Why is clinical documentation and good medical coding important?

As we are heading towards ICD 10 implementation process, following steps will help the providers to maximize the insurance reimbursement:

  • Documentation supports coding which is the basis of correct revenue and reimbursement. Otherwise a practice could be losing revenue
  • Documentation is necessary for complying with quality measures
  • Quality information supports care management and making sure protocols are followed
  • Proper documentation supports proper payment and reduced denials
  • Captures the level of risk and severity
  • Patients deserve to have accurate and complete documentation of their conditions
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Nurse Practitioners can fulfill the gap created by Obamacare

America has a scarcity of primary care Clinicians, and the shortfall is mounting up. The population is aging — and getting sicker, with chronic diseases ever more prevalent. Obamacare will bring 32 million uninsured people into the health system — and those newly enrolled will need a lot of medical care. A shortage of primary-care Clinicians will push patients toward other health care professionals who can provide similar services. This is where health care professional like Nurse practitioners can fulfill this requirement. There are 250 health clinics across America run completely by nurse practitioners, and will grow more in the coming future once Obamacare goes live. This is the area to grow, area to provide the best possible service, and moreover….. an area where insurances pay for services rendered, which will not be possible if the medical billing is not done appropriately.

Most of the Independent Nurse practitioners earn more than employed MDs on a monthly basis*

VOCIS is a Practice Management Company based in Louisville KY, involved in Medical credentialing, Billing, Collections, Transcription, IT, Virtual services, and Practice Set up for independent NPs and MDs for over 12 years.

VOCIS team sets up your practice from start to finish. From incorporation, transcription, billing, EMR, to Cash Flow. We will have an NP peer for any questions, and helpful credentialing and billing experts for any assistance along the way. VOCIS succeed when you succeed. It’s that simple.

To know more about VOCIS, please call 866 365 3909 or email at contact@vocisinc.com

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How Medical Billing and Coding services can help to increase cash flow

Medical billing and coding services play a significant role for all health care and medical services and lucrative revenue management. Submitting error free claims and the bills will assure an increase in cash flow for the practices concerned. In order to favor various health care services, a number of prestigious medical billing outsourcing companies in the United States offer systematic billing and coding solutions. The well-organized billing and coding services gives better results to medical healthcare practices and physicians.

It is necessary to carry out medical billing and coding services with accuracy, since denial or rejection of the claims depends upon data inaccuracies and significant coding errors. Taking into consideration the day-to-day busy schedule of the medical practitioners in nursing homes and hospitals and the supporting staff, they do not get enough amount of time to process and submit medical claims and bills in the stipulated time limit. Furthermore, with change in the norms in insurance sector, the government policies and compliance rules, the claim processing procedure has become more complicated for medical practitioners and their staff.

Opting for billing and coding services from the commercial outsourcing companies will assist the health care physicians to reorganize their billing and claim processing procedures and enhance their cash flow via their practice. Well-organized services from the reputable companies allow medical practices to:

Submit error free bills: With the help of modern software entire coding and billing procedures are carried out by highly experienced professionals. Hence, it becomes possible to submit error free medical bills and claims in the stipulated time.

Save on infrastructure expense: Billing service from a reputable firm helps health care practitioners serving in nursing homes and hospitals to save on capital investment necessary to set up the infrastructure, manpower, technology and other resources to carry out the tasks of billing and coding within the limits.

Improve revenue and profits: Punctual submission of error free bills and insurance claims within the prescribed time limit eliminates the chances of denial and rejection of the claims.

Minimize managerial workload: The managerial workload of the medical practitioners is reduced to a large extent by outsourcing billing and coding practices. This permits them to save their time and helps them to focus more on their core activities.

Assure a competitive edge: Well-organized billing and medical coding services allow medical practitioners to make their administrative workflow more efficient and up-to-date, assuring a competitive edge.

Most of the outsourcing companies in the United States are staffed with experienced certified medical coders and billing professionals who are adept in usage of modern technologies and billing software like AdvantaX, Advanced MD, Lytec, Medisoft, NextGen and many others. They perform billing procedures with accuracy and strictly stick to the latest medical reimbursement norms. The important services facilitated in medical coding and billing include billing and reconciling of accounts, AR management, insurance authorizations, patient enrollment, emergency room e-code evaluation, hospital coding, latest coding validations and many more.

The medical billing services assure array of benefits like strict security and confidentiality for medical records, affordable prices, assured HIPAA compliance, fast turnaround time and free trial options. These services help physicians in carrying out their workflow, efficiently. Hence, for customized and timely solutions, choose an experienced billing company that provides professional services at sound rate which definitely help to increase revenue.

For a Free consultation by a Expect Medical Billing Professional call 1-866-365-3909 or email contact@vocisinc.com

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Importance of Account Receivable (A/R) follow-up in Medical Billing Process

Every day a large number of services are provided by physicians, hospitals and nursing homes to various patients. The patients are given treatment and care as a part of these services and each time they facilitate such services, they owe a certain amount to the physicians and hospitals. The physicians, nursing homes and hospitals then get paid by the patients as well as by the insurance companies in return.

So you can imagine how important the insurance model of every organization is. It is to be noted that the insurance model is very important for small as well as big organizations. This model helps in diligently recovering the over-due payments. The account receivable follow ups (AR follow-ups) help in running the business of such organizations. For example, in hospitals or nursing homes, the AR follow-ups department manages denial from various insurance companies and working on them to get resolved.

In the initial times, account receivable management or Revenue cycle management was merely treated as a departmental activity. But, in the recent times, it has turned into a specialized skill center comprising of professionals. In fact, it has become a crucial part of billing services that are provided by medical billing companies.

The importance of such processes has increased because a lot needs to be done so as to receive a payment in lieu of the medical services provided by physicians. Before the process of AR follow-up starts, the procedure of charge entry, verification and payment posting is done. Charge entry can be defined as a process where charge codes are entered into a healthcare claim form. In the process, there is a need to determine procedure as well as a diagnosis code based on the treatment given by doctors. The insurance companies also prescribe specific rules to determine valid claim. The audit team has to see whether the given claim is based on those specified rules or not. If the answer is in affirmative, then it would approve the claim for submission. The proper specified rules made by the companies lower the risk of claim denials. After the approval, the claim is submitted to the insurance company; which is then processed by the company. However, the claim which insurance companies pay to the provider also include denials. Hence, accounts receivable team is created which does follow up with the insurance company to solve the denials and take appropriate steps.

So you can imagine the amount of work that needs to be done before physicians can claim their money for the services provided by them. This explains why accounts receivable follow-up has become so important in the billing process.

The function of AR team is to analyze the denied claims, partial payments and non- payments. If any claim is submitted incorrectly, then AR team corrects it and submits the claim again. AR team also communicates constantly with the patient, insurance company and the medical office or nursing home. An AR team comprising of AR analytics and AR follow-up, should have qualities like patience, diligence, attention to skill and good analytical skills. The above qualities make the members a valuable asset of the organization.

Thus, we can conclude that account receivable management is the most important service provided by medical billing companies. The effectiveness of this account receivable team will determine the financial health of medical billing companies, physicians, nursing homes and hospitals.

For a Free consultation by a Expect Medical Billing Professional call 1-866-365-3909 or email contact@vocisinc.com

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Why outsource Medical Billing and Coding to a company instead of hiring full time in-house employees?

People in the medical and the healthcare industry such as Physicians, Nursing Homes and Hospitals outsource their Medical Billing and Medical Coding services to other companies as it is very cost effective for them. Because of this, various Physicians, Nursing Homes and Hospitals have started to look for alternative options and are trying to outsource their Medical Billing and Medical Coding processes.

Because the health care services need greater efficiency at all times, the role of a Medical Billing company becomes all the more important. Physicians, Nursing Homes and Hospitals are constantly outsourcing these services to to other companies so as to reduce their Medical Coding and Billing expenses. They no longer have to maintain any infrastructure nor incur manpower costs required to maintain these services. This further enhances their revenue and helps them in providing better services to their clients.

Not only these outsourcing firms help Physicians, Nursing Homes and Hospitals in reducing their bills, but they are also specialists in doing this job. Medical Billing errors such as error in coding, data entry mistakes, delay in claim submissions, and missed charges are very common. But if you have outsourced your billing work to other companies then you can be assured of the quality of the work they will offer you.

The Physicians, Nursing Homes and Hospitals can outsource processes like insurance collections, insurance verification, handling insurance appeals, record of patient’s charges, payment posting, claim submission and many similar processes.

If you outsource your Medical coding and billing processes then these outsourced firm customize the processes for you as per your requirements and combine various strategies so as to deliver desired results to you. The outsourced firm also keeps itself updated on the latest trends and regulations in the insurance industry so that they offer results in compliance with them.

The outsourced firms also offer a complete package of solutions and handle your claims properly. They employ the most experienced professionals who have a sound knowledge about the medical industry. They train their employees from time to time so as to keep them updated with the latest changes in Medical and insurance regulations. If you were to do this in the house then it can cost you a huge amount of money. So the outsourced firm not only provides efficient services at all times but also helps you in cutting your operating costs and offers better administration of your processes.

When should you outsource your Medical Billing process?

You must outsource your Medical Billing process when you think it has become expensive for you to maintain it in-house and you are finding it difficult to manage it too. Here are some of the other reasons why you must outsource it:

• When you need access to experts and better resources
• When you wish to reduce your operating expenses.
• To increase efficiency of your billing process
• Improve your core business processes
• Increase productivity
• Increase revenue

Overall we can say that outsourcing your billing processes can help in more than one way and increase your productivity. So enroll for one today and see your efficiency grow.

For a Free consultation by a Expect Medical Billing Professional call 1-866-365-3909 or email contact@vocisinc.com

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