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global medical billing

Global medical billing practices have undoubtedly ruling the popularity chart in recent years. With the unnerving demands of the healthcare industry overburdening hospitals, outsourcing medical billing services has become commonplace.

Health insurance companies are famously slow at paying out reimbursements, and this causes problems for everyone in the industry. At the same time, medical billing is a tedious job; in addition to being time-consuming, even so, implementing clearer processes and procedures can help with excessive charges, which can help eliminate bad debts.

Trends in Global Medical Billing Practices

With so much at stake, your practice needs someone to handle your entire billing process. This is where outsourcing billing becomes a viable option. Medical billing has different types, which can help streamline your practice operations and revenue. Let’s discuss different types of medical billing and the advantages you get by outsourcing your billing operations.

3 Major Types of Global Medical Billing Systems

Healthcare billing systems track and process patient payments. There are different kinds of medical billing systems, and each comes with its specific benefits and features. Below are the three major types of billing systems:

Open Medical Billing Systems

The open billing system facilitates updates and changes to be made over time, as per requirement. These systems are more flexible; however, they still require more maintenance.

The open billing systems assist healthcare facilities in accepting claims from out-of-network providers. The claims submissions can be made electronically via PPO or HMO network, thus requiring minimal intervention from TPA (third-party administrator).
Furthermore, the open billing systems are integratable with other software to ensure everything is trackable.

Closed Medical Billing Systems

Closed billing systems are the most common type in the global medical billing systems used today. The closed billing systems do not facilitate any additions or changes to the system post-installation.

The information does not change for global medical billing through a closed system over time. With open systems, all you have to do is input data into the system to print out the invoices.

Solo physicians and small practices often choose the closed systems for managing their billing, A/R, and collections. The most significant drawback of the closed system is that it does not allow communication or data sharing among patients or providers.

Isolated Billing Systems

These systems for medical billing are in use by smaller clinics and hospitals – such establishments only see one type of patient at one time, like pediatricians. For such types of medical billing systems, the patients are given equal treatment regardless of the insurance or the ability to make out-of-pocket costs.

Outsourcing in Global Medical Billing

Outsourcing billing operations is an option that most healthcare practices use when they have a higher volume of patient bills for processing. Below are some advantages/reasons for outsourcing such types of global medical billing services:

Reduce Billing Errors and Ensuring Compliance

With a large scale of documentation needed for each patient procedure or visit, the likelihood of mistakes becomes higher when entering data into the systems.
When you outsource your medical billing operations to a third-party provider, these errors are significantly reduced with the help of a dedicated and experienced team. These teams are specialists in almost all types of healthcare payment processes.

Cheaper Costs

If your practice is looking to reduce expenses and costs, outsourcing billing operations is the ideal way to go.

Your third-party billing provider will take care of all the aspects of the billing process. These processes include sending bills, collecting from patients and payers, filing claims, and even performing audits.

Cheaper Costs

Third-party billing companies efficiently provide clients a faster turnaround time. Outsourcing your billing operations will ensure that you have access to the best global medical billing practices for better cash flow management.

Final Word

With so many advantages of outsourcing billing operations in medical practices, you won’t need to worry about anything when it comes to proper and timely filings and reimbursements. Furthermore, with the billing and practice revenue part of your business, you can focus more on patient care in addition to improving the efficiencies of your practice.

Frequently Asked Questions

ICD stands for International Classification of Diseases. These codes promote global medical billing comparability for the collection, processing, and classification of statistics.

The 11th revision of ICD has nearly 17,000 codes and 120,000 codable terms. All of this is now digital.

The medical billing invoice is the record of treatment along with a bill. It offers an itemized breakdown of medical services provided to a patient and their costs.