Medical billing errors cost hospitals billions of dollars every year. With this significant margin of error in mind, medical practitioners need to ensure they hire comprehensive medical billing and coding services. These services are essential for any medical practice to earn revenue.
Medical coders have the responsibility of accurately coding and pricing the services rendered, whereas medical billers have the role of creating charge entries and communicating with the health insurance company to ensure the doctor is paid fully and on time.
How Medical Coding Services Work
Medical coders carry the role of assigning codes based on Current Procedural Terminology (CPT) and International Classification of Diseases (ICD). These codes provide a way for doctors, clinics, and health insurance companies to universally communicate with each other, so payment becomes easier.
Once all the injuries and procedures are properly coded, the medical billing process, or Revenue Cycle Management (RCM) begins.
During this process, claims submission takes place and the medical claim is transmitted to the insurance company for payment. The insurer will examine the claim and if the claim is approved, then the physician is reimbursed for their services. Medical billers also carry out payment posting. Proper payment posting allows for a physician to get a proper snapshot of their practice’s finances— such as their daily insurance payments— so they can solve any potential issues without delay.
What Happens if a Medical Claim is Denied?
If the insurance company decides to fail a claim, a notice will be sent to the medical provider—usually in the form of Electronic Remittance Advice. Medical providers will then have to go through the process of claim reconciliation and making corrections so they can resubmit the claim. To avoid facing a delay or rejection in payment, physicians should make sure they opt for quality medical coding and billing services.
Why Choose MedConverge Over Other Medical Billing Companies?
Our team of AAPC and AHIMA certified medical coders understand the latest ICD codes and industry fluctuations. Not only are we certified and up to date with the latest trends and medical billing software, but unlike other medical coding service providers, we also offer comprehensive practice management services to further optimize your practice and increase revenue.
For nearly 20 years, we have offered our services to healthcare professionals and we are aware of current medical coding and billing best practices. We offer specialized services based on the providers’ needs and we have a 97% accuracy rate alongside a dedication to meeting deadlines.
The Benefits of Outsourcing Medical Billing with MedConverge
Our team of medical coding and billing experts have observed the evolution of the healthcare industry and we make sure to document all aspects of patient care. We efficiently convert medical reports into the necessary codes to create a medical claim, so revenue and practice management is optimized. We also offer specialty medical coding for various patients and services such as radiology, nephrology, cardiology, orthopedics, and pediatrics.
Maximize Your Revenue with MedConverge
Proper medical coding and billing services can only take place when clinical documentation is filed correctly. Not only do we offer thorough medical coding and billing services in St. Louis, but we also offer tips to help clinicians improve their documentation quality. Thoroughly recorded documentation and proper practice management leads to enhanced coding and billing and this can greatly increase revenue for all medical practices.
Clinicians who are looking for a way to optimize their revenue and enhance their practice management should connect with our team of experts as soon as possible. With nearly two decades of experience in revenue cycle management, we can help manage documentation, workflow, and the billing process so clinicians can focus on helping their patients thrive.
Contact MedConverge today to get a medical coding and billing quote and start increasing your revenue.