Outsourcing non-care tasks helps healthcare providers focus more on caring for their patients. It also reduces expenses, increases productivity, and helps prevent errors. Here are some of the services that healthcare providers can outsource to expert providers:
1. Revenue Cycle Management Solutions
The best healthcare revenue cycle management service providers are able to provide a full range of medical billing services. An ISO-certified medical billing company can ensure efficient process and compliance with information security through innovative services. They can likewise provide flexible services and pricing models. With high-quality revenue cycle services, you will benefit from zero delays, faster payment, and minimum denials. Reliable revenue cycle solutions offer services such as medical coding, insurance eligibility verification, patient registration, charge entry services, payment posting, electronic claims submission, denial management, and accounts receivable management.
2. Physician Credentialing Services
Physician Credentialing is a process that involves enrolling and attesting that a physician belongs to a payer’s network and is authorized to deliver services to members of the payer’s plans. Payers set standards and credentialing verifies that a healthcare provider meets these standards. Outsourcing credentialing services is necessary for the improvement of one’s practice. When a practice is not properly enrolled, payments may be refused or delayed by insurance companies even if the physician has provided medically necessary and competent services.
3. Insurance Eligibility Verification
This is the first and most crucial step in the medical billing process. Research shows that a lot of claims are delayed or denied because of the incorrect or insufficient coverage information that the patients have provided during visits. Delayed and denied claims can also be caused by the hospital staff’s failure to update current coverage information. Insurance eligibility verification helps confirm insurance coverage and allows the practice to get maximum reimbursement.
4. Indexing Medical Records
Indexing medical records is a crucial function because it involves storing and organizing important information. Indexed medical records will allow staff to quickly access the information needed and determine treatment options.
5. Data Conversion
This service is critical for efficient functioning as it helps transform your data into a different database, and allows you to shift from one billing software to another. The best outsourcing companies offer a wide selection of cost-effective and quick modern data conversion tools.