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NextWealth / Services / Business Process Outsourcing / Outsource Medical Billing and Coding Services
Comprehensive Coding & Billing services to streamline Healthcare processes and enhance revenue
Outsource Medical Billing and Coding Services
In an ever-evolving healthcare industry syncing with a plethora of technological innovations, billing and coding is highly complex, heavily time-consuming & asset-intensive process. Effective management of the same is increasingly turning out into a hefty task for healthcare providers. The ready solution to this is the outsourcing of billing & coding services, a practice that has been in vogue in advanced countries for some time and is increasingly trending in India as well. The multiple advantages that Outsourcing of medical billing and coding services brings to the table are accuracy assurance, cost savings, tech assistance & increased revenue
NextWealth’s Healthcare Revenue Cycle Management includes
Medical Coding
Medical coding gets underway the moment a patient turns up at any healthcare facility. Providers detail the visit or service in the patient’s medical record with data such as delivered treatments, items, or procedures. NextWealth’s specially trained assets armed with the latest technology & tools deal with these records & prevent any coding hiccups.
Billing
Medical billing is the process by which healthcare providers submit claims to payers and bill patients. Medical billing usually begins when a patient registers at the facility or schedules an appointment.NextWealth is a medical billing expert with experience in handling diverse specialties with an experienced team of professionals who are adept in handling various Medical Billing applications.
Claims Adjudication
Claims Adjudication occurs between a healthcare provider submitting a claim to an insurance company on behalf of its patient and the insurance company making a payment back to the provider. NextWealth powers providers to move towards a more secure and digitally enabled operating model to reduce complexity in internal processes & the delivery time.
Account Receivables
Account Receivable Management is a dedicated process of collecting pending payments to step up the cash influx and avoid delays in the revenue inflow. Healthcare providers often face challenges like denied insurance claims & long receivable cycles, that require AR follow-up services. NextWealth’s definitive technology & process-backed AR Services enable healthcare providers to overcome the aforesaid challenges, reduce overhead costs, and significantly save on manpower.
Why NextWealth for your Healthcare revenue cycle management
NextWealth is a comprehensive and diligent provider of cutting-edge Healthcare Revenue Cycle Management services to a wide range of healthcare providers across the globe. NextWealth’s specialised and experienced team helps businesses by leveraging its deep insight & knowledge, aptly aided by strategically designed processes. NextWealth customizes services to suit each and every specific requirement of healthcare providers and ensures that each promise is fulfilled. Increasing the percentage of collections, reducing the number of denied insurance claims by a methodical systems approach, and bringing down the ageing report quarter on quarter are a few ways deployed by NextWealth to increase revenue and decrease overheads.
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FAQs
How can medical billing and coding services help you practice revenue improvement?
In-house medical billing & coding leads to a lot of overhead expenses such as payroll, employee benefits, costs of training, various infrastructure costs & more. Outsourcing cuts down most of these. Outsourcing service providers like NextWealth help businesses regulate the investment in the medical billing & coding process. Errors no doubt find a way to creep in, taking a toll on revenues and manual processes. However, reliance on automation & technology, tools leverage by professionals clean-up the process of most kinds of errors and improves revenues. Outsourcing services maintain robust quality assurance standards and avoid errors, streamline operations and improve customer experience. Regulations in healthcare evolve quickly and business need to stay abreast with industry standards failing which, revenues are likely to take a hit. Outsourcing services help keep your business on track and make sure that they follow the latest & best practices.
Why is medical billing and coding important?
Earlier, medical billing and coding processes that healthcare providers needed to complete in order to get reimbursement involved many steps. Any of those could have been easily derailed when done manually. A higher potential for billing errors, very low first-pass resolution rates, and time-consuming allied administrative tasks consumed a mammoth amount of infrastructure & assets. With the advent of electronic health records (EHRs), significant reduction in overheads has ensued ; however proper data entry & systematization plays a critical role in preventing denials, claim rejections, and proper reimbursement. EHR systems have released numerous features over the years to help in provider documentation, code lookup/search and claims scrubbing. The ICD-10-CM has 68,000 codes, while ICD-10-PCS has 87,000 codes. Proper coding systems can help providers to lower denial rates by guiding them to the appropriate Current Procedural Terminology (CPT) codes, and the Health and Care Professionals Council (HCPC) standards. Insurance providers have very particular parameters that must be met in order for them to accept a claim, and their expectations do frequently change. Denied claims are a major source of lost revenue for healthcare providers. Every parameter in a claim needs to be accurate and meet the insurer’s demand to avoid rejection. Rejections can be triggered even from minute errors such as a patient’s name being misspelt or the digits in an identity document being interchanged. While these errors can be fixed, they do prolong the revenue cycle and require claims to be reworked taking a toll on the overall system.