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Claims Management & its importance in the HealthCare Industry

Talk to any admin working in the medical industry and they will tell that medical claims make up majority of administrative work. It is a part of revenue cycle management. From the first appointment made by the patient, the cycle starts and continues until his account balance becomes zero. The checking of insurance claims, its eligibility is part of the process.

However, it is easier said than done. It can be one overwhelming process and overlap with other duties. It involves ensuring the completeness and accuracy of the billing process. This can be achieved provided a good software technology and centralised billing system which results in improved reimbursements, precise billing compliance, and better clinical outcomes.

Let us look into what claims management involves.

The Claims Management Process        

Whenever a patient avails any service from a healthcare provider, post the treatment the patient is given the bills of services which generally are sent to a health insurance company. This is when the claims management process begins. The insurance company is the payer who then assesses the claim on a number of aspects to determine which service will be reimbursed.

Being a healthcare provider is not easy, so to ensure that the claims are handled accurately, proficiently checked and paid in a timely manner it is good to consider hiring professional medical billing company which has experienced in settling claims and other medical code related matters. In order for any small or large scale medical practitioner to succeed, it is imperative to have efficient claims management.

How can you ensure a smooth claims process?

There are many tools, software and technology available to assist in this process making it error-free, speedy and smooth. For any medical practitioner, a substantial amount of revenue is generated from medical insurance claims. So, if there are experts dedicated to handling the process, then it should definitely benefit you. You can expect the reports and records highly organised. This will result into the timely settlement of claims, reduced errors, and you will get your due paid quickly.

Many a times, a silly mistake of healthcare providers costs them significant revenue. An experienced medical billing company will be focused on providing top notch services and be well aware of the changing medical codes. The complex process of insurance claims need not be done by you because when you think of it in terms of a minimum of even 5 patients a day, you will realise how gigantic a task it is!

At Iatriki, we have experienced professionals who are familiar with all the standards, updated with the rules and regulations, insurance company regulations, clearing procedures, and have flair of systematically handling the entire process. We will help you increase the productivity of your operations, and dedicate more time to your patient’s care and treatment rather than focusing on the administrative part. Call us on 1300 251 597 and we will help you understand how we can assist in processing medical billing, coding, settling insurance claims, getting collections and perform administrative tasks seamlessly.