February 9, 2021
Pediatric practices provide essential care to young people during the most vulnerable time of their lives. Instead of worrying about basic management concerns, pediatricians need to spend as much time as possible focusing on their patients and delivering the highest level of care possible.
There are many members of essential support staff in every pediatric office, but not all of them need to work on-site. In particular, small offices need to streamline their operations and make sure essential staff have room and time to do their work.
Since medical billing isn't one of your core operations, it's easier to outsource it to a dedicated and reliable provider like Capital Billing Services. We can give medical billing the attention to detail it needs. Medical billing services can safely and securely process billing from various payees and help with related background tasks to make your practice run more smoothly.
Outsourcing Medical Billing
Billing is never as simple as just sending an invoice to your client or their insurance company. Since clients often have misconceptions about what insurance will or won't cover, they often require detailed follow-up to ensure proper payment. There are also additional requirements for receiving payment from government agencies and insurance companies.
Because of these factors, everyday paperwork and soft collections can become time-consuming and difficult tasks. Finding staff who can manage them competently is challenging, especially since the health insurance industry has become much more complex. Even minor errors can cause major headaches for a pediatrician, so it's vital to get the best staff possible by working with a medical billing services company.
Insurance companies periodically require your practice to renegotiate your contracts with them. As for-profit entities, insurance companies will naturally try to get you to sign contracts that aren't as favorable for you as they could be. Sometimes, those contracts may have a significant impact on your bottom line.
Your expertise is in medical matters, so it's best to work with a financial specialist to get to the heart of what these contracts mean for you and your team. Work with a billing specialist firm when negotiating contracts so you can make sure you completely understand the legal implications of the contracts before signing.
Besides the day-to-day billing tasks, pediatricians also need support in developing new templates and forms and adapting to new regulations. A dedicated billing service can make sure you're always aware of changes so you won't face unnecessary delays in reimbursements.
Data entry and robust data backups are also critical to your work. Without accurate data, it's difficult to assess the financial stability and productivity of your practice. Billing services providers can handle both the data management and the analytics needed to keep you informed of your successes and potential areas for improvement.
Unique Needs for Pediatricians
Pediatricians' billing and records are more complicated than practitioners who only see adult patients. An individual parent may have multiple children registered with your practice and a billing specialist needs to carefully double-check records to ensure that they bill the correct parent.
Billing may become even more complicated if the parents' insurance information changes. This is especially pertinent when a patient becomes eligible for Medicaid, which is largely administered by individual states. Being able to rely upon a dedicated and experienced medical billing specialist makes this time-consuming process much easier.
Full Legal Compliance
Medical records and billing information are covered by various state and federal laws, including the Health Insurance Portability and Accountability Act of 1996 (HIPAA). A billing specialist with the appropriate training and knowledge follows all applicable laws and regulations, keeping you fully in compliance.
Medical credentialing is also a potential sticking point for pediatric practices, adding a new staff member to their team. This task is easy to outsource to the same company as your billing for streamlined communication.
Finding a Reliable Service Provider
Medical billing and medical credentialing are two areas that are draining for pediatricians to deal with and require a team experienced in medical finances. Capital Billing Services can take care of everything from accounts receivable to management solutions. We combine the best medical credentialing and medical billing services to help pediatric practices of all sizes focus on their life-saving work.
We have a full range of consulting to help your practice become the best it can be. Our financial knowledge is essential for new and established practices alike. As the medical industry changes, we can keep you up-to-date on new best practices and strategies for staying fiscally sound. Contact us today so we can get started on analysis and services custom-tailored to meet your needs.