by: Mary Christine Galang
Wednesday, September 13, 2017 |
Medical billing, which goes hand-in-hand with medical coding, is a critical component of any medical practice. It makes the healthcare system function efficiently and seamlessly through transmitting and processing valuable data to and from patients, healthcare providers, and insurance companies. These include, but are not limited to, patient history, healthcare provider reports, and financial information.
In the recent years, there has been a growing demand for certified medical billing and coding specialists in order to accommodate the evolving and expanding healthcare landscape. These processes are essential, regardless of the type of medical practice, procedure, and service.
Ensuring accurate information is efficiently transferred between healthcare providers and insurance companies is valuable to your patient. These tasks require expertise and technical knowledge in the medical field and familiarization with the latest industry compliance requirements and standards.
It improves patient care. As much as it is labor-intensive, it is also time-sensitive. This is why many healthcare facilities opt to delegate their medical billing and coding services to a reputable offshore provider. Efficient and accurate medical billing ensures continuity of operations. Working closely with a certified medical coder, the important patient data is then translated and transferred to insurers in a timely fashion.
It ensures compliance with regulations and contracts. Medical billing is governed by different state and federal guidelines and laws, significantly the Health Insurance Portability and Accountability Act (HIPAA), which safeguards confidential information. In addition, medical billing professionals are also bound by contracts with insurance companies, with specific rates accorded to each type of procedure.
It maintains a revenue stream. Medical billers must possess the specialized knowledge of processing payments, appeals, and collections and be able to manage it. They should also know the different medical regulations (and as they are updated) and public and private insurance plan policies.
Contact MicroSourcing today to learn more about our outsourcing your medical encoding and billing tasks.