Tag: financial

Finding The Right FQHC Billing Company

The reality that any FQHC would need the services of a professional FQHC billing company is undeniable. With a good billing company, FQHCs are assured of efficiency, customer satisfaction and increased revenue.FQHC medical billing

Nonetheless, with medical billing companies mushrooming every day, it is painstakingly difficult for health centers (especially startups) to choose a billing company that will meet their needs. One thing is for sure, each billing company presents itself as the cream. To discern chaff from grains, there are a couple of factors to look out for when choosing a billing service.

Bespoke FQHC Billing Services

Each FQHC has its own set of services. Though most of them share billing problems, each has unique billing needs. To this end, billing companies need to tweak their services to suit needs of each of these health centers. With tailor-made services, you are assured that you are covered for any billing problem you may have in future. A good billing company is one that will work with a health center in a bid to identify and overcome FQHC billing challenges facing them and opportunities they have and then make a plan to curb challenges and take advantage of opportunities.

Collection Criteria

One of the main reasons why health centers need FQHC billing companies is to assist them in self-pay collections. This is why reputable FQHC billing companies like MaximizedRevenue.com thrive in the markerplace for billing services. Instead of health center employees following clients to collect any cash they owe the facility, billing companies do the follow-up to ensure that patients pay all their dues. A good company should have a follow-up plan put in place.
On the same point, billing companies need to provide as much information to their clients as they can. This helps clinics make major decisions, analyze cash flow, identify challenges and opportunities and even make a budget. A billing company that offers regular reports helps a clinic change their operation techniques for the better.

Industry Experiencemedical FQHC billing experience

Experience is key. This is indisputable of any company that produces goods or offers services. A billing company that has been in operation for a long time (especially one that has operated for more than a year) and has handled a couple of clients successfully is better placed to offer quality services than one that has just kicked off. Nevertheless, you need to look beyond their length of operation and look at what they have achieved with their clients and their mode of operation. You need to assess their use of technology and how swift their services are.

Customer Support and Prices

If you want quality services from a FQHC billing company, prices will not be a problem. But then again, you need to know their pricing options and compare their prices with other companies in their level. Every billing company should (at all times) offer excellent customer support. This is an attribute that you should never beg for. If there is no customer support, a clinic is as better as handling their own billing problems.

What Services do FQHC Billing Companies Offer?

A good billing company should offer at least three main FQHC billing services; patient invoicing and support, claim generation and submission and collection services. They perform exemplary in following up insurance providers for claims in process. Other services you should expect from your billing service provider include credentialing, insurance eligibility confirmation, medical coding and scheduling of appointments among others.

An Inside Look at Hometown Community Banks of Illinois

Hometown Community Banks of central Illinois are all branches of the Morton Community Bank. Morton hometown community banksCommunity Bank is an independently owned bank that was founded in Morton, IL in 1961. It has an effective management team that aims at helping support the financial needs of businesses and residents throughout the area.

Hometown Community Banks works to support you in your financial endeavors, from buying a dream house, opening a new business, seeing your child through school, and so much more. It is a bank that simply wants to be part of your community and its progress.

Financial Services of Hometown Community Banks

Hometown Community Banks offers quite a number of financial services, such as personalized cash management services. This is a suite of services and products that are specifically customized for all your business needs so as to give you the extended control you need over your business banking operations as well as your finances.

The team of specialists responsible for cash management can review your business operations and effectively come up with a custom program of services and products specifically designed to meet all your business needs. The bank also offers other financial services like payroll services where you are in a position to set up direct deposit employee payroll, debit payments directly from customers accounts, and make direct payments to vendors.

Additionally, offers a host of other financial services for businesses and individuals, such as free checking accounts, savings accounts, money markets, COD’s, insurance and investment services, and HSA’s, to name but a few.

Personal & Business Lending Options

Hometown Community Banks of central Illinois also offers lending options for anyone who is interested in some financial aid. They have a lending program for small business loans where they finance both existing and start up small businesses at affordable low interest rates and with flexible payment terms that appropriately work for your cash flow.

It also has another lending program that caters for businesses that are looking for a better way to deal with daily fluctuations when it comes to cash flow. All you need to do is have a line of credit that can help you borrow the cash you require. This is a flexible way of borrowing and repayment, with competitively low interest rates and you only pay interest for what you borrow.

Hometown Community Banks also offers home mortgage loans that give the community a chance to own their dream houses. This mortgage loan program is community friendly, has a number of options that will fit your life stage and at favorable low interest rates. Whether you have located the ideal house or not you can still acquire a pre-qualification letter confirming the amount of money you are in a position to borrow.

Rewards Credit Cards

Among the most incentivizing offers of Hometown Community Banks is their reward credit card programs. Their Hometown Visa Gold Card gets you amazing rewards once you use it to purchase, you can choose between Scorecard rewards or Cash Back.

For the Scorecard option you earn points whenever you use it to purchase and later the points are redeemed into Scorecard rewards like air travel, cruises, hotels stays and dining, vacation packages and gifs. While as the Cash Back option makes it easy for you to keep money back into your pocket, each purchase you make with the card earns you an annual cash back reward. Hometown Community Banks of central Illinois have solutions to all your financial challenges.

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.