Medical Billing For Doctors
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The document discusses problems doctors face with slow payments from insurance companies and patients, and introduces several services from Innovative Services to address these issues. Specifically, it notes doctors spend much time on paperwork instead of patients. It then describes electronic medical claims filing which reduces rejection rates and costs compared to paper filing. Another service discussed is a patient payment plan which guarantees monthly payments and filters out bad credit risks. Finally, profit recovery and patient wellness reminder services are introduced to help collect past due accounts and increase appointments.
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![Doctors Have a Big Problem ,[object Object],[object Object],[object Object],And Both Are Usually Slow to Pay… If They Ever Pay at All!](https://image.slidesharecdn.com/medicalbillingfordoctors-124579232372-phpapp02/85/Medical-Billing-For-Doctors-1-320.jpg)
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The document discusses problems doctors face with slow payments from insurance companies and patients, and introduces several services from Innovative Services to address these issues. Specifically, it notes that doctors only collect 49% of what patients owe and payments are extremely slow. It then describes Innovative Services' electronic medical claims processing which has a lower rejection rate and faster payment turnaround compared to paper filing. It also discusses their Patient Payment Plan which extends credit to patients with assurance of payment to improve cash flow for doctors. Finally, it outlines profit recovery and patient wellness reminder services to help collect on past due accounts and increase appointments.
Medical Billing
The document summarizes several problems faced by doctors in getting paid for their services, and introduces some solutions provided by Innovative Services. It notes that doctors only have two sources of income that are usually slow to pay - insurance and patients. It then outlines some of Innovative Services' programs that can help with electronic medical claims processing, patient payment plans, profit recovery from past due accounts, and automated patient wellness reminders.
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The document outlines strategies for physicians to improve revenue growth through better management of insurance claims, patient receivables, and medical billing. It notes that many doctors currently face cash flow issues due to high insurance claim rejection rates, slow reimbursements, and difficulty collecting from patients. The document proposes outsourcing medical billing and certain financial services as a solution, claiming it can reduce billing costs, speed up insurance claim processing and payments, improve reimbursement rates, and increase collections from patients.
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The document discusses strategies for physicians to increase revenue through outsourcing medical billing and claims processing. It notes that doctors currently spend much time on paperwork instead of patients. Outsourcing can reduce insurance claim rejection rates to as low as 2% while lowering billing costs by up to 50%. The solution involves scanning patient data into a HIPAA-compliant system, submitting claims within 24 hours, and having payments sent directly to doctors. Outsourcing coding can also increase reimbursements by 30% by ensuring proper coding. It also addresses improving patient collections by setting up automatic monthly payments without sending invoices.
Ama flow that claim submission processing adjudication and payment
The document discusses the process of submitting, processing, adjudicating, and paying health insurance claims. It begins by outlining the benefits of electronic claims submission over manual submission, such as lower processing costs and fewer errors. It then provides a seven-step overview of how health insurers typically process electronic claims, including determining eligibility, applying pricing edits, adjudicating the claim, generating explanations of benefits, and sending payment. Finally, it emphasizes the importance of reviewing health insurer contracts and auditing claims to appeal inappropriately paid or denied claims.
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The document discusses problems doctors face with slow payments from insurance companies and patients, and introduces several services from Innovative Services to address these issues. Specifically, it notes that doctors only collect 49% of what patients owe and payments are extremely slow. It then describes Innovative Services' electronic medical claims processing which has a lower rejection rate and faster payment turnaround compared to paper filing. It also discusses their Patient Payment Plan which extends credit to patients with assurance of payment to improve cash flow for doctors. Finally, it outlines profit recovery and patient wellness reminder services to help collect on past due accounts and increase appointments.
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The document summarizes several problems faced by doctors in getting paid for their services, and introduces some solutions provided by Innovative Services. It notes that doctors only have two sources of income that are usually slow to pay - insurance and patients. It then outlines some of Innovative Services' programs that can help with electronic medical claims processing, patient payment plans, profit recovery from past due accounts, and automated patient wellness reminders.
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Med Slide
The document outlines strategies for physicians to improve revenue growth through better management of insurance claims, patient receivables, and medical billing. It notes that many doctors currently face cash flow issues due to high insurance claim rejection rates, slow reimbursements, and difficulty collecting from patients. The document proposes outsourcing medical billing and certain financial services as a solution, claiming it can reduce billing costs, speed up insurance claim processing and payments, improve reimbursement rates, and increase collections from patients.
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The document discusses strategies for physicians to increase revenue through outsourcing medical billing and claims processing. It notes that doctors currently spend much time on paperwork instead of patients. Outsourcing can reduce insurance claim rejection rates to as low as 2% while lowering billing costs by up to 50%. The solution involves scanning patient data into a HIPAA-compliant system, submitting claims within 24 hours, and having payments sent directly to doctors. Outsourcing coding can also increase reimbursements by 30% by ensuring proper coding. It also addresses improving patient collections by setting up automatic monthly payments without sending invoices.
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The document discusses the process of submitting, processing, adjudicating, and paying health insurance claims. It begins by outlining the benefits of electronic claims submission over manual submission, such as lower processing costs and fewer errors. It then provides a seven-step overview of how health insurers typically process electronic claims, including determining eligibility, applying pricing edits, adjudicating the claim, generating explanations of benefits, and sending payment. Finally, it emphasizes the importance of reviewing health insurer contracts and auditing claims to appeal inappropriately paid or denied claims.
Achieving Success with Billing and Collections
John Mazza presented on achieving success with billing and collections. He emphasized being proactive by ensuring accurate patient information, collecting payments upfront, and using online tools to check eligibility and benefits. He also stressed the importance of timely filing, tracking missing charges, following up on accounts, training staff, and monitoring key performance indicators like collection percentage and days in receivables. The overall message was that practices need proactive processes and well-trained staff to bill correctly and maximize revenue from collections.
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The document discusses strategies for improving cash flow and reducing patient confusion through increased transparency at the point of care. It describes how lack of transparency leads to patient confusion and dissatisfaction. It then outlines several tools to provide automated estimates and identify underpayments to help practices improve collections and reduce bad debt. Case studies show these tools helped practices significantly increase revenue and cash flow while lowering bad debts.
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Determine contract management procedures to ensure appropriate payment
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Read Here: https://www.medicalbillersandcoders.com/blog/boosting-patient-responsibility-collection/
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2) RBRVUs and E/M codes determine payment amounts from insurers based on the complexity of care. Higher level E/M codes and procedural codes pay more than lower levels or well visits.
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Transworld Systems is a full-service collection agency that specializes in recovering money owed to healthcare providers. They offer several advantages over traditional in-house collection methods or using percentage-based collection agencies. Their GreenFlag program uses fixed fees rather than percentages, allows clients to closely monitor accounts, and has a track record of recovering 4 times as much money as average. They also help expedite insurance payments through assertive third-party demands. Many clients report significantly improved cash flow and lower costs by using Transworld Systems for their billing and collections needs.
Medical Presentation
GreenFlag Insurance Resolution Recovery is a tool that helps medical practices recover slow-paying insurance claims and expedite reimbursement. It pursues resolution of claims on behalf of practices using licensed third parties, applying pressure on insurance carriers to respond more quickly. The average fee per claim is less than $10, allowing practices to utilize the service for claims as early as 30-45 days past due. Examples show the tool recovering over $400,000 for one hospital and over $385,000 for another large non-profit hospital from older claims within 60 and 75 days respectively at low total costs. Using the tool focuses a practice's efforts on newer claims and reduces the time it takes to resolve insurance balances, speeding up billing of
Is Selling Your TPL Accounts Right for You?
This presentation covers the benefits and process of selling your Third Party Liability ("TPL") medical accounts receivable.
The Latest Self-Pay Trends: New Burdens and Opportunities
Let athenahealth guide you through the burdens of navigating through revenue collections from your patients to make sure your practice has access to all monetary opportunities to ensure financial success.
Maxcollect Mcit
The document outlines 10 ways to prevent and collect past due accounts for healthcare providers. It recommends establishing clear payment policies, invoicing promptly, frequent contact with patients, systematic follow up, staff training, admitting and correcting mistakes, exhausting all collection options, and utilizing an expert collection service called MaxCollect. MaxCollect aims to collect more money faster and at lower cost than traditional collection agencies by using automated calls, letters, credit reporting, and attorney involvement if needed. It claims higher recovery rates and maintaining patient relationships compared to agencies.
The Hidden Problem with High Deductible Patients
Whether you’re starting a new practice, getting your Patient A/R under control, or trying to improve cash flow, you’ll learn the tactics to
Help your patients pay their high deductibles upfront, and
Stay loyal to your practice while doing it.
Healthcare Billing and Reimbursement: Starting from Scratch
The healthcare billing environment in the US is a disaster. It creates huge waste in care and cost. As presented at the Cayman Islands International Healthcare Conference in October 2010, this slide deck suggests what the billing system might look like, if we could start over.
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Technology: Increase Revenue, Decrease Workload An AOA Webinar
Technology: Increase Revenue, Decrease Workload An AOA Webinar
Medical Insurance Resolution & Patient Responsibility Services
Medical Insurance Resolution & Patient Responsibility Services
The Latest Self-Pay Trends: New Burdens and Opportunities
The Latest Self-Pay Trends: New Burdens and Opportunities
Healthcare Billing and Reimbursement: Starting from Scratch
Healthcare Billing and Reimbursement: Starting from Scratch
Medical Billing For Doctors
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