The Medical Industry is a leading industry in which there are several transactions that take place on a daily basis. The majority of the cases in the hospital are financed through the insurance policies of the patients. According to statistics, the Americans spend a whopping sum of almost $8000 annually per capita on healthcare. One of the major tasks of the medical providers is to recover the money spent on healthcare from the insurance companies.
Medical billing is a common practice whereby the healthcare provider claims the money from the insurance companies for the services rendered by them. The payer evaluates the claim and reimburses it based on several parameters. Medical billing is the backbone of the healthcare industry as it ensures the flow of revenue which is highly crucial for the healthcare sector. The entire process can take a few days or even a few months depending on the complexity of the situation.
The process of Billing
Medical billing is an integrated process of submitting the claims with the insurance companies and following up on them on a continuous basis so as to receive the payment for the services provided. The Medical billing process requires the use of several technical protocols and industry standards to get the required insurance claims. The medical provider records all the patient data and the diagnosis and patient codes are assigned which help the insurance company in determining the amount of claim to be released.
This process is complicated because the claims need to be submitted in a timely manner and constant reminders are to be sent to the insurance company for quick processing. Specialized agencies that have knowledge and expertise can make this entire process more efficient. Moreover, if there is a third party doing the entire task, then the physicians and other medical practitioners don’t have to spend their time and efforts in running after the insurance companies to get their money or devote their time to fulfilling the extensive formalities required by insurance providers for each and every case.
The Medical billing service ensures that the process of revenue runs smoothly so that the doctors and medical practitioners can concentrate on other important issues and treat the patients without wasting their time in documentation and claims. However, they need finance for their services offered on a timely basis which makes the process of medical billing an important one.
The medical practitioners record each and every aspect of the treatment on the patient’s card and after the treatment; specific codes are assigned for every procedure and diagnosis that has been done on the patient based on which the entire billing is done. Some part of the amount is recovered from the insurance company and the claim that is rejected is sent to the patient. Constant payment reminders need to be sent to the insurance companies as well as the patients so that the services of the healthcare providers can run smoothly.
Medical Billing with Medeye LLC
Medeye LLC provides the entire medical billing services in a customized manner and at a highly subsidized rate. It has a team of efficient employees who work to submit your claims within 24 hours to ensure early recovery. With Medeye LLC 95% of the claims are settled for the first time and it follows a policy of 100% claim follow up. The services are designed keeping in view the client’s requirements and it has an entire database of all the insurance providers which ensures maximum reimbursement without any obstacles.
By hiring the services from Medeye LLC, you can considerably save your costs by eliminating the need for an in-house biller and enhance the efficiency of work performed. The database is continuously updated to ensure that the records are up to date. The company also takes into consideration all the insurance guidelines and they pursue all the avenues to receive the payments.
Efficient medical billing ensures that the revenue cycle is processed in a timely manner without any delays and defaults so that the medical services are being provided in a seamless manner. No healthcare unit can function in the absence of funds which makes this process of medical billing the most important one for the survival of the healthcare sector.