Medical Billing: A Thriving Industry That Is Growing by Leaps and Bounds
The medical industry is changing rapidly in a dynamic way and so does the field of medical billing. Medical billers as the name indicate, play a key role in hospitals by administering and controlling the entire billing process. Today there are various intermediate companies that function across the globe to support healthcare providers, hospital systems, and payers. Their onsite-offshore modus operandi allows clients to reduce operational costs significantly while making improvements in quality and efficiency.
Many companies are quite popular in the U.S and one among them is Global healthcare resources. As an experienced business player they serve the medical industry in an effective and impressive way.
Some prominent services provided by companies like GHR include:
1. Medical Coding Services âEUR" Medical coding primarily deals with conceptualizing and assigning codes for each type of claim. Medical coding professionals carry out the task after checking various medical records of the patients including the transcription of doctors note, previous medical history, laboratory test results, imaging studies and various other reports. Experienced coding professionals assign CPT icd-9 / icd- 10 codes, CPT codes and HCPCS codes in the diagnoses and procedures as per the coding guidelines.
2. Medical billing âEUR" In the medical billing division, professional medical billers who have hands on experience in the field deals with applications related to payer policies and determination of local coverage and national coverage for successful claim submissions. They follow the CPT, ICD-9-CM, and HCPCS Level II coding guidelines in determining the medical billing claims. It is from the medical coding department the medical billers get useful information for processing a claim for reimbursement with the appropriate insurance agency.
3. Process Structuring âEUR" This is another notable service provided by GHR. Here the billing manuals created at the transition stage based on research and analysis will be periodically updated based on the input received on a daily basis. Later this data will be used as a guiding tool while dealing with similar cases. Process restricting helps in carrying out the billing and reimbursement process in an efficient way.
4. Revenue Cycle Management âEUR" Health care companies carry out this process by identifying the original revenue pattern of the client and developing a strategy that helps in achieving the goal of at least a minimum of 10% increase in revenue. To achieve target the firm would monitor the revenue cycle continuously and generate in-depth revenue reports. Based on the report they develop and implement relevant steps that can help in achieving a revenue rise.
5. Maintaining electronic Medical Record âEUR" Electronic Medical Record or EMR is directly used by medical practitioners and hospitals to electronically store and manage each patientâEUR(TM)s medical case histories. It allows handling of huge quantities of medical records efficiently and effectively. Records in the EMR are easily accessible to concerned authorities within a short time.
6. Medical service industry is vast and is growing rapidly. Renowned companies in this space like the GHR help in carrying out various procedures like medical coding, medical recording, billing and reimbursements in a smooth way.
Many companies are quite popular in the U.S and one among them is Global healthcare resources. As an experienced business player they serve the medical industry in an effective and impressive way.
Some prominent services provided by companies like GHR include:
1. Medical Coding Services âEUR" Medical coding primarily deals with conceptualizing and assigning codes for each type of claim. Medical coding professionals carry out the task after checking various medical records of the patients including the transcription of doctors note, previous medical history, laboratory test results, imaging studies and various other reports. Experienced coding professionals assign CPT icd-9 / icd- 10 codes, CPT codes and HCPCS codes in the diagnoses and procedures as per the coding guidelines.
2. Medical billing âEUR" In the medical billing division, professional medical billers who have hands on experience in the field deals with applications related to payer policies and determination of local coverage and national coverage for successful claim submissions. They follow the CPT, ICD-9-CM, and HCPCS Level II coding guidelines in determining the medical billing claims. It is from the medical coding department the medical billers get useful information for processing a claim for reimbursement with the appropriate insurance agency.
3. Process Structuring âEUR" This is another notable service provided by GHR. Here the billing manuals created at the transition stage based on research and analysis will be periodically updated based on the input received on a daily basis. Later this data will be used as a guiding tool while dealing with similar cases. Process restricting helps in carrying out the billing and reimbursement process in an efficient way.
4. Revenue Cycle Management âEUR" Health care companies carry out this process by identifying the original revenue pattern of the client and developing a strategy that helps in achieving the goal of at least a minimum of 10% increase in revenue. To achieve target the firm would monitor the revenue cycle continuously and generate in-depth revenue reports. Based on the report they develop and implement relevant steps that can help in achieving a revenue rise.
5. Maintaining electronic Medical Record âEUR" Electronic Medical Record or EMR is directly used by medical practitioners and hospitals to electronically store and manage each patientâEUR(TM)s medical case histories. It allows handling of huge quantities of medical records efficiently and effectively. Records in the EMR are easily accessible to concerned authorities within a short time.
6. Medical service industry is vast and is growing rapidly. Renowned companies in this space like the GHR help in carrying out various procedures like medical coding, medical recording, billing and reimbursements in a smooth way.
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