Searching for a better medical billing service?

Looking for a better medical billing service? The revenue cycle for independent physicians refers to the process of managing and optimizing the financial aspects of their practice. It encompasses various stages, including patient scheduling, insurance verification, claims submission, payment posting, and accounts receivable management. Therefore, by understanding this cycle, independent physicians can identify areas for improvement and implement effective strategies to ensure prompt and accurate payment for their services.

One important aspect of understanding the revenue cycle is recognizing the key stakeholders involved. These may include the physicians themselves, their staff, patients, insurance companies, and billing and coding professionals. Each stakeholder plays a crucial role in ensuring the smooth flow of revenue throughout the cycle.

Additionally, independent physicians need to be familiar with the common terminology and industry standards associated with Revenue Cycle Management. Specifically, this includes understanding billing codes, reimbursement rates, and compliance requirements. By staying informed and up-to-date, physicians can navigate the revenue cycle more efficiently.

A Better Medical Billing Service in Milwaukee

Our proven track record helps private medical practices capture up to 10% more revenue through our Revenue Cycle Management (RCM) Service. In particular, our coding expertise, denials minimization, and data analytics will help you run a more innovative and profitable practice. Our proven track record helps private medical practices capture up to 10% more revenue through our Revenue Cycle Management (RCM) Service.

You have invested years, resources, and energy to become a medical provider. Hence, you do not want to spend too much time managing your billing and revenue cycle. Specifically, that is why ebix, Inc. is here. We have the talent, methodology, and resources to help your practice flourish.

Better medical billing services in Milwaukee. Accordingly, providers outsource their medical billing for several reasons. Most importantly, to increase the efficiency, revenue, and ultimately, the income of their practice. Therefore, outsourcing your medical claims billing process is beneficial to your practice. Specifically, it is designed to speed up the process, reduce your business expenses, and increase efficiency.

better medical billing Milwaukee

Better Medical Billing Revenue Cycle Services

It is essential to realize that the key to successful Revenue Cycle Management is understanding all your practice’s revenue sources. Hence, our team will help improve profitability by monitoring, measuring, and managing all aspects of your revenue cycle.

The ebix team has special tools and experience. Hence, our Revenue Cycle Management solution is in place to capture revenue from claims remittance, patient, and evidence-based data. Collecting information from these sources will help secure your practice’s healthcare payments and make it more profitable—a better medical billing service in Milwaukee.

  • Initial Credentialing is Free. Our expert staff reaches out to the carriers of your choice to obtain network status. Namely, accessible at a startup and a very reasonable fee per provider afterward.
  • Fee Schedule Analysis. We enter the allowed amounts from the network contracts obtained to track and uncover any improper reimbursements. We will help research appropriate change levels.
  • Workflow Consulting. Our management staff has over 100 years of combined experience. Therefore, we can advise you on the best practices to build a team and processes that ensure results.
  • Carrier Contract Advice. Consequently, there are pitfalls to avoid in contracts and situations that may cause you to choose non-network status with challenging carriers. We have additional expert resources to bring help when necessary.
  • Coding Expertise. The ebix team offers certified coding staff to “abstract” codes from provider documentation or review your code for accuracy and completeness. We offer Chart auditing services and provider/staff education. Our efforts result from additional revenue opportunities, compliance, and audit survival.
  • Fees based on Results. We don’t get paid until we’ve obtained reimbursement for you.
  • No Surprises. No additional charges for postage, claims, statements, or custom report/data analytics needs.
  • Fast Claim Submission. Your billing will be submitted promptly after receipt. Don’t suffer from delays or write-offs from inappropriate submissions.

Medical Coding Compliance

The ebix Cardiology Billing Services team has a strong reputation as an expert in medical coding services. By and large, medical billing begins with accurate and complete documentation in the medical record. Hence, coding is how your intellectual services and labor translate into a code used to bill insurance and document the value of your service.

Perhaps most noteworthy are the ICD-10 codes. The ICD-10 codes are currently the cornerstone of classifying diseases, injuries, health encounters, and inpatient procedures in morbidity settings. Because of this, the ebix, Inc. team has honed medical coding skills and business processes to meet the needs of independent physicians.

Therefore, transforming a provider’s narrative or description of the disease, injury, and procedures into universal medical code numbers for the insurance claim is the fundamental purpose of medical coding. For this reason, our team of professional certified medical coders ensures higher reimbursement by properly aligning services with a medical diagnosis. Consequently, this doesn’t just assure proper payment. It will also minimize denials resulting from the incorrect association of diagnosis and procedure codes.

 

Data Analytics

Indeed, our financial reporting gives you the insight you need to address the root causes of charge issues, resolve process inefficiencies, improve coding compliance, and ensure the integrity of all claims. Moreover, Office Managers and Administrators can quickly review performance and trends, drill down into the data to analyze root causes by reason, evaluate payer performance, and the financial impact of claim denials.

For example, some of the financial reports we provide (above and beyond the regular month-end reporting that gives details about charges, collections, and your AR) include:

  • Charge & Revenue Analysis – evaluate financial ratios versus MGMA benchmarks
  • Coding analysis – identify potential under, over, and incorrect coding scenarios
  • Procedure Analysis – analyze top CPT codes for cost-benefit analysis
  • Payor Reimbursement Analysis – assess which payers consistently slow up payments through unnecessary denials and “lost” claims.
  • Provider & Staff Productivity Analysis – evaluate provider and staff productivity based on the specific place of service, revenue, and RVUs
  • Accounts Receivable Aging Analysis – velocity of payments per payor and CPT, respectively

Minimize Medical Claim Denials

Based on our experience working with physicians and healthcare organizations, we understand that the revenue cycle success starts at patient registration and continues throughout the claims cycle. Again, accuracy of patient demographics and financial information upfront results in reduced denials, fewer rejected claims and more occasional returned statements. Obviously, claim cleanliness is the critical component that stops the denial from origination, and the following parameters impact it:

  • Patient registration data quality
  • Prior-authorizations
  • Non-covered services and medical necessity management
  • Eligibility and benefits coverage
  • Clinical documentation quality
  • Coding
  • Claim editing
  • Payor rules & mandates