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.
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.
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:
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:
Being organized and optimizing processes can reduce duplication and decrease errors.
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.
The three major types of medical billing systems include:
The two major types of medical billing are:
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