Physician Billing Services

Secure, Scalable, and Cost-Effective

CureMD's physician billing services harness a team of PSP medical billing and revenue cycle management specialists, coupled with cutting-edge industry technology, to effectively boost collections and enhance revenue for a wide spectrum of physician groups. This encompasses independent primary care physicians, gastroenterologists, sizeable orthopedic surgery facilities, dermatology centers, and a diverse range of medical practices.

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Hospital Vs Physician Billing - What's the Difference?

Physician billing and hospital billing are two distinct aspects of the healthcare revenue cycle management process. Physician billing primarily involves the billing and coding of professional medical services provided by individual healthcare practitioners, such as doctors and nurse practitioners. It relies on Current Procedural Terminology (CPT) codes for describing the services rendered and International Classification of Diseases (ICD) codes for documenting patient diagnoses. Physicians often bill insurance companies, government payers, and patients directly for their services, and reimbursement is typically based on negotiated fee schedules or fee-for-service models. Accurate documentation is crucial in physician billing to ensure that the services provided are correctly coded and billed. In contrast, hospital billing encompasses the billing for facility-related services provided by healthcare institutions like hospitals and clinics.

This includes medical coding services like inpatient and outpatient care, room and board, surgical procedures, and diagnostic tests. Hospital billing utilizes Healthcare Common Procedure Coding System (HCPCS) codes, which may include CPT codes, as well as Diagnosis-Related Groups (DRG) for inpatient services. Hospitals bill a variety of parties, including insurance companies, government payers, and patients, for both professional and facility-related services. The complexity of hospital billing arises from the wide range of services provided by the institution and the need to adhere to various coding and reimbursement guidelines to ensure accurate and compliant billing.

Maximized Revenue

On average, our clients experience a significant revenue increase of up to 20% within the first year of outsourcing their billing to us.

20%

Reduced Claim Denials

Our expertise in claims submission and denial management results in a 95% reduction in claim denials, ensuring more successful claims.

95%

Accelerated Payments

Practices using our services see a 30% reduction in payment processing time, leading to quicker access to funds.

30%

Cost Savings

Outsourcing billing can reduce administrative and training costs by up to 40%, allowing practices to allocate resources more efficiently.

40%

Compliance Assurance

Our services ensure a 100% compliance rate with healthcare regulations, minimizing the risk of penalties and legal complications.

100%

Focus on Patient Care

With billing tasks offloaded, physicians can spend 20% more time on patient care, improving the quality of healthcare services.

20%

Key Considerations to Keep in Mind Before Choosing Physician Billing Services

Selecting physician billing providers and their services is a critical decision for healthcare providers, and there are several key considerations to keep in mind before making a choice:

Experience and Expertise: Look for billing services with a track record of experience in healthcare revenue cycle management, especially in the specific medical specialty or practice type relevant to your needs. Expertise in coding, billing regulations, and payer requirements is essential.
Compliance and Accreditation: Ensure that the billing service complies with healthcare regulations and holds relevant certifications and accreditations. Compliance with the Health Insurance Portability and Accountability Act (HIPAA) is non-negotiable.
Technology and Software: Assess the billing service's technology infrastructure and software. Modern, efficient systems can streamline the billing process, reduce errors, and improve collections. Compatibility with your electronic health record (EHR) system is also crucial.
Reporting and Analytics: Effective billing services should provide regular, detailed reports and analytics on your practice's financial performance. These insights can help you make informed decisions and identify areas for improvement.
Transparency and Communication: Communication between your practice and the billing service should be transparent and responsive. Understand how they handle inquiries, disputes, and any issues that may arise.

Billing Processes and Workflow: Evaluate the billing service's workflow and processes, including claim submission, follow-up on denials, and patient billing. Ensure they have efficient workflows to maximize revenue.
Pricing Structure: Clearly understand the billing service's pricing structure, including fees, percentage-based charges, or flat rates. Compare the cost to the potential increase in revenue and efficiency.
Collection Rates: Inquire about the billing service's historical collection rates and how they plan to optimize collections for your practice. A high collection rate is a critical metric.
Patient Engagement and Support: Assess how the billing service handles patient billing and inquiries. Clear and patient-friendly statements and support for billing questions can enhance the patient experience.
References and Recommendations: Request references from other healthcare providers who have used the billing service. Word-of-mouth recommendations can provide valuable insights.
Scalability: Consider whether the billing service can accommodate your practice's growth and evolving needs. It should have the capacity to scale its services accordingly.
Contract Terms and Termination: Review the terms of the contract, including the length of the agreement, termination clauses, and any hidden costs. Ensure the agreement is favorable and flexible.
Data Security: Confirm that the billing service has robust data security measures in place to protect sensitive patient and financial information.
Reputation and Reviews: Research the company's reputation and read reviews from other clients to gauge their satisfaction with the service.
Legal Considerations: Seek legal counsel to review the contract and ensure it aligns with your practice's best interests.

Choosing the right physician billing service is crucial to the financial health of your healthcare practice. Carefully consider these factors and conduct thorough due diligence to make an informed decision.

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Frequently Asked Questions About Physician Billing Services

What is the scope of CureMD's Billing Services?

Yes, our billing services can adapt to your practice's changing needs, whether you're a small independent physician or part of a larger medical group. Whether you are using our and any Revenue cycle management software.

How can CureMD's services help optimize revenue for my practice?

We employ expert coders and billing professionals to ensure accurate claims submission, minimize denials, and provide efficient denial management. Our data-driven approach maximizes revenue.

Is CureMD's billing service compliant with healthcare regulations?

Yes, we strictly adhere to healthcare regulations, including HIPAA, to ensure the protection of patient data and compliance with legal requirements.

Can CureMD's services integrate with my existing Electronic Health Record (EHR) system?

Absolutely, our services can seamlessly integrate with your EHR system, simplifying the billing process and reducing errors.

How does CureMD handle patient billing and inquiries?

We provide clear and patient-friendly billing statements, along with responsive support to address billing inquiries and enhance patient satisfaction.

What reporting and analytics tools are available to clients?

CureMD offers robust reporting and analytics tools that provide insights into your practice's financial performance, helping you make informed decisions and identify areas for improvement.

Is CureMD's billing service scalable to accommodate practice growth?

Yes, our billing services can adapt to your practice's changing needs, whether you're a small independent physician or part of a larger medical group. We provide flexible solutions to support growth.