5 Surgery Billing Tips for Faster Payments & Greater Financial Health

With the increased focus on health care in the United States and the increasing need for specialized medical services, especially for surgery, it is important for surgeons and healthcare professionals to better optimize their billing practices. By establishing a systematic and dependable surgery billing system, the outcome can be mutually beneficial for both staff and patients.

To optimize your surgery practice’s billing system, below we offer five tips toward better surgery billing, faster payments, and greater financial health.medical billing claims

Effective Tips for Surgery Billing

1. Effectively manage lag and turnaround time. One to the easiest ways to decrease outstanding billing days is to manage lag times. Lag times should number less than five days – the fewer days, the smoother the system will become. Various surgery centers may suffer long lags due to circumstances beyond their control. In such cases they should demand a 24 hour turnaround. These can be enforced with penalties and if not it may be time to search for other companies to fill the void.

2. Learn and understand the electronic pathway. To establish a surgery center billing system, it is important to chart an electronic path for each patient. Since electronic claims are sent to health providers directly to the provider’s EDI company and several other business partners lag times can be exceptionally long.

This can be prevented or lessened if the electronic path is defined and closely monitored on a transaction by transaction basis. Billing managers should start to chart these points to determine if a claim goes directly to the payor or to an additional clearing house or center before reaching its final destination. If issues arise in the process it is wise to call and ask if they have a direct contract with the payor.

3. Insurance verification. It goes without saying that much time is wasted without verification. It is vital to make sure the patient has coverage before undergoing any procedure. It is also wise to confirm the deductible to learn if the patient has a “trash plan” – a very low premium and extremely high deductible.

Additionally many good centers are now verifying benefits of outpatient vs inpatient coverage because there is a difference in many policies. Naturally verifying insurance requires a phone call and that phone call takes time but during this conversation the carrier can advise as to the best procedure for submitting the claim. There are many plans where coverage may change. Carpal tunnel doesn’t require authorization today but this may change without knowing about it so it is always good to verify.

4. Codes must be in correct order. Put codes in the right order so as not to lose reimbursement. For example, Medicare reduces any procedure listed second by 50%. If a $1,000 procedure is listed first and another listed second at $750 this will ensure that you will take the cut on the $750 and not the larger one. It is vital to do this correctly in the first place because by trying to fix it will take more time and of course increase lag time.

5. Managed care. Being aware of every aspect of surgery billing is essential. Surgery billers should have a copy of every managed care contract and understand the details. Details such as how long you have to submit a claim, how long the adjudicated process is, what payment methodology is and why an carrier would reduce multiple claims and what the appeal process is all about are all issues that are vital to learn, understand and put into practice.

Many of these non-human issues can be corrected and or eliminated by installing proper software. The money and times saved will far outweigh the cost of the software.

3 Innovative Bank Security Products for Advanced Protection

banking security systems

The internet is among the innovations that have provided a basic platform for individuals to interact and do their business. With the transformation of the world’s technology, the use of the internet has been embraced. We are obligated to lay out the issues that are linked with bank security in online business transaction.

The web will also spawn innovations and advancements in bank security products that can be implemented to curb these problems. We are going to give an in-depth understanding of the latest technological advancements in banking security products that you need to consider when choosing a security bridge for your business.

Electronic Record Management

Electronic record management is a systematic gathering and collection of electronic ideas or information about a client or a population. It is a record that is gathered and stored in digital format that is theoretically or practically capable of being shared or distributed across other banking institutions.

Electronic record management has been enabled because the information is stored in one database that can be transferred or access by any facility that also uses digital equipment that can store information in code form. It gives room for entire viewing and accessing client’s banking history and service without the need or issue to track down past banking records. This in turn assists in ensuring that the information and data are accurate, legible, and appropriate.

Electronic record management minimizes the chances of data and information replication as there is only a single modifiable file. Due to all the data and information being in one file, it makes the serving clients much more effective and efficient.

Management Information System

Management information systems are a advanced security and protectionary systems that are concerned with internal source of information and ideas. Management information system picks data and ideas from the transaction process system. It summarizes the information into a series of reports that can be managed.

banking security management products

Management information systems are mostly used by operational supervisors. The summarized data is arranged in such a way that a manager and supervisors can use it to make daily routine decision as a response to problems. Management information system ensures for the client’s confidentiality. This is because only those who have the authority or passwords of accessing the information are granted the opportunity to do so.

Transaction Process System

Transaction processing systems are considered to be tools that provides a method of collecting, processing, storing, and counseling of transactions. This information system is commonly used in large firms. This is because it gives room for multiple transactions to be done simultaneously. The collected data is always stored in the database to act as a backup of reports for billing, manufacturing schedules and wages.

Selecting a bank that offers the security systems discussed above will assist you to get quality service. For effective and efficient bank security management, follow the tips above and be guaranteed of quality service that will in turn lead to clients satisfactory. The tips above will assist you to propel your business to the desired level of growth. Having the idea of implementing a bank security system has been made easy by the tips above.