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Key factors to consider while choosing a medical billing services company

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  Choosing a medical billing services company can be a game changer for a healthcare brand in terms of how they handle charges and claims and how quickly they can move from charges to reimbursements. However, there are so many third-party service providers in the market. How does one make the right choice? Here are some of the key factors to consider when it comes to picking a billing service provider for your needs. Experience One of the first things to consider while hiring a medical billing services company is their experience. The number of years they have been in service will tell you their ability to sustain in an extremely competitive field and make things work. Quality of workforce Just like how you see the number of years of existence of a medical billing services company also check the average work experience of their staff. If the average number of work experience of their staff is 2 years, it means they have a lot of new hires. However, if the average work experie
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Why should you only work with RCM service providers who can take over complete account management?

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  A lot of healthcare practices choose to work with third-party RCM service providers, and there are a lot of reasons for this. If you have been thinking of hiring such service providers or want to change your current service provider, then one thing you need to ask them is whether they handle complete account management.   What's account management, and why is this important? Keep reading to know all about account management RCM services and their benefits.    A third-party service provider can definitely give you more value for the money you spend in hiring them because: 1.   They come with exclusive expertise in the medical billing and coding industry 2.   You don't have to worry about handling staffing issues 3.   You get to use high-end tools and software that these service providers have spent time and money building 4.   You get to focus on your expertise - treating patients   However, many clients choose a third-party RCM service provider with only cost in mind, and end
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Understanding Eligibility and Benefits Verification And Their Importance

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  Eligibility and Benefits verification is one of the most needed steps for effective RCM. Missing this is like constructing a building with a weak foundation. You cannot expect the building to thrive. Eligibility and Benefits verification  is the process of verifying information like coverage, deductibles, copayments, and co-insurance before filing a claim.   A 2020 report released by the Centers for Medicare and Medicaid Services (CMS) states that claim denial rates ranged between 1% and 80% in the country! An average of 18% of in-network claims got denied that year. This could be a considerable number, given the high cost of healthcare.   Claims need to be built based on the eligibility of the patient. A haphazardly created claim with services the patient was not eligible for in the first place would lead to quick and hard denials from the payer's (insurance provider's) end.    Inefficient Eligibility and Benefits verification  processes cause the following problems.   ·  Hi
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