PBMS has vast experience and a knowledgeable team who regularly and consistently prepares medical bills for a wide range of clients. We’re dedicated to precision and accuracy and have developed and fine-tuned our processes over time.
Less Billing Errors: It is bad enough that the payers purposefully lose claims, pay below your contracted rates, deny claims for being inclusive, down code your charges, and a myriad of additional issues. If you don’t have the right people performing your billing properly, errors can escalate, ultimately causing you to lose money. You require true professionals who can identify claim errors and omissions before the claims are submitted and prompt appropriate follow-up, resulting in much lower denial rates. Monthly collections of physician practices depend on efficient medical coding and timely submission of the payment claims to insurance companies. This is a massive task and needs efficient resources to complete the billing process. On average, 80% of medical bills contain errors and earnings are lost due to loopholes in the billing process. By outsourcing to a reputable billing service, it results in increased revenue to the providers.
Cuts Costs: High costs directly associated with in-house medical billing can include maintaining billing software and hardware, ongoing training, and possible lower reimbursements due to improper billing and/or coding. It is the objective of PBMS to make the process of billing efficient and quick, and at the same time reduce billing errors and maximize the outcomes in a compliant manner. All result in higher collections, larger net results and lower costs.
Improved Cash Flow: PBMS utilizes all available tools to increase turnaround time. This includes accurate coding, claim scrubbing, faster data entry (due to no staffing constraints), electronic claims submissions and payments, and insuring your contracted rates are appropriate. We will work your Accounts Receivable in a timely manner while finding ways to improve payments and lessen denials. Our Recovery Cycle Managers (RCM) works in tandem with each other to improve cash flow and lessen denials. Most in-house billing staff and some billing services (typically services that off-shore the majority, if not all of their services), do not have the expertise or knowledge to perform billing functions in an accurate and timely manner.