Medical Billing for Specialized Healthcare Fields

Insurance companies have become immensely diverse over the years with the services they cover. What it does is facilitate healthcare providers to offer better care to patients at a more affordable rate. However, billing for specialized fields is a bit tricky to be accepted into networks. Physicians Revenue Group, Inc. can assist medical practices to get into their desired networks with contracts that benefit them. Our team offers streamlined services to facilitate various medical billing specialties, with billing, credentialing, RCM, and auditing services in the USA.

Comprehensive Billing for Specialized Fields

Medical billing companies have relationships with many insurance networks and companies. Billing companies can negotiate contracts that are beneficial for healthcare providers. Billing for specialized fields entails rate negotiations for patient services. Understanding the ins and outs of the medical billing process is vital, as it is a full-time effort to get the best rates from your desired insurance network.
Obtaining a proper contract is essential when it comes to building a relationship with the desired networks. Going in on a contract that causes your practice to lose revenue can hurt your practice. Furthermore, it can also become challenging to change or re-negotiate a contract.

Benefits of Outsourcing Billing for Specialized Fields

Our portfolio in billing for specialized fields has over 50 specialties and multi-specialty practices. Our medical billing solutions come with many benefits, including:

1. Increase in Cash Flow

Choosing the right billing company as your RCM partner boosts your revenue generation potential by up to 30 percent. Furthermore, your staff will have more time for patients, and your reimbursements will be faster. That too without having to invest in any on-going training. We ensure a claim acceptance rate of 99.9% by building clean claims. Furthermore, we save you money through:

Sending out clean claims
Reducing claim processing intervals
Sending daily billing follow-up
Sending A/R follow-up

2. Practice Efficiency

When you remove the stresses of managing billing for specialized fields, your staff can focus more on other areas of your practice and improve workflows. Nurses and medical assistants spend nearly 21 hours/physician per week taking care of administrative tasks concerning health plans. Outsourcing billing for specialized fields can relieve your staff of administrative tasks, and then they can dedicate more time to patient care. Expert billing personnel from third-party billing companies facilitate the following:

Accurate documentation
Specialty wise billing
Coding guidelines

Being organized and optimizing processes can reduce duplication and decrease errors.

3. Securing Patient Data

Undoubtedly, information on the medical file is 10-20 times more valuable compared to other types of digital data. When you outsource your billing for specialized fields, you will gain experts who will invest money to secure your patient information, ensuring minimal chances of a data breach.

4. Provider Credentialing

If your practice is new or if you are adding a physician to your healthcare practice, you must undergo a thorough credentialing and enrollment process to connect with insurance providers. The entire process can be overbearing as it takes a lot of time. Furthermore, you should expect more delays if you are not appropriately enrolled. Billing services companies offer a range of solutions to take care of this entire process for you. Their expert staff knows the payer-wise contracting and credentialing procedures, accelerating your credentialing process.

Post-accurate enrollment, the next step is negotiation with the payer to lock in the best rates. The said process can be a tad overwhelming for small-size practices, and they might feel that they are up against a lot when negotiating with larger insurance companies. This is where you can trust a billing company to negotiate on your behalf. Billing providers with experience in such instances can get the best rates for your practice.

5. More Focus on Patient Care

While medical billing processes are important for the financial health of your practice, the heart of what you should do is, first and foremost, patient care. When you outsource billing for specialized fields, you can concentrate your resources on improving patient care. It will further increase your patient satisfaction levels and flow, ultimately generating more revenue.

Final Word

While billing for specialized fields, you must remember that when you outsource billing processes, you are effectively gaining an experienced team that knows all the ins and outs of the billing procedures. Billing providers can improve and sustain your practice revenue while taking the administrative burden off of your in-house team.

Frequently Asked Questions

How many types of healthcare billing are there?

The three major types of medical billing systems include:

Closed medical billing systems
Open medical billing systems
Isolated medical billing systems

What are the two common types of medical billing?

The two major types of medical billing are:

Professional medical billing
Institutional medical billing

What is the key difference between medical billing and coding?

Medical coders work with the patient data to assign appropriate codes and accurately process claims. On the other hand, medical billers collect payments from patients and process insurance claims.