How HIPPA Medical Billing can Increase your Practice Revenue

How HIPPA and Medical Billing can Unlock your Practice Revenue

The medical industry has revolutionized in the last few years. The entire process right from keeping and transmitting the records to managing the claims now takes place electronically. With everything being dependent on technology, the risk has increased considerably. Also, there is a constant fear of data hacking.  HIPAA compliance ensures the secure transmission of the data and files. The medical service providers, practitioners, the billing companies, everyone needs to follow the guidelines given by HIPAA. Therefore, any default may lead to strict penalties. 

Revenue cycle management needs to be efficient. Additionally, medical centers should submit all the claims to the patient and insurance companies right on time. However, only through the secure and specified channels. Following all the HIPAA guidelines saves the time, costs, and efforts of the billing companies as well as the patients. It is essential to keep the medical records secure and intact so that no one can misuse them. Further, HIPAA compliance billing can help you increase your revenue. These services ensure that you get the payments well in time without any delays or breaches in the contract. 

What is HIPPA?

HIPPA stands for Health Insurance Portability and Accountability Act and it was implemented on April 14, 2001. It aims to provide protection and privacy to the patients’ information. According to this act, national standards have been implemented for processing healthcare transactions electronically. Every medical practitioner needs to implement these. Non-compliance can result in fines for the practitioners along with the medical billing service company. 

Why HIPPA in Medical billing?

Medical billing is an essential part of the revenue cycle of all medical practitioners and the efficiency of the billing process affects financial performance. If the billing is quick and efficient then the medical practitioners can unlock their revenues. Billing is not just about getting the claim of the patient from the insurance company. It involves a series of steps that start right after a patient schedule an appointment. 

The medical service providers need to verify the insurance policy of the patients and then the entire treatment and procedure have to be coded. A lot of back-office work involves in this process. Afterward, they submit the claims as early as possible. In the entire process, it is necessary to follow all the compliances given by HIPAA. For that, the organizers require to keep all the transmissions and communications completely secure and protected. This ensures that the patient’s data is not leaking to any other unauthorized party.

All the data has to be completely protected and strict policies have to be maintained. While performing the entire billing process, a lot of patient data needs to be transferred to the insurance company and the unsettled claims have to be shared with the patients. The patient’s data is of utmost importance and to maintain privacy and confidentiality, it is essential to transfer the data through secure channels only. This necessitates that the billing company should be HIPAA compliant. 

Third-Party HIPAA Compliance Medical Billing Services

Hiring a third party like Medeye LLC can help you considerably in unlocking your revenue potential as the entire billing process is handled by a team of highly efficient employees who are well aware of every compliance of HIPAA. The billing service can enhance the efficiency of the medical practitioners and help them in saving the costs which are otherwise incurred to get the claim. By connecting with Medeye LLC you won’t even need to hire a separate employee for medical billing which can lower down your cost. 

The entire back office work will be handled efficiently and the claims are submitted within 24 hours which ensures the accuracy of 95%. Moreover, the software and hardware which are used by the firm are extremely safe, protected and up-to-date which ensures that all the HIPAA compliances are very well taken care of and the patient’s data is completely protected. Even the backup is maintained efficiently. The team works closely with the in-house team and ensures a seamless experience with complete patient privacy. With the complete medical billing services from Medeye LLC, you can considerably lower your overall costs and efficiently increase your revenues without having to worry about the legal requirements. 

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