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How to Choose the Best Medical Billing Clearinghouse?

As a healthcare provider, you want to provide your patients with the best possible care and treatment and make sure your practice gets paid as soon as possible for its services. Insurance companies may delay payment or reject your claim if you make mistakes or errors in your claims. Many providers collaborate with medical billing clearinghouse, which reviews and scrub claims before submitting them to insurance companies to streamline the billing process and reduce the number of errors. Learn more about the benefits of working with a clearinghouse and how to select one that best meets your practice’s needs if you haven’t already done so.

Healthcare Clearinghouse

Many steps are involved in submitting an efficient claim, beginning with the hospital preparing a claim for services. Optimizing the claims process and the revenue cycle continuum is necessary to maximize revenue. That entails looking for ways to improve the claims and billing process.

One of the primary functions of an electronic claims clearinghouse is “claim scrubbing.” That enables a provider to quickly determine whether a claim meets an insurance company’s basic criteria for acceptance. Insurance-specific error scrubbing reduces the time it takes to process a claim from days to minutes.

Providers, particularly smaller ones, lack the expertise and resources for claim scrubbing for each insurance type. Larger electronic medical billing clearinghouses have built long-term relationships with various insurance payers by ensuring software compatibility and learning their systems. That can assist medical clearinghouses in explaining rejections to providers and providing guidance on meeting insurance company claim expectations.  (HIPAA) Compliance 

Patient confidentiality should be a top priority in your practice. The clearinghouse you work with must follow all rules and regulations governing the electronic transmission of patient data. If the clearinghouse does not follow privacy laws or a breach occurs, fines may be imposed on it or your practice.

Look for an organization that has been accredited by the Electronic Healthcare Network Accreditation Commission to verify a clearinghouse’s compliance history (EHNAC). EHNAC accreditation signifies that a clearinghouse has met certain criteria.

Efficient Claim Information

Having all the claim information in your system is not enough. Using the information efficiently is important for further processing and recovery of payments. A clear picture of the summary of all claim statuses can immediately identify the payments that need posting and claims for processing.

We update claim statuses, reprocess claims, and post payments to prevent any duplication of work. This enables you to track all claim activity from a summary report without wasting time looking at each claim.

Response to Claims and Analysis

An efficient clearing house analyzes the claims quickly and gives a quick response. The delays from clearing houses can prolong the recovery process. An efficient clearing house assists your practice in understanding the reasons for rejections and fixing the errors efficiently.

Usability

It’s critical to teach your staff how to use your system, particularly as your team grows. Select a clearinghouse with user-friendly features, detailed and customizable reports hosted in a secure, private cloud, and a low number of clicks required to complete your workflow.

When researching clearinghouses, make sure to speak with existing customers about each of these characteristics. As the industry strives for greater efficiency, it is becoming increasingly important for your company to save time and money. A clearinghouse with all of these characteristics will simplify your day-to-day processes, increase your cash flow, and assist your business in thriving.

Flexibility and Compatibility

Inquire about the clearinghouse’s contracting options. Your clearinghouse should be compatible with your practice’s EHR and billing software. Working with compatible software also simplifies the payment process.

BMB Clearinghouse Services

You can provide consistent, high-quality care to your patients with an EHR software program that integrates with your medical billing clearinghouse of choice. BMB is tailored to meet the needs of our clients. Visit our blog for more information and resources to help you improve your practice and increase the efficiency of your company.

Although you can submit claims to your payers directly, there are several advantages to working with a medical billing clearinghouse. Receiving payments faster is the primary advantage of using a clearinghouse. The faster your practice receives payment, the better it will help in providing care to its patients. Consider the following advantages of working with a clearinghouse:

Fewer Claim Denials

Correct information on a claim can help reduce claim rejections caused by administrative staff. When a clearinghouse reviews a claim before it reaches the payer, any error or other issues are corrected, making it more likely that the payer will approve the claim.

Minimize Errors:

You can save time and money by having fewer errors on your claims. If a patient’s initials are misspelled or their insurance ID number is misspelled, the claim may be sent to a different payer, causing a delay in payment or rejection. Before a claim reaches the payer, a medical billing clearinghouse checks it for errors, such as errors in the patient’s name or contact information, and ensures that everything is correct.

Increased Time Savings

Manually reviewing claims takes a long time. It means your team will have to spend time scrutinizing each claim for missing digits or misspelt names. When you use medical billing services, you free up your team’s time to focus on other tasks. They can devote more time to providing excellent patients’ care or expand your practice’s services to reach a wider audience. A clearinghouse completes the overall process fast, so you don’t have to wait days or weeks for the payer to receive your claims for payment.

Easier Record-Keeping

Medical billing clearinghouse services streamlines the record-keeping process in your practice. You can check the status of each claim and see where it is in the payment. BMB provides the best medical billing clearinghouse services to meet your needs. If you are looking for efficient services or software, we are here to help.