Medical Billing Companies in Wausau, WI

Factors to Consider When Choosing a Medical Billing Company in Wausau, Wisconsin

Choosing the right medical billing company in Wausau, Wisconsin isn’t just about the services they offer. Many factors should contribute to you choosing the right medical billing service, not just the price point. Here are some of the most important factors you should consider when choosing a service.  

Experience  

A medical billing company’s experience reflects its ability to efficiently handle the complexities of billing procedures. A proven track record displays a thorough knowledge of the industry, legislation, and emerging best practices. Look for a billing firm that has worked with comparable specialty to yours, as this knowledge can help to expedite operations and enhance revenue outcomes. 

Data Security Measures 

To protect patient anonymity, ensure that the billing company follows industry standards such as HIPAA (Health Insurance Portability and Accountability Act). Investigate the company’s data security measures thoroughly to guarantee that sensitive information is kept secure throughout the billing process. 

Performance Metrics 

A dependable billing company is known for its performance metrics. Reputable firms provide performance indicators that represent their success rates, collection efficiency, and overall impact on the income growth of your practice. These metrics provide useful insights and assist you in determining the value they provide to your practice. 

Customer Support 

A medical billing business should act as a collaborative partner, ready to respond to your problems and inquiries as soon as possible. Customer service can be the defining factor in a smooth transition and optimal efficiency.  

Training 

Even with a professional medical billing company working with you, you’ll still need to train staff on best practices. This will ensure the accuracy of coding, claim filings, and overall revenue cycle management. It will help bridge the gap between your administrative team and your outsourced billing. Furthermore, well-timed training sessions can help ensure medical staff are compliant with the latest laws and regulations.   

Customization  

The flexibility of a billing business to tailor its services to your individual needs can significantly improve billing accuracy and efficiency. Look for a provider that places a premium on adapting its services to your practice’s workflows and preferences. 

Services Medical Billing Companies Offers in Wausau, Wisconsin

Not every medical billing company is the same and is going to offer the same services. If fact, depending on your needs and specialty, a medical billing company could offer just a specific set of services. However, below is a general outline of most duties covered by medical billing.  

Patient Registration 

Medical billing companies can help with patient registration including gathering and verifying documents, ensuring document accuracy, and providing clear customer instructions. Medical billing companies can take over this process entirely for you or help train your staff for best practices. Patient registration is about recording data such as: 

• Name 
• Address 
• Date of Birth 
• Insurance Provider 
• Policy Number 
• And more. 

A medical billing company can help you simplify this process or better manage this documentation.   

Insurance Verification 

Prior to treatment, a billing business verifies the patient’s insurance information to ensure active coverage. This stage determines whether services are covered, as well as co-pay amounts, deductibles, and any pre-authorizations required for certain procedures.  

Medical Coding 

One of the most important parts of the medical billing process is medical coding. The process of medical coding involves converting healthcare diagnoses, procedures, medical services, and equipment into universal codes. They can specialize in or handle different types of coding like: 

• ICD 
• CPT 
• HCPCS 

The medical billing company can either do this coding for you or they can review your coding for billing purposes. They can also help keep you up to date on various changes to coding practices and procedures.   

Claim Submission 

Most clinics partner with medical billing companies to handle their claims submission process. This may mean that the medical billing company completes the entire process for you or helps you improve your practices claims submission practice. They will also track and follow up with the insurance company to make sure claims are processed and paid.  

Medical billing companies can help to reduce the amount of time that it takes for patients to receive their insurance payments. These companies can also help to reduce the amount of administrative work that medical providers have to do. This can free up providers to spend more time on patient care. 

Payment Posting 

Payments collected from insurers or patients are entered into your clinic’s billing system. Proper posting ensures that account balances are correct and that any inconsistencies between billed and received amounts are identified. Medical billing companies can monitor and pinpoint incorrect balances and help rectify them with patients.  

Denial Management 

Denials are the bane of every practice’s billing department. You don’t have to go it alone though! Medical billing companies can help manage your denials and resubmit them on your behalf. Denials are analyzed to determine why they were denied, including coding errors, missing information, or uncovered services. These claims are corrected and resubmitted by the billing company on your behalf. The best part? You’ll be working with experts in the field of medical billing who can navigate complex claim denials.  

Accounts Receivable (A/R) Management 

Medical billing is a complex and time-consuming process. Fortunately, these companies have experts to help you navigate accounts receivable and verify potential payments. This will improve your accuracy and reduce your need for full-time employees. You can then free up more time and money to hire staff that can help with patient care and support.  

Patient Billing and Collections 

After insurance payments, any remaining balance is billed to the patient. Medical companies will handle this for you. They may help you with monthly statements, handling inquiries, setting up payment plans, or referring long-unpaid accounts to collection agencies. Medical billing companies can help you navigate the collections process and help you devise the best plans for patient billing. 

Reporting and Analytics 

Want to learn more insights about your billing process and the health of your clinic? Medical billing companies can help you analyze many different metrics such as: 

• Collection rates 
• Denial rates 
• Days in A/R 
• Charge capture rate 
• Coding accuracy rate 
• Claims processing time 
• Patient satisfaction 
• And more!  

Credentialing Services 

In order for providers to bill insurance companies, they must be credentialed, which means they are recognized as legitimate healthcare providers. The process of credentialing involves paperwork, background checks, and sometimes interviews. Billing companies streamline this process. They work daily with these insurance providers and can help you navigate this process. 

Electronic Health Record (EHR) Integration 

Medical billing companies can help with the transition and integration of an EHR system. The elimination of manual data entry between EHR and billing systems reduces errors and increases efficiency. The interface guarantees that clinical data flows automatically into the invoicing system. You don’t have to hire an entire IT department to make this transition, instead, you can work with your medical billers to make this a reality.  

Compliance and Auditing 

Medical billing must follow a variety of standards, such as HIPAA, which safeguards patient data. Billing firms verify that processes are compliant. Medical billing companies may perform audits on a regular basis to discover areas of risk or inefficiency. 

Patient Support and Inquiries 

Did you know that medical billing companies can help with patient support as well? It’s true! Patients frequently have billing questions. A specialized support system with the medical billing company can answer these questions, explain prices, and handle conflicts, ultimately increasing patient satisfaction. 

Payer Contract Negotiation 

Contract arrangements with insurance companies have a substantial impact on revenue. Medical billing businesses can negotiate arrangements on your behalf to ensure better reimbursement rates and conditions for providers.