Physicians and medical practices need to partner with professionals that facilitate more time with patients and less with paperwork. As one of the nation’s leading medical billing providers, Matrix Medical Billing understands physicians concerns and created a process to limit stress and increase profits for its billing clients.
One of the keys to its success – partnering with a top-ranked clearinghouse. Why is that such an important piece in the medical billing process? Below are five reasons your medical billing partner or practice should be utilizing a clearinghouse’s expertise. Medical clearinghouses –
1. Limit Risk to Clients
A medical clearinghouse acts as the non biased third party between medical practices and insurance companies. It securely sends confidential information electronically and assumes the risk as a third-party intermediary for the submitted claims. A clearinghouse also ensures both parties fulfill legal obligations in the medical claims submission and reimbursement process.
2. Ensure Accuracy
One of the medical clearinghouses most important functions is to scrub or review submitted claims. This means it cleans-up or searches claims for errors. If issues are identified, the claim is immediately returned for updates and edits.
3. Increase Speed of Returns
Since claims are submitted electronically, clearinghouse clients are notified immediately if a claim is “clean” and has been submitted – or if there are errors to revise. This allows medical billers or practices to fix issues right away instead of waiting weeks for notification of inaccuracies or claims denial by an insurance company.
4. Ensure Claims Meet Current Standards/Codes
New regulations, policies and codes pop-up seemingly every day. Whether implemented this year, or pushed back till next, Version 5010 ICD-10, and specialty’s code updates are nearly impossible to keep track of. Clearinghouses ensure that all current standards are met and revised codes or recommendations implemented in claims. This ensures peace-of-mind for both practices and billing partners dedicated to providing accurate billing in a complex industry.
5. Increase Revenue/ Create Shorter Payment Cycle
A clearinghouse also guarantees higher claims success, faster turnaround on claims and higher reimbursement on accurate claims. Combined, these result in larger profits, less resources wasted on processing and a tremendous decrease in the payment cycle. Additionally, electronic processing through a clearinghouse will produce significant savings on mailing, paper, envelopes, etc for a practice or physician.
Bottom line – if your practice or medical billing partner is not utilizing a clearinghouse, you are losing money and wasting resources. Top medical billing providers concur with Matrix Medical Billing. Regardless of who is processing your practices’ billing, it is worth it to enlist the expertise of a non-biased, third party medical clearinghouse to verify every medical claim.
To learn more about Matrix Medical Billing’s ability to streamline medical billing and claims processes, contact Matrix Medical Billing today at 1-888-434-3477 or visit https://matrixbill.com