Advantages of Improved Practice Management Strategy

Caring for patients is the best medical practice. However, it’s also true that you’re not just running a healthcare practice, but also a hospital or clinic that comes with the liability of watching out several tasks. Partnering with an expert healthcare organization to offer you with the right management of these tasks can help you a lot. Listed below are a few benefits of practice management solutions.

Better Office Competence

One of the major reasons for patient disappointment and reduced proceeds in your practices is office incompetence. Effectiveness is very important when balancing highly valued patient care and managing your medical practice. In case, you notice that your medical practice is not effective, you may be wasting time and equipment, resulting in reduced patient contentment rates, bigger operating cost, and annoyed workers. If you don’t take care of these issues, your practice will get fewer visits and appointment from patients, meaning less income. A healthcare organization can help you to improve the proficiency of your practice. They offer support in all specific parts where your practice and hospital needs help, from regular tasks such as managing patient reports to running your revenue cycle. 

Increased Revenue

Outsourcing revenue cycle management can reduce the costs and boost your profits. With a trustworthy and efficient revenue cycle procedure, you can accelerate the turnaround. RCM is one of the major advantages of being a client with a healthcare company. They handle the RCM process for your medical practice that is customized to your area of expertise and take full advantage of reimbursements. The team will also assist you to decrease billing mistakes through an efficient procedure, the appeals process and denial management. An expert healthcare company will also take care of claim adjudication and HIPPA concerns. 

Consultation 

Consultation solution is also an extra advantage of outsourcing medical solutions from an expert company. Their consulting solutions come from the point of ability and years in the business. A specialized company also manages and advises your medical practice with abundant knowledge and expertise to aid your business to grow. With their skilled consulting solutions, they help you to decide the strengths and weak points in your practice by performing an operational assessment and workflow. By recognizing these problems and growth points, an expert healthcare firm can place your medical practice to obtain the benefit of growth chances and meeting challenges straight on.

Common ICD-10 Error Codes

A recent study reveals that in several healthcare companies, only 60% ICD-10 coding is precise and correct. In this study, there were a few common mistakes that people make when coding. Often people use the wrong codes or execute some mistakes unintentionally and eventually it causes claim denial. Wrong coding just wastes the time and costs, so it’s important to be aware of these coding faults to improve your practice’s competence.

Use Of Outdated Codes

The most common error is using outdated codes since many medical coders are used to the ICD-9 coding. Though these coders are expert in ICD-9 coding, but using an out-of-date code will direct to the claim denial. This will result in several negative outcomes for your medical practice and hospital.

Confusing Letters And Numbers

Another common error made by coders is confusing letters and numbers. For instance, the code requires writing a number 0 but coder type the letter O by mistake. It’s vital to focus on these small things and make sure to check or revise properly. 

Procedure Code and Diagnosis Code Not Specified 

Not specifying and identifying the diagnosis and procedure code will cause a big loss in repayment. Keep in mind, you always wish to comprise all the details when coding. Avoid it, and Don’t use everything, instead find the most relevant information and specifics to get the most out of reimbursements.

Lack of Focus

ICD-10 has a great focus on specification, Laterality and disease procedure. Laterality denotes which body part is affected for a more precise identification. As this is the recent yet most important change in ICD-10, professionals may take more time to get used to it. 

With a knowledge of the general medical coding mistakes, one can be attentive for the most probable and common errors. When you are getting trained on ICD-10, make sure you are being precise and correct in order to take full advantage of reimbursements and productivity. For assistance and support with the ICD-10 procedure, several medical information services provide coding instruction and revenue cycle management to assure a long-term success of your medical practice. 

Jaymed Technologies provides medical coding and billing solutions at very affordable cost. These services will decrease the time used up on billing and coding process so that you can focus on your patients more competently. Jaymed offers expert technical proficiency, experienced approach and general network access to give an efficient health management program according to the client’s plan and ideas.

Boost Your Profit In Medical Practice

Medical billing is a process of filing and submitting reimbursement within a time period without delay. A medical billing staff manages revenue cycle, file reimbursements and AR follow up. The medical biller collects important details related to bill with the help of software to avoid any kind of error. If there’s any denials, a medical coding expert addresses the issue swiftly so that you get payment on time. 

The medical coder regularly contacts with physicians and insurance firms to clarify, analyze or to collect additional data related to billing and coding. So, this organizes the whole procedure and helps you find quick revenue. They follow the HIPPA rules and regulations and are expert in coding including ICD-9 and ICD-10, they successfully handle the billing requirements correctly. An excellent medical billing company offers below billing solutions to advance your practice:

Correct Reporting 

You’ll have the convenience of payments posted daily, weekly or monthly according to your wish. An expert company also allows you to track payment from patients. It is useful for monetary planning use and to plan the future profits flow as well.

Follow Regulatory Changes

The medical industry is always going through a few regulatory changes, imposed by the government. An excellent company always keeps an eye on the changes and provides medical services in sync with the same rules so you avoid any mistake and redundant burdens. The company keeps their medical billing services up-to-date.

Practice Management Integration

Many medical billing firms are experts in various types of management systems. This will assist a client to attain advantage from their understanding. This also allows you to avoid the headache of hiring employees and bear operating cost for these systems. 

Business Knowledge 

The best thing about hiring a billing firm is that their staff has the necessary skills, and proficiency to formulate your claims in procession.

Jaymed Technologies is a reliable medical coding and billing company that helps healthcare  payer solutions to enhance their productivity and revenue. The company provides efficient patient care, on-time repayment, access to better quality data and less hassle of audits.

ICD-10 Transition Process In Healthcare Payer Services

Execution of ICD-10 coding method will bring more precision in medical coding, billing system and records in payers solutions. It’s essential for health care providers to be prepared for the fault due to the updates in ICD-10 coding which will direct to profit loss. Here are a few certain vital factors to be measured in order to smoothen ICD-10 transition procedure.

New Plan 

Creating a new plan is necessary for the efficient ICD-10 transition of medical coding methods. Make a meticulous list of all systems that currently comprise diagnostic codes and update them for ICD-10.

Risk Assessment

In healthcare payer services, it is essential to make a noteworthy work evaluation about ICD-10 to discover how its execution will considerably impact the procedure and overall proceeds of health care practice. This will aid to reduce possible errors.

Training 

Medical coders have to apply efficient knowledge about various ICD-10 codes and must get comprehensive training about the same. As compared to ICD-9 system ICD – 10 system has added new codes. It’s very important for coders to understand the common codes that are used in all specifications. In order to find accuracy in solutions, you should evaluate the performance of all coders and billing personnel and their awareness about the coding process. This will help you to identify the employees that require guidance. Separate instruction should be given to internal coders and billing team about the additional code. A few common training systems include translation software, platform based and dual coding learning programs. 

Be familiar with the points of ICD-10 contact

It is also vital for healthcare payer services to be acquainted with the points of ICT-10 contact which includes medical coding, billing process or claims submission, claim rejection or appeals, medical records, lab or imaging orders.

Jaymed Technologies is a reliable medical coding and billing company that helps healthcare  payer solutions to enhance their productivity and revenue. The company provides efficient patient care, on-time repayment, access to better quality data and less hassle of audits.

How Medical Billing Services Improve Your Practice

Medical billing service is the process of sending and filing reimbursements in time so that your practice keeps on making profits. When you hire a medical biller from a company, he takes care of revenue cycle management, executes AR follow up and files reimbursements in time. He usually collects all the data regarding bill using the software to make sure there is no error and denial. In case there are errors and denials, a medical coding expert addresses these issues swiftly so your money is recovered in time.

In healthcare payer solutions, medical coding professionals regularly communicate with physicians and insurance companies to clarify, evaluate or to search out additional data about medical coding and billing. So, this helps in updating the complete procedure and receiving fast revenue. They follow the HIPPA rules and are knowledgeable with latest modules such as ICD-9 and ICD-10 codes and efficiently handle all the billing requirements. Companies with years of experience provide these medical billing services to advance your practice:

Accurate Reporting

Medical billing services help you to track your costs from insurance companies and patients. It is useful for the purpose of monetary planning and potential proceeds streams as well. They provide you the convenience of collecting medical billing information and efficient payment posting on a daily, weekly or monthly basis. The financial growth of the medical billing services depends on the implementation of the billing work without a flaw.

Applying Practice Management Integration

Some medical billing companies are experts in various types of practice management software and systems. This will assist you to make the most from their knowledge and experience as well. You can also avoid bearing the cost of hiring employees and staff for these systems.

Understanding of the Industry

One of the best positive aspects of outsourcing your medical billing services from an expert company is that it offers necessary skills, and proficiency in formulating your claims in a perfect way to help you get reimbursements without any delay.

Keeps an eye on Regulatory Changes

The medical practice business is always going through different kinds of rules and regulatory changes. Some are driven by the administration and some are imposed by the insurance carriers. An expert medical billing firm will always include the essential information and knowledge of keeping your healthcare practice synchronized with these policies so you don’t suffer losses or pointless burdens. The company and expert medical billers make the medical billing and coding advanced.

HIPAA Compliance Helps To Prevent Cyber Attacks

HIPPA compliance is the key to not just avoid huge fines imposed by federal government but it is also effective to strengthen your network security and protection. A patient’s data is valuable and hacks of medical practices can make it vulnerable to the cyber attacks. This restricts access to your data on your own computer and demands a ransom to get your data. You need to be prepared for these cyber attacks to secure your practice. 

How to protect your data?

HIPAA compliance medical coding and billing may be your best method to safeguard your valuable data. The guidelines lay down by HIPAA provide an exceptional guidelines to safeguard your information.

How HIPAA rules work?

There are three major fractions to the HIPAA compliant procedures that include:

Documentation

The very first step in HIPAA documentation procedure is to carry out a risk assessment. The Risk Assessment process collects required information such as how you protect your data, use of electronic devices and what processes your staff should follow. When the procedure of Risk Assessment is finished, you’ll get the basis for your protection guidelines and measures.

Training

Insufficient employee training or lack of it makes a medical practice open to cyber attacks. HIPAA requires staff to be taught and trained once a year, not just on the HIPAA regulation, but especially on your company’s safety policies and measures.

Execution and Completion

No plan and training would be effective if you don’t put it into practice? The HIPAA Compliance strategy isn’t a file that only needs to be kept on the shelf, in fact you’ve to follow those rules into the medical coding and billing procedures in your company. When you get a plan, everybody in the staff must know and agree on it. Put HIPAA strategy and rules into action to avoid the penalties and fines and ransom of cyber attacks. You need to get your employees trained on the HIPAA regulation and exact plan in your practice.

Jaymed Technologies is the leading healthcare service provider that helps medical practices to get better reimbursement. The company provides accurate and advanced medical billing solutions to customers at very reasonable fees. It also offers a number of medical and healthcare solutions to medical practices such as EDI Claim generation, revenue cycle management outsourcing, medical billing and coding and a lot more.