Medical Billing – Basic Concept of a Medical Claim Billing Process
Is your business requiring to extremely benefits of cost saving and time consuming solution? Are you searching to increase profits and productivity, reduce collection times and successfully process claims? If yes, then you are at right place. Today, most of medicare billing companies provides a wide range of services.
Electronic medical billing is the process of billed and the payments which submitted to the insurance medical billing companies and the claims to insurance companies is followed up. Medical billing is one of the fastest growing and most dynamic sectors of the health care industry.
The process of medical billing is follow below steps:
• Claims Transmission: The hospital forwards the medical claim to billing companies.
• Retrieval and Checking of Medical Claims: Companies team checks all documents.
• Medical Coding: Fixed the diagnosis code for patient.
• Charge Creation: Company create claim based on billing rules.
• Medical Claims Audit: Check for verify the complete procedure and information
• Medical Claims Transmission: Creating claims before send electronically to the claims transmission department
• Claims Submission to Insurance Agencies: Ready to dispatch to the concern insurance agencies or government department
• Follow up and Settlement: Billing companies follow up the consistently with the insurers and payment agencies until the final settlement is disbursed.
Thus, medical claim billing is follow up simple process of insurance verification, patient demographic entry, CPT & ICD-10 coding, Charge entry, Claim Submission, Payment posting, A/R follow-up, denial management and last important is reporting.
If you are facing problem of increasing billing operating cost and spending more time on your practice administration than patient care, then outsource your requirements to the reputed medicare billing company.