Pediatrics is the branch of medicine that deals with the ailments related to infants and children. Every day hundreds of parents, with their children, visit a pediatric practice to obtain treatment of their children. A Pediatric practice has to ensure that the billing is done properly and on time.. Management of Medical billing and the revenue cycle varies widely from organization to organization. The average practice, according to the Medical Group Management Association (MGMA) collects about 95% of their contract amount. Average means that about 50% of the practices collect below this rate. Additionally, many general billing companies miss appropriate coding and charge capture. There are multiple benefits attached leveraging the best billing processes. The practice should feel confident about strong management of claims so they increase the overall revenue and operate with a high level of efficiency. Selecting the appropriate organization to manage medical billing ensures better and well-managed pediatric practice.
A large amount of the pediatrician’s practice depends on account reimbursement and timely billing. However, in order to enjoy all the benefits of good contracts with payers, it becomes imperative that you hire a medical billing company with consistent results and performance. To enjoy financial reporting with electronic medical record and electrical eligibility verification, it is a good idea to leverage practice management software. A billing service should provide fast accounts receivable turnaround. Some of the major benefits of this service are discussed below:
Practice Overhead Cost Gets Decreased: With the help of this billing service, the pediatrician does not have to depend on additional staff that will look after the billing segment. The fewer the number of employees the lower will be the operational costs. To maintain billing staff, the Pediatrician would need skills in managing a Medical Billing team.
On-Time Bill Generation: With this billing service, one can expect on timely billing. As soon as the child completes the visit and the chart is closed by the provider, the parents can expect an immediate detailed bill sent to the insurance company. For a well-managed billing process and service, all this is available at the click of a button.
Concentrate on Other Areas of Work: When the billing is taken care of, a major chunk of your work gets done. As such the pediatrician and the other staff members can concentrate on other areas of treatment that lead to good Pediatric care. Good pediatric care usually leads to more patients to the practice.
When you are browsing through companies that offer pediatric medical billing services make sure that the company offers:
Expertise in Pediatric Medical Billing
A system and process customized to Pediatric Practices.
Insurance claim submission and consistent follow-up
Patient statements and follow-up calls.
Consistent and Relevant Monthly Reports