Medical facilities and practitioners across the globe have been seeking simple yet effective ways of reducing their accounts receivable and collecting payments faster – here’s where trustworthy and efficient third party medical billing service providers play a crucial role!
The medical Billing Fundamentals
Of course, there are no qualms about the importance of medical billing in the health care segment filled with hectic activities. Be it a small private practice or a huge multi-specialty facility, billing forms one of the most vital elements that directly influences the sustenance and progress of the practice.
With modern monetary transactions going the digital way and legal mandates requiring extensive verification and protocols that safeguard patients, most of the payments made toward medical services are routed through insurance companies. Reimbursement from insurance providers happens to be the deciding factor for the successful running of medical practices. This necessitates perfect and error-free billing process that leads to reduced claim denials, and improved reimbursements.
Significance of Medical Billing Process in Health Care Industry
For being able to run their regular administrative processes and to meet their financial requirements, health care facilities need to focus on two major concerns: care quality and financial stability.
It is imperative that practices bill out quickly and efficiently so that revenue can be generated for meeting overheads. Claims must be submitted on time and in the required format. Claims need to be prepared using proper codes for the treatments, procedures, and services offered.
What makes practices struggle with the task of billing?
It is only natural that private practices with limited resources find it hard to dedicate a team of professionals with know-how exclusively for the billing department. Medical billing process requires deep knowledge on medical terminology, practices, and methods. Physicians and paramedics being pressed for time with their core activities, it is not fair to put them on to the task of handling the time-consuming and intricate medical billing process.
There are quite a few stipulations and rules that need to be followed while submitting claims; the formalities change according to whether you are billing Medicaid or Medicare, Private Insurance companies or Veterans’ insurance providers, and so on. These factors make it tough for medical professionals to manage their claims preparation and submission.
How Numinatrans offers a bouquet of benefits to health care facilities?
Medical billing process being the bread-winner in any small or medium sized medical practice; it has to be managed by efficient and experienced professionals. Numinatrans has been serving the health care industry since more than ten years. By availing our services, practices and clinicians may reap the following benefits:
Partnering with reliable billing service providers improves the health of your practice, eases the burden on your budget, and increases the financial stability of your business!
Doctors, nurses, or other professionals involved in health care who treat individuals generate a great number of health records pertaining to the patients. Running into a lot of pages, these records form crucial part of malpractice suit at times. Medical records, when maintained properly, consist of vital details that interpret the reason for any medical procedure going wrong. Hence they are considered very important in the legal point of view. Vital medical details such as blood pressure, oxygen level, or heart fluctuations are recorded on a continuous basis so that any change or detrimental effect may be tracked precisely and quickly.
As they contain personal health details, medical records are privy to select people, namely, the patient, doctor, and any authorized representative of the patient. The Health Insurance Portability & Accountability Act (HIPAA) ensures that no other third party can access these private information.Accessing or sharing medical records with those not authorized is an offense. Under HIPAA, without prior authorization by the patient, any third parties such as employers or even family members cannot access an individual’s protected medical information. In case such protected information has been disclosed to an unauthorized party, legal action can be taken against the entity responsible for custodianship of the information.
Patients have absolute rights over their health records. When a patient makes a formal request for his or her medical records, the hospital, doctor, or the provider needs to oblige within 30 days of such request. Law allows extending the period by another 30 days in special circumstances. Providers may charge a nominal fee for processing and furnishing the records. This amount will be minimal in case of digital records as opposed to paper records.
HIPAA law demands individuals to sign an authorization that empowers providers to view health records that have been protected. This assists the records department of care providers to dispel confusions or doubts, if any, about missing records. It also allows them to request for additional records, when needed. HIPAA law clearly necessitates complete privacy and confidentiality of an individual’s personal health information.
HIPAA law restricts eligibility of claiming health records in the event of death of an individual. The process has been streamlined for making it easier to family members to access their deceased relative’s health records. The right of requesting for a decedent individual’s health records are with the spouse.In case the decedent is unmarried, the records may be accessed by a sibling or parent. The formal request needs to be made in writing and it must consist of an affidavit called Authorized Certification of Relative. The affidavit has to state the requesting person’s relation to the deceased. A copy of death certificate also needs to be attached.
Health records are meant for the well-being of individuals while strict rules must be followed in order to honor the privacy and confidentiality of the sensitive medical details. Complying with stipulated rules and laws need to be mandatory for the safe-keeping of patients’ personal health records.