If your practice is considering or need a partnership with a medical billing company, well now is the time. This article is where you will learn 5 Reasons to Choose MindParcs, Inc as your Medical Billing Partner. Providers are trying to find the perfect balance in providing high quality healthcare while maximizing their profits. Focusing on one thing versus another mail cause one thing to fail.
While providing quality care and developing relationships with patients should be the top priority. There is so much more involved, in running a private practice than just healthcare. Medical billing, coding, claims management, and insurance follow-up is a mandatory piece along with all the financial tasks for your practice, here is where you will need an experienced billing partner such as MindParcs, Inc.
Most practices believe they are on top of everything and don’t need a billing partner, expressing reasons such as extra costs, in-house staff but that is not the case or an issue. Many private practices can benefit from a medical billing partner such as MindParcs, Inc at the very least because it allows their staff to focus on patient care and the patient experience rather than the administrative burden of running the practice. Happy and not overworked employees tend to create happy patients which contributes to patient retention. Everything works itself out when a burden of billing is removed from your staff and placed in the hands of professionals such as MindParcs, Inc.
Medical billing companies can help you in achieving balance. Medical billing company experts will optimize your revenue cycle, this allows the practice to focus more heavily on the quality of patient care. If you are finding the idea of a medical billing partner difficult to accept, then a Practice Performance Portfolio (PPP) of your practice may help you make the right decision. This will help you identify red flags in your billing process and gain a better understanding of how well your practice is performing. This will also help you decide an experienced billing partner, such as MindParcs, Inc can add value to the process by ensuring you are paid for your services.
After your PPP is completed, you would want to review how efficient or quick your practice’s billing process is with Insurance Companies and Patient Billing. You will need to understand what is slowing down patient payments and is it because they were unaware that they did not have insurance or understood their insurance plans? If that’s the case, why didn’t your staff verify insurance eligibility before the appointment? These types of things would have saved everyone time and the patient could have been prepared to pay at the time of service.
Some payers may not reimburse your practice for all the procedures as they aren’t covered by the patient’s plan. This may end up costing your practice significantly due to lack of reimbursement and it is something that you would want to avoid. Office staff should check eligibility and do prior authorization on patients to know clearly what will be and will not be covered to avoid issues later.
Furthermore, you must verify the accuracy of all claims submitted. This includes the accuracy of procedure codes and clinical notes but also the accuracy of the patient’s demographic information. Front office staff is critical piece of the process as it is important to have up to date demographic and insurance information. Claims are frequently sent to the incorrect insurance company due to lack of verification and then not being able to contact the patient because of old demographic information.
When this happens, claims are rejected or denied. Denials often occur because of a mistake made by your staff when preparing and submitting the claim. Payers also make mistakes it is critical to contest the denial and resolve the issue without wasting time on a new claim submission. Your staff must identify and resolve the issue that has resulted in the denial.
If your PPP reveals that your practice is losing money and AR days are high due to denials or lack of follow-up, it may be worth partnering up with medical billing partners such as MindParcs, Inc.
MindParcs, Inc offers healthcare IT and medical billing services to practices of all sizes. Medical billing, medical coding, denial management, credentialing, eligibility, benefits verification, patient statements, and patient in-bound calls are examples of end-to-end services. MindParcs, Inc will provide your patients and staff support through the entire revenue cycle. The entire process is managed by experts at the top of their fields who use the most up to date technology to make your billing and claims management process as efficient and simple as possible.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that required the creation of national standards to protect sensitive patient health information from being disclosed without the patient's consent or knowledge. This law was put in place to prevent sensitive information patient information from being misused or lost. MindParcs, Inc safeguards your patients’ data and strictly adheres to HIPAA regulations. The data is securely stored, and PHI is strictly shared via and internal intranet system or a protected HIPAA Compliant email system with two factor authentication so that there is little to no risk of a leak.
Being a Healthcare IT company as well a Medical Billing solution, we constantly improve by utilizing and developing technology which allows us to upgrade the services provided in this industry’s challenges and changes. An online patient payment portal to assist your practice in overcoming the high number of high deductible and co-pays, or a service cost estimator for patients, are two examples of services.
MindParcs, Inc can automate in the revenue cycle process to facilitate better results, or in better words, increase revenue and profits through process automation and helps with the patient’s overall experience. This includes using technology and impressive software programs that you or your staff may not be equipped to handle however, we provide training programs for your staff to learn.
Providers receive payments after claim submission claim, but you are never dealing with a single claim. Insurance companies make multiple payments, just as you send multiple claims to payers. All of the data coming back must be reconciled so that you are paid 100% of what is expected. It is not an easy task, but Mindparcs, Inc can handle it for you with all its expertise and technology. This simplifies the reconciliation process resulting in increased revenue.
MindParcs, Inc will help better manage AR days aiming to reduce the days in AR between billing and claim reimbursement and patient payments. If you have aged Accounts Receivables greater than 90 days, then that is a sign that your practice may need help.
At MindParcs, Inc we clinically scrub claim against LCD and NCD policies before sending to them to payers ensuring that all claims are clean and clinically correct. This ensures faster claim processing, fewer rejections, a decrease in outstanding AR days of less than 30 days and prompt patient billing. This results in Reducing outstanding AR days and will always result in more consistent and predictable cash flow.
Eligibility verification is one of the most important functions in the revenue cycle, MindParcs, Inc utilizes tool that will not only verify coverage but could also provide the patients with out-of-pocket costs upfront which supports the no surprise.
Partnering with MindParcs, Inc you can feel confident that your practice is in capable hands with all the expertise needed to mitigate financial and medical billing issues and increase cash flow.
(Infographic) 6 Ways to Increase Cash Flow of Your Medical Practice It is significant for medical practices to manage their cash flow efficiently by examining
Three Revenue Cycle Management Problems Will Stop Medical Groups Revenues & Why You Should Outsource? Medical practices often do not have the time to work
