Medical Billing Company In Los Angeles
All healthcare practitioners have a tremendous responsibility to stay up to date with the latest coding and billing requirements across all insurers and payers, but is that always reasonable? Not really. And when practitioners use in-house billing and coding staff, that not only puts the burden of hiring and training on the practitioner as well.
One of the alternatives is using a medical billing company in Los Angeles to handle all of your facilities’ billing and coding needs. There are many benefits to this model, and while our list certainly won’t be exhaustive, it should give you a solid idea of why working with a medical billing service can take a lot off of your plate while keeping quality and payment integrity as high as possible.
Billing & Collections
Claims, daily billing submissions, & collections brought to you by Acme Billing.
Investigate & maintain your practice's documentation and records.
Credentialing & Contracting
From in-network negotiations to licensure and training, Acme Billing can help.
Custom Billing Solutions
Whether you are a large scale healthcare provider or an independent practice, we have billing solutions that work for you.
Eligibility & Verification of Benefits
Learn about our free verification of benefits service and how we can help you help clients at the right place & right time.
Denials, Negotiations, & Appeals
Denials & negotiating payments can be exhausting for any medical practice. Let us do the work for you.
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Benefits Of Hiring A Medical Billing Company In Los Angeles
This is a big one since all practitioners depend heavily on revenue not only to operate but to maintain the practice in all aspects. Facilities that seem to stagnate on revenue generation will often benefit from working with a billing service, since they will not only be apprised of the most current billing and coding requirements, but they will also be able to keep up with billing so that payments aren’t missed and revenue lost. Even billing made outside of the billing request window can cost time and money to resubmit with amended paperwork.
Upgraded Industry Compliance
Proper documentation is crucial to getting your claims reimbursed by payers. To file and submit completely accurate claims, healthcare providers need to maintain a staggering amount of regulatory knowledge and adherence to industry standards. Coder and billing professionals need to stay compliant with HIPAA, while also dealing with PHI or ePHI. Solid and reputable medical billing companies invest significant money in keeping their employees on top of current trends and completely up to date with training and compliance credentialing. With the potential penalties at stake, trusting a billing company to remain HIPAA-compliant is a big step.
Another great reason that providers can benefit significantly from billing specialists is that they can help assess workflow and implement workflow management to help increase productivity across all staff. They do this by focusing their attention on the purely medical aspects of the operation. Practitioners should perform a billing and coding audit to determine the benefits possible by partnering with a trusted local billing company in Los Angeles.
Boosted Technical Abilities
Outsourcing billing and coding duties almost always result in a high return on revenue. Since a billing company only employs experts in the field, you can place a significant amount of trust in their technical development. They are able to manage operations across secure systems without impacting security or HIPAA compliance. With this streamlined technical operation, you can consistently reduce claim payment delays due to human error, as well as speed up the general workflow and easily isolate potential error causes.
Easily Stay Informed
One of the biggest challenges with running a practice is staying informed of billing issues or claim delays. When you work with a billing and coding service you can receive up-to-the-minute reports and stats regarding your revenue and claims status. This allows even the smallest practitioners to stay competitive in a highly dynamic field.
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Practicing While Managing Your Practice Can Be Difficult
Without a doubt, one of the most challenging aspects of being a physician who operates a practice either themselves or with partner physicians is efficiently managing that practice. There is a lot more that goes into running a profitable practice than simply seeing patients; there is a significant amount of administrative and strategic work that goes into ensuring the practice operates smoothly and efficiently while remaining profitable.
To take a considerable portion of this work off of their plates, many small to medium-sized practices end up working with a practice management company. This management company handles much of the day-to-day operations of the practice, along with much of the clerical, administrative, and billing tasks that are otherwise left to be delegated to any available office staff.
There are many ways that a health practice management company can provide significant benefits for the practice itself. Not only do they increase the efficiency and effectiveness of the work that all of the staff perform, but they can improve the scheduling process for more dynamic patient booking, they can help determine and manage operational budgets, take care of bookkeeping tasks, and even manage the entire coding, billing, and collections efforts for the business.
Benefits Of Leveraging Health Practice Management
Depending on how large or small your practice is, as well as the specific needs of your practice, you may notice one or more of these benefits, or you may notice benefits unique to your operating environment. While this list certainly isn’t exhaustive by any means, it will give you a solid picture of what benefits a management company can bring to the table.
Improved Patient & Staff Scheduling
A constant struggle in many smaller practices is not only keeping schedules full but keeping those schedules efficient as well. A good practice management company will be able to help you book, verify, and confirm patient appointments with much more accuracy and speed. If you operate a practice that is built around multiple physicians, working with a management company can provide a much more dynamic and adaptive scheduling framework that makes sure schedules are full and revenue is consistent.
Claims & Billing Improvements
Another incredibly significant benefit of leveraging practice management talent is the improvements they can bring to your billing and claims process. Sometimes they can generate claims ahead of time to save time during patient visits so that scheduling can be improved even more. The top practice management companies will also make sure that billing and claims are accurate to reduce the time and money wasted on resubmitting rejected claims.
To help track the improvements to the billing cycles, comprehensive reporting is used, which automatically tracks late payments from payers and patients, and notifies the practice. On top of all of that, the practice management company will ensure that their agents are all trained on the latest regulations, compliance standards, and legislation.
To make sure that your practice is operating according to predefined performance metrics, your practice management company should provide you with frequent, comprehensive reporting. This reporting will show the practice performance and adherence to key performance indicators, or KPIs. This reporting will provide staff with detailed insight into the daily operations and functionality of the practice. Some of the things that will be reported include:
- Analysis of patient attendance, including late appointments and no-shows, for more effective scheduling
- The length of time each employee spends on a particular task, which can highlight strengths as well as showcase opportunities for more training or coaching
- Claims error rates along with rates of claim rejection by insurers
Partner With One Of The Leading Medical Billing Services In Los Angeles
Acme Billing Solutions is ready to be your partner in billing and coding. We can ensure that you receive the highest percentage of paid claims possible, and you won’t need to worry about staffing or industry standards, because that’s what we do for you. Reach out today for more information.
Find out why Acme Billing is the right partner for your healthcare business. Call and get a free assessment: 1.888.909.8055