Tag: billing

5 Insight to Improve Your Company’s Client Billing System

Client billing and fulfilling invoices can often turn into a nightmare for small businesses and large enterprises alike. The billing process can be cumbersome for firms with a limited workforce that prefers to pay more attention to company growth than putting the invoices out. Even if the invoices are sent out promptly, it’s not certain that the client will pay on time.

Importance of Billing company billing

A company’s billing process and customer interface is as important as its service or product. Prompt billing is crucial to realize optimum cash flow, especially if the company is working on different projects simultaneously.

For accurate invoicing, you require precise data about varying factors. For instance, different rates may apply to different individuals, or the time of the same person could be billed differently. Prior to invoicing, calculate the rates and hours.

If done manually, the process could be tedious and slow. And any re-entry of data may lead to errors. Such issues accelerate with more workers. And if the billing is incorrect, payments may get delayed and client loyalty and confidence eroded.

Your goal is to ensure the client is happy with the payment terms and at ease with the payment methodology. The easier and sooner the bill, the quicker you’ll have revenue added to your working capital. Simply put, your firm’s profitability hinges on this “cash flow” function. Therefore, streamlining the billing process is vital.

The following are a few tips to improve your billing structure:

Prioritize Invoicing

Though this sounds like simple advice, make invoicing for the job your highest priority as soon as the project work is completed. In a business, workload keeps increasing and things could escape through the holes. Billing is not the reason why you started the business, so it’s likely it could be among the first casualties.

Proper & Timely Billing

Clients usually get miffed if the billing is not done on time and the details not presented the right way. Bill only those hours the client finds productive or offering some value.

For instance, do not bill your employee meeting hours or don’t start the billing clock as soon as the employee swipes in his card. Ideally, the bill shouldn’t include items such as team meeting, office conference, review of file, attempted to call, etc. that do not directly add to the file’s progress.

Do not bill until the client has seen the work product. Send the work summary to the client before he needs to make the payment. This demonstrates value and also indicates monetary gain is not your only motive. Bill on time and adhere to the structure. Timely billing helps the clients view their position and which increases your chances of receiving payment.

Provide Incentives

If a client pays on or well within time and resorts to your preferred payment method, let him know you’re happy. A good tip that many professional billing companies recommend is to offer prepayment discounts and coupons if the client is paying well in advance consistently. Such positive reinforcements won’t just ensure prompt payments going forward, but also a repeat customer.

Keep Some Leverage

Don’t deliver completely if your industry or service is based on multiple payments. If you deliver the entire product without receiving payment in full, getting either the product back or payment on time can be difficult. If your business is part of an industry where payment post work completion is normal, work with clients with good credit history.

Schedule Deadline Reminders

You need not keep pestering clients about billing and outstanding invoices. Reminders a day or week before deadline is reasonable and also often appreciated. Find out what shapes out perfect for your clients and business. Reminders are especially important if your company charges late payment fees.

How Medical Billing Companies Help FQHCs Improve Revenue Cycle Management

Most of the FQHCs in the U.S. face serious challenges in maintaining their patient billing systems and also in managing their revenue cycles. As a result, many FQHCs seek the services of medical billing companies in order to address these challenges.FQHC billing team

Medical billing companies help FQHCs with their patient billing systems and overall revenue cycle management by taking the following measures:

1. Ensuring proper registration by using checklists – By so doing, the companies enable FQHCs to reduce the claims that are usually rejected because of ineligibility, non-authorization of services or missing patients’ information.

The officer who registers the patient usually obtains photocopies of the patients’ insurance cards and also verifies personal information, contact information and identities of the patients.

2. Practicing pre-admission contact – Most of the medical billing companies have embraced pre-service/pre-admission contact for scheduled/elective procedures. In such cases, the patient is contacted in advance and then requested to update any information that may be missing/ out-of-date. The two parties also make payment plans, whereby the prospective patient is asked to pay long before the procedure is carried out or on arrival at the FQHC.

3. Establishing a retail mindset – Typically, the contracted companies enhance FQHC billing systems by devising ways of effectively collecting payments without necessarily damaging existing relationships with their clients, and this is achieved by embracing what conventional retailers do.

This usually involves one or more of the following actions; providing prospective patients with detailed information concerning the upcoming procedures and the respective payment expectations, offering small gifts when asking for payment, informing them that they can pay using credit cards and establishing payment collection systems as routine parts of the registration work-flow.

4. Establishment of strict regulations to guide the claims submission process – By meeting proper regulations, medical billing companies enable FQHCs to avoid factors that usually result in denial of claims by the parties that are supposed to reimburse the FQHCs.

Some of the factors that are thus avoided (by establishing strict regulations to guide the claims submission process) include; patient eligibility, coding errors, incomplete patient information, claims presented to the wrong parties, missing supplemental attachments, submission of duplicate claims and incomplete service information.

5. Regular examination of contracts with main suppliers – By taking this measure, medical billing companies help FQHCs by ensuring that they get paid in time and according to the conditions stated in the contract, and that the FQHCs always bill the creditors correctly. They also ensure that creditors don’t intentionally or unintentionally make mistakes when making payments to the FQHCs, and that they always get value for their money.

6. Replacement of manual systems with electronic payment systems – Electronic systems are better than manual systems because they are more efficient, safer, more effective, cheaper, and more reliable. Electronic systems are also less susceptible to manipulation by dishonest employees, and can be simultaneously used by different parties even if they are in different physical/ geographical locations. This measure can significantly enhance FQHC billing systems.

7. Matching electronic remittances with actual payments received – most of the companies boost FQHC billing systems by ensuring that electronic remittances always match/correspond with actual payments received. They rarely post/submit the electronic remittances before receiving/confirming actual payments. This helps in avoiding unfortunate incidences whereby the A/R is updated and yet the money hasn’t actually reached the bank account.

By taking the measures explained above, medical billing companies effectively help FQHCs with patient billing systems and overall revenue cycle management.

Leading Companies in the U.S. for Pediatric Billing Services

Looking for leading companies in provision of pediatric billing services? Here is a list of such companies whose performance and quality of pediatric billing service will definitely satisfy your needs for these vital services.pediatric billing consultation

1. 5 Star Billing Services, Inc.

5 Star Billing Services provides professional medical billing, collection and administrative services for practitioners in the medical field. It offers comprehensive solution to healthcare management and related services. Billing management includes coding, patient input, payment posting, claim submission, collections and many more services.

Pediatric billing services offered by 5 Star includes collections, reimbursements and other related services. Aggressive collections, efficient exchange of information and excellent service to you as a customer, are some of the benefits you are sure to enjoy from this billing company once you register for their services.

2. Practice Management

For years, this medical billing company has served professionally and evolved to be one of the best billing companies specializing in pediatric billing services. Guided by its mission to provide clients with best billing services, Practice Management conforms to all applicable and published local laws, federal, states, statutes and stipulated regulations. It offers billing consulting, nationwide billing services and credentialing. All records are kept electronically.

This company has expertise in pediatric billing services and has extensively trained coders well versed and continually educated to assure clients of maximum accuracy and adherence to all laid down rules & regulations governing pediatric billing services. There is no doubt that allowing this company to handle your needs regarding pediatric billing services translates to high quality, unfailing medical billing services and guaranteed satisfaction on your part as the client.

3. Billing Paradise

pediatric billing

Many of these pediatric billing companies offer consultation programs that are tailored per client.

Guided by its popular saying that pediatric billing services are “no child’s play” Billing Paradise understands that at times, this vital services can be very challenging even more than handling of a hyperactive toddler. As a result, this great billing company has resolved to help clients in handling of these services professionally and at competitive rates. However, it is important to note that as is usually the case, there can be no guarantee for quicker reimbursement for insurance.

This company provides pediatric immunization free from any error. Moreover, the cpt codes assigned by this great company are accurate and ensures that it uses modifier 25 especially if the pediatrician carries out two identifiable and separate management and evaluation services during one or single visit so as to maximize the reimbursement. Try Billing Paradise for free and see its greatness yourself.

4. Physician Group Management

Physician Group Management is another billing company worth not leaving out in this list of best billing companies. Since it started its operations, this dynamic company has diversified its services to cut across all the needs of medical practitioners while at the same time ensuring customer satisfaction. Physician Group Management offers integrated billing services and electronic health records.

Physician Group Management’s innovative solutions for pediatric billing services are exceptional and worth reckoning. Entrusting them to handle these billing services gives you peace of mind and assurance for high quality.

These are just a few billing companies. Many others are out there ready to serve you. These are however the best known in medical field and have a proven record of outstanding performance.

The Evolution of Patient Billing Processes for Health & Medical Practices

The complex nature of medical billing and coding has changed extensively over the years. These changes in medical billing have taken place directly alongside the ever evolving technology of computer, digitization, and new ways of doing business. medical billing and coding

This trend is likely to continue as new ways and methods of handling medical billing and coding have arose and continue to evolve in modern business and work environments. As the frameworks continue to expand, so does the number of specialized billing consultants who offer focused expertise in certain areas of health care, such as surgery, chiropractic, OB/GYN, pediatrics and pain management.

What the future will bring to medical billing and coding is slowly taking shape and medical practices now are embracing the changes taking place within the industry.

Highly Specialized Billing Consultants

Soon there will be more and more medical billing consultants who specialize in helping the different types of practices. With the federally qualified health center reimbursement practices already in place, more and more qualified FQHC billing consultants will become available to the practices that need them and their help. Such is also the case with community health center (CHC) consultants as the CHC neighborhood health centers network has and continues to grow along with federally qualified health centers (FQHCs).

The fact that community health centers serve underprivileged persons such as those who have little or no income, those who do not have medical insurance or less than adequate health insurance as pertains to their individual needs and is available in areas where there is little access to primary health care. Low income families and individuals tend to need health care the most and the fact that there is a network in place to help them means the need for billing and coding specialists will only become greater as it has in recent years.

Mitigating Low Income Medical Billing for CHCs and FQHCs

The populations designated by the Health Resources and Services Administration are defined as having too few primary care providers, high infant mortality, high poverty and/or high elderly population. Health Professional Shortage Areas are designated by Health Resources and Services as having a lack and shortage of primary medical care, dental and or mental health providers.

As a result, these groups, depending the geographic location of a county or general service area, comprise of a demographic consisting of a low income population. These groups often rely on certain medical institutional environments like comprehensive health centers, federally qualified health centers, or other public facility serving the low income demographic.

With community health centers receiving funding from the federal government and also being locally funded, some of the health clinics within the network are quite surprisingly modernized with electronic medical records and new equipment and this trend is expected to continue due to the financial backing the clinics have which allows them to serve the many underprivileged patients who without programs being in place would rarely be able to afford to get the care they so desperately need.

FQHCs and CHCs are here to stay and will only expand thanks to the financial support already in place. The fact is medical billing and coding outside of medical offices and providers serving the wealthy and well off will see advancements in all parts of the medical industry mostly because health care is being provided and paid for.

However, for FQHC billing and community health center billing, the changes will be even more drastic. Whether by patients and insurance companies or by government assistance, science and medicine will only develop further which in turn will create a demand for more medical billers and coders and more efficient medical billing practices to maximize effectiveness.

5 Tips to Improve Health Center Billing Practices

Keeping on top of your health center’s medical billing procedures is essential for maintaining and growing its revenue stream. Today, integrating technology is key to revamping the medical billing of any health care practice, along with making patient communication as clear and concise as possible.health center

In addition to improving efficiency and the work environment in general, employing techniques to improve your health center billing processes can equal a significant increase in revenue. Here are five ways to improve your health center billing practices.

1. Electronically organize patient health records

It’s true that keeping hard copies of medical records is a good practice, and even a legal requirement in many cases, but this method of organization should primarily be used for storage. For the day-to-day use of patient records, electronic organization is not only more efficient, it is the best way to keep patient health records secure.

Rather than sending files from practitioner to practitioner, or moving this information around internally for review when processing claims, having patient information available at the click of a button will lighten your health center billing work load. Electronic organization also allows for patient records to be updated almost instantly, which helps make billing and patient care more efficient. When investing in health center billing services, these solutions are typically a part of the program.

2. Use high quality medical billing software17 OTIxMDYxMzM3OC5qcGc=

Note that the suggestion isn’t to simply use medical billing software, but to make sure that it is of high quality. With all of the ever-changing billing codes for various insurance plans, Medicaid, and Medicare, choosing billing software that includes frequent automatic updates can be a great convenience. The more up to date your software is with the latest medical billing rules, the less likely it is that your health center’s claims will be denied.

3. Clearly communicate with patients

When patients know what is expected of them in terms of payment, as well as what billing options your health center offers, they will be more apt to not only take care of their medical bills, but to do so promptly. It’s best to not only provide billing and payment information in patient contracts and paper handouts, but to also post it in patient waiting and check-in areas, your reception desk, and you can even post this information inside exam rooms. Use layman’s terms, avoid technical jargon, and aim to make your health center’s billing and payment terms as visible and understandable as possible.

4. Make use of data mining

Pulling accurate reports improves the level of service that your health center provides, and it can also be invaluable when it comes to decision making. If you choose good medical billing software program, it will likely come with the ability to create custom reports manually or automatically. These reports can then be analyzed to check for payment and billing errors — reducing billing errors is an important part of increasing your health center’s revenue and percentage of approved claims.

5. Aim to get billing right the first time

Each error or piece of missed information makes it more likely that claims will be denied, which is a sure way to see your health center’s profits and efficacy tumble. Careful attention to detail on the part of staff is one part of the equation, but an efficient electronic patient records system and high quality billing software can help ensure that manual and technical errors don’t go unnoticed before a claim is initially submitted.

Advanced FQHC Billing Services by Practice Management

Practice Management is well-versed in providing Federally Qualified Health Center (FQHC) billing services with a high degree of effectiveness and professionalism. As one of the leading medical billing firms in the nation, Practice Management offers vast experience to optimize the FQHC billing process for many types of health centers.Practice Management Billing Services

With its talented team of billing experts and advanced billing software capabilities, the company has a proven track record in helping FQHCs decrease the time it takes to fulfill outstanding patient billings, while enabling them to maximize revenue in a more timely manner.

Practice Management’s Medical Billing Solutions

There’s a reason why so many medical clinics and FQHCs choose Practice Management for their billing services. Below are core capabilities that make-up the company’s comprehensive medical billing solutions.

Individualized FQHC Billing & Coding Services

The medical billing company works with FQHCs individually to ensure that the highest quality service is delivered. Clients can meet with specialists of Practice Management to devise the optimal comprehensive billing solutions that meets the individual needs of certain practice. They analyze various medical billing and coding strengths and weaknesses, and identify areas that need improvement. As a result, they improve the operating efficiency of health centers in the best way to ensure that they actualize more fluid payment processes, while also experiencing increased revenue, among other benefits.

Credentialing Solutions FQHC Billing

Physician credentialing is vital task to keep cash flowing for new and growing practices. When properly implemented, credentialing solutions can help to eliminate cash flow pitfalls that hinder timely fulfillment of billings. Practice Management provides well-versed credentialing services designed for various types of physician billing clients as well as hospital credentialing services. Practice Management maintains contact and progress of all enrollment until completion, and they keep a record of all credentialing information.

Electronic Management of Health Records

Practice Management is able to efficiently conduct all FQHC and medical billing activities by remotely accessing a practice’s current platform through a secure web portal. Some of these electronic-based billing activities include: charge entry, claim submission, payment posting and follow-up.

Nationwide Medical Billing Services

The medical billing company provides FQHC billing services for health centers across the nation spanning from Florida to California. They maintain solid communications with clients by using electronic data transmission, telephone, and video conferencing technology, among others throughout the billing process. In addition to FQHC billing, Practice Management also specializes in billing services for many other types of health and medical practices ranging from chiropractic to pediatrics.

Medical Billing Consulting medical billing service

Practice Management also provides medical billing consultancy services for FQHCs. Their revenue cycle consultant group will study a practice’s revenue cycle operations and overall billing procedures. The billing consultants of the company will then give recommendations for improvement of various processes, some of which are listed below:

  • Maintenance of software files
  • Charge capture procedures
  • Analysis of fee schedule
  • Process of insurance preparation
  • Receipt by payer and claim tracking
  • Other additional services available

Why Recruit Practice Management for FQHC Billing Services?

Practice Management is highly experienced in handling a wide spectrum of FQHC billing needs, and as a result, health centers can leverage some of the benefits listed below.

  • Reduced payment delays
  • Reduced overhead costs
  • Increased revenue
  • Higher levels of patient satisfaction

The company provides routine and customized reporting for every billing service client. After strategic implementation, Practice Management works with clients to come up with unique reporting requirements as needed. As a result, Practice Management is able to offer clients personalized medical billing services backed by a high level of experience.