accident Case

Auto accidents happen within the blink of an eye, and the result leaves you with injuries that could be potentially life-threatening.

When in these situations, the best thing to do would be to file for a personal injury. Filing this is only possible if you’ve ended up injured during the whole ordeal. If not, then you have no case to begin with.

However, if you’ve sustained any type of injury, then this is the 9 step process of a personal injury auto accident case.

We will be explaining the entire process from start to finish, so don’t go anywhere. Without further ado, let’s start.

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1. The Investigation

Forget about your car; your number one priority is to check the severity of the injuries after a car accident.

If the injuries are too severe, then you might have to seek medical treatment ASAP. If not, then the investigation part begins. This is the first step of your personal injury process, and it involves taking photos of your injuries and the scene.

What you should also do is also talk to witnesses and write down what they have to say. Witnesses are vital for your chances of success, and there will almost certainly be one or two.

2. Get Treatment

Getting treatment for your injuries is quite possible the best proof you can have. Since you’ll have to visit a hospital or medical facility for the treatment, the doctors and nurses there will record and document all of your injuries.

This is rock-solid evidence that you’ve actually sustained body damages and it also determines the severity of those damages.

3. File a Claim With the Insurance Company

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If you have the necessary coverage, then you’ll need to notify your insurance company of the accident.

This is your best bet to have your car as soon as possible and get you back driving. Insurance companies cover for damages regardless if the accident is or isn’t your fault.

Be wary of money offerings from the other person’s insurance company, as these are generally much lower than the actual cost for repairs. If their insurance company doesn’t offer a sufficient sum of money to cover for repairs and potential damages, then you might want to consider hiring an attorney. A good option is torklaw.com, a personal injury and accident law firm dedicated to obtaining outstanding results for those who have been injured due to someone else’s negligence

This attorney is a personal injury attorney that specializes in exactly these cases.

4. Talking With Your Attorney

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In most cases, this is the fourth step of the process of filing a personal injury claim. This step is the reason why this type of process exists.

Insurance companies would rather lowball their way out of a case rather than pay up what they owe. So, people get angry and they end up in court.

When talking to a professional that praises personal injury law the first thing you’ll discuss in your first meeting is to ask for their experience. Only a person that has tons of cases behind their back can help you win your case.

Before talking to an attorney, you should educate yourself on the topic of personal injury. A great resource for that can be found if you click here.

Other things to discuss with your attorney are fees, strategy, and what to look for in terms of reimbursement.

5. The Medical Investigation

Now that you’ve hired an attorney, it’s time to start the medical investigation.

This part will be solely conducted by your attorneys as it will be a part of their job. This is something that every personal injury attorney does and they do it very professionally.

Some of the things involved in this step include following up with medical professionals that have treated you, obtaining your medical record, and the medical bills connected to this case.

Once they’ve acquired all of that information, the attorneys will wait for your injuries to heal before sending all information to the insurance company.

This is sort of like a declaration for court, as it is the first and formal conversation between both parties.

However, there is the likely chance that your injuries are more severe than originally thought. When this happens, the attorneys will visit the medical experts one more time and make a report of the injuries. They will then send this report along with the rest of the information.

6. Demanding a Settlement

This part starts when your doctor gives the all-clear for you to continue with the filing process.

In some cases, you’ll demand a settlement from the opposite party, but, this won’t actually happen as it will be the insurance company that makes the initial offer. However, most reject it since it is either too low or too unreasonable to accept, so you’ll end up going back and forth a couple of dozen times.

7. They Settle or You Go To Court

During the negotiation, at some point, the insurance company will send a “final offer”. This offer means you either accept it or you file a lawsuit.

Contrary to popular beliefs, not many people wish to file lawsuits, so they end up taking the offer.

However, that’s not always the case and if you still feel you’re being undervalued then it’s maybe time to file one.

Source:farivarlaw.com

8. Discovery

This is the part of the process where your attorneys and the attorneys of the insurance company research the other party.. This means that the insurance company will start digging into your past in a bid to try and stop you from winning the case.

But this also equips your attorneys with the much-needed firepower to go out and do what they do best.

After the discovery period ends, the mediation starts.

9. Mediation

This part always happens before you go to court and it involves hiring a third-party mediator to try and talk things out between both parties to avoid going to court.

This person will try to push for a settlement to be agreed between both parties but, unless a change of heart, this won’t happen.

And if the mediator fails to reach an agreement between both parties, you’ll end up going to court.

Kim Kardashian Offered to Pay Medical Bills for the Protester Shot in Face

Kim Kardashian decided to donate money for the support of those participating in anti-racism protests all over the US in response to the death of George Floyd.

Last week, the 46-year-old man died from asphyxia (lack of oxygen), after a white police officer knelt on his neck, despite George repeatedly saying that he could not breathe.

Source:metro.co.uk

On Monday, the famous reality star commented on a picture that showed a woman who had her face covered in blood after she was shot by a rubber bullet while recording the protests in Louisville, Kentucky.

That photo showed the young woman with a piece of flesh missing from her forehead and also a swollen left eye.

In response to the picture, Kim tweeted:” This is heartbreaking and so disturbing. Does anyone know how I can get in contact with her? I would love to help her with her medical care if she needs it.”

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A few Twitter users tagged the woman in the photo, known as Shannyn (@shannynsharyse), so Kardashian could contact her directly.

Kim called out ‘systematic racism’ on Twitter amid the protests following George’s death.

‘I am exhausted by the heartbreak I feel seeing mothers, fathers, sisters, brothers, and children suffering because their loved one was murdered or locked away unjustly for being black,’ she tweeted.

Steps to Take After a Car Accident to Avoid any Legal Issue

Have you ever experienced a car accident? If “Yes”, then you must be aware of the severe injuries and legal consequences that you have to encounter after a car accident. However, you can avoid these consequences if you follow a few steps immediately after the accident. Below are some steps to take after a car accident to avoid any legal issues.

1. Stay at the accident site

Avoid leaving the accident site. Otherwise, you may face severe criminal punishment for the hit-and-run driver. So, we suggest you stay at the accident site no matter how urgent it is.

2. Check all passengers and drivers

Passengers and drivers can face personal injuries as a result of a car accident. It is highly advised to check all passengers and drivers to identify any injury. Immediately get medical attention for the injured persons. Never move an unconscious individual or a person with back or neck injury until competent medical assistance arrives.

3. Call the law enforcement agency or police

Look for the property damage and personal injuries involved in the car accident. Call the law enforcement agency or police in case of a severe injury, death, or property damage. File a police report when the police officers reach the accident site and get the badge numbers and names of those officers.

4. Exchange information

Exchange information with the drivers being involved in the accident such as names, addresses, numbers, license numbers, insurance information, and license plate numbers. Also, obtain the names and contact details of all the passengers. Be cooperative and cordial with the passengers and drivers while exchanging information.

5. Exchange auto insurance information

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Don’t waste any time in exchanging the auto insurance information with other drivers. The insurance companies of all the involved parties require this contact information to decide who will pay for the loss.

6. Never talk too much

It is advised not to get out of your car even if it’s your fault. Make sure to tell the truth, and stick to it. Never share your opinion with other drivers or passengers. Also, be careful not to discuss any injuries. If anyone asks you about your condition, just simply answer that your doctor will access your health condition.

7. Approach witnesses

Approach every witness and ask if he/she saw the accident. Get their addresses and numbers to contact them in case of help.

8. Contact your insurance company

Inform your insurance company about the car accident. Be honest with your insurance company and tell them everything in detail. Do inform them about your injuries or property damage. Get and access the police report to inform your insurance company about the culprit.

9. Keep a record of your medical bills and reports

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Keep a record of the medical treatment that you have received due to the car accident. Keep your medical bills and reports with you to satisfy your medical expenditures latter. List all the routine activities that you can’t perform due to personal injuries. Also, you can search for law firms such as Lerners, where you can get explanations and advice about personal injuries.

10. Take photos

Take photos of your damaged property immediately after the car accident. Photographs will help your insurance company identify the extent of damage and its compensation. In this way, you can get good compensation for your car damage.

11. Remain calm

Being in a car accident can be stressful, even if it’s a minor one. So, if you forget to take photos or contact detail of another driver, then don’t be nervous. You will feel disoriented, even if you are fully prepared. So, be ready for such a feeling and remain calm. Just make sure to get the insurance information of another driver because it’s most important. You will have a minor chance of getting compensation from the other party’s insurance company if you don’t have its contact information. So, be focused on that and don’t stress if you have made a mistake elsewhere.

12. Obtain damage valuation of your car

If you are not satisfied with the damage valuation of your insurance company, then nothing to worry about. Get 2 independent replacement quotes or repair estimates. Confidently inform your insurance adjuster about your concerns. In case of non-agreement, consider consulting an attorney.

13. Hire an attorney

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If you or your family member has suffered an injury, then do consult a well-experienced attorney. Your attorney will help maximize the recovery if you are injured. Plus, an attorney will better fight for you if you are guilty. Most of the car accident attorneys only charge a fee if you get a settlement or awarded damages. So, make sure to hire an experienced accident attorney.

14. Get your car repaired

Now, it’s the time to get the services of a garage or a tow truck to repair your damaged car. Only make this decision once you have accessed the type and extent of the damage. At times, the harm is not apparent at once, particularly it’s internal and thus out of sight. Under such a circumstance, you will identify the issue only after driving the car. So, it’s better to call a tow truck as you may be nervous about driving the car to the garage.

After reaching the car repair showroom, the mechanic will access your car and then give his viewpoint along with an estimated cost.

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If your car has been badly damaged that it cannot be repaired, then the mechanic will suggest declaring it as totaled. At that time, you can either purchase the same car again or start searching for a new one. Sometimes, you will be required to leave your vehicle at the workshop for some days, so make sure to take off your possessions, including your papers and toolbox.

15. Beware of an early settlement offer

Beware if you receive an early settlement offer from your insurance company. Verify all your injuries and property damage before settling for a claim.

16. Never talk too much

It is advised not to get out of your car even if it’s your fault. Make sure, to tell the truth, and stick to it. Never share your opinion with other drivers or passengers. Also, be careful not to discuss any injuries. If anyone asks you about your condition, just simply answer that your doctor will access your health condition.

How Does Children’s Life Insurance Work?

How does child life insurance work? If you’re planning for your child’s future or thinking about buying insurance for him or her, you should know what it involves and if you must purchase one or not.  Keep reading to learn more in the following.

Life Insurance for Children vs. Adults

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What are the differences between life insurance for children and adults? if you’re interested to get one for your child, you might also want to get an idea about what it basically involves.

At the very least, take note that this financial product is bought as a tool for paying funeral expenses.

In other cases, people purchase it as a salary replacement so that the loved ones left can keep their living standards in the event that the policyholder passes.

But for a child’s life insurance, no salary needs replacement. Plus, with the absence of a child, the significantly drop standard of living or the expenses involved would.

It just means it is still possible for you to cover the funeral expenses using loans or your savings without cutting any usual household expenses.

What to consider though before buying life insurance for children are the associated medical expenses and accident cost to pay using your own savings for your kid.

If you don’t have a medical insurance plan to cover for the emergency, you might want to consider life one, which is typically low in cost, for some help.

For one, if the worst would happen, you don’t need to stress about your ability to pay for your child’s end-of-life expenses and funeral with life insurance.

Especially if such emergency funds aren’t readily available, you might resort to applying for a loan. So, if you’re not good at money management, life insurance could be an inexpensive tool to help when you need it.

According to Silversummithealthplan.com the same also proves true for families without Medicaid plans.  These plans work by providing healthcare coverage to eligible children, low-income adults, and people with disabilities as well as elderly adults and pregnant women.

They are also administered by states and work according to federal requirements.  And usually, they’re jointly funded by the federal government and the state.

Alternatives To Child Life Insurance

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Now if you’re looking for alternatives to child life insurance, you can consider other tools that might be able to give more value for your money. Each, however, is dependent on your concern or goal.

Child education plan

If you’re planning for your child’s education and you want to invest for his future, you might want to consult your financial adviser, if you have one, for a 529 plan.  It’s an education plan geared towards higher education costs and can offer some tax benefits.

Is your child old enough to make money with a summer job or an after-school part time?

If you answered yes, then you might want to consider an IRA, and then complement their earnings with contributions. It is a good way not only of planning for his future but also for giving him a head start on retirement.

Custodial account

Do you want to give him a head start on saving money?   If it’s your concerned, you might want to open a custodial account for him. Later when he reaches legal age and has the knowledge on how to manage his finances, you can hand him the account.

Cost by Age

Insurance cost varies. It usually increases per age range you belong to because it is more likely that you’re at higher risk of dying every decade of your life.  As children belong to a lower risk bracket than an adult is, their insurance cost is typically of the same cost from zero to 18 years of age.

Should you purchase child life insurance?

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Decide on several factors, including accident cost, your emergency funds and medical bills involved, as discussed earlier. You should also look at your financial situation as a whole, such as your ability to cover bigger risks and having enough savings.

Finally, you might want to consult a financial adviser. However, you should find someone not affiliated with any insurance products for fair advice before thinking about buying one for the child.

There you have what to know about children life insurance. Weigh your options well and determine whether it’s right for you or not.