Pediatric medical billing encompasses billing for health care services given to children, infants, and adolescents. Medical billing and revenue cycle management can highly help a pediatric practice increase collections through determining electronic eligibility, managing claims, increasing the overall revenue, achieving positive ROI, and heightening the level of efficiency.
So much of a pediatric practice money and time are spent on administrative and billing services. Therefore, why not allow medical billing companies help you in cost reduction as well as relieve you of daily headaches? The financial strength of pediatric practices is correlated to account reimbursement and timely billing. There are just so many hidden benefits associated with a strong pediatric practice medical billing service. However, for you to enjoy all the benefits that come with this service, it is crucial for you to choose a billing company that has the experience necessary to manage the complexities brought about by pediatric billing and modifiers.
A lot of Pediatrics are already aware of how revenue cycle management and medical billing services can increase collections and reduce costs. This comes with benefits such as practice management software, electronic medical record, financial reporting, electrical eligibility verification, and fast accounts receivable turnaround. But; what are some of the most hidden benefits that come with pediatric medical billing services?
Practice Overhead is decreased
With these billing services, a practice does not have to hire additional staff (biller, manager) to manage the medical billing. Note that fewer employees can streamline the operational and financial processes. The practices can keep costs down (e.g they need less commercial office space). Note that the number of pediatric billing stuff is determined by the number of claims submitted.
Obtain needed information for negotiating with credentialing bodies and payers
Anytime you want to add physicians to your pediatric practice; you undergo a credentialing and enrollment process with insurance companies. This can be a very draining process, can cause delays and also consume a lot of time if the process is not done correctly. Billing services offer information and sometimes solutions to this process. For example, they can use their insurance companies’ contacts and verify your enrollment is done correctly. Negotiating with payers can also be a very frustrating process as they fight for better rates. Your billing service should be able to provide you with information on which payers to have discussions related to the contract rate. Pediatric medical billing services have the experience and can help you stand at the best rates for your practice.
You and your staff have the chance to focus on more important areas when the stress of managing medical billing is handled by professionals. The electronic health record empowers you in taking notes faster. You also stay organized while managing administrative and financial tasks efficiently. The tools provided by the pediatric medical billing services can also improve internal communication drastically because data can be shared easily. In fact, staying organized and utilizing these tools reduces chances of errors and test duplication.
The services provided by billing service include collection agency reporting, CPT/ICD-10 Code review, insurance follow-up, claims preparation/submission, payment adjudication monitoring, insurance verification, payment posting, and patient registration. While choosing a medical billing service, it is crucial to focus on the level of service, pricing model, technology, industry experience, and the capacity to take on new clients.