Billing Services for your Large Practice
Save up to 25-50% on Annual Payroll
Billing inaccuracies can be disastrous for your large practice’s financial growth. For 10+ years in billing and denial management, FastMedBilling is known for mitigating the lost revenue and reducing claim denials by 97% for large practices. Available in all 50 States!
FastMed and Large Practices Share Common Goals
Faster and More Cash Inflow
Billing and Coding Accuracy
Improve Patient Experience
End-to-End Denial Management
Compliance Regulation
Cost Savings
Robust Billing Infrastructure – A Key Feature of Our Medical Billing Services
Large practices face many challenges, ranging from patient registration to claims submission and follow-up. Managing multiple claims can be particularly difficult, on top of the other administrative tasks that need to be handled efficiently.
A strong billing infrastructure is essential to ensure transparency, affordability, and flexibility, helping to fine-tune weak areas in the billing process. FastMedBilling steps in with reliable, up-to-date systems that feature expert denial management resources and experienced personnel, providing consistent solutions and 24/7 support.
8 Key KPIs for Faster ROI and Efficient Billing
These metrics are crucial in shaping the revenue cycle management flow for your large practice, ensuring faster processing and improved returns on investment throughout the billing process.
4 Key Metrics to Audit and Optimize Billing for Maximum ROI
These metrics account for 60% of your billing process’s efficiency, productivity, and financial performance. Derived from real-world experience with our clients, they are crucial for enhancing ROI in your large practice.
Days in Accounts Receivable - 30-40 days
Accounts receivable measures the time it takes for a practice to collect due payments. We maintain a lower accounts receivable days ratio, ensuring faster reimbursement for your practice.
First Pass Acceptance Rate - 97%
This metric measures the acceptance rate of claims on the first submission. Our quality revenue cycle management services ensure a high first-pass clean claim rate, reducing errors and delays.
Net Collection Rate - 98%
The net collection rate reflects the overall collection from both the patient and the insurer. We ensure timely payments, maintaining a high net collection rate to optimize your practice’s financial performance.
Denial Rate - 1%
The denial rate shows the percentage of claims rejected by the insurer, indicating the effectiveness of your revenue cycle management process. We actively follow up on denied claims, identify errors, and correct them to maximize revenue generation.
Personalized Medical Billing Services to Strengthen Your Billing, Coding, and RCM
We understand that one-size-fits-all solutions don’t work for large practices. That’s why we offer customized services tailored to your needs, ensuring transparency and accuracy. We audit your billing process, identify errors, and address unpaid and aging claims to keep your revenue cycle flowing smoothly.
Your large practice faces numerous challenges—from patient registration to claims submission and denial management. We take on all non-clinical responsibilities, allowing you to focus on providing top-quality patient care.
Our dedicated billing, coding, and RCM systems are designed specifically for large practices. We submit clean claims over 99% of the time, ensure timely medical claim submissions, follow up on aging A/R daily, and consistently work to increase reimbursements.
Medical Billing Services to Streamline Revenue Cycle Management for Large Practices
Simplify the complexities of medical billing and enhance both financial and healthcare productivity by adopting the following billing flowchart for your large practice.
Insurance Verification and Eligibility
Ensure prior authorization and verify insurance eligibility for services, including diagnoses, procedures, and treatments.
Patient Registration
Collect, verify, and enter patient data into the system to maintain accuracy and avoid errors in billing documentation.
Claims Submission
With a 99% clean claim rate, we submit accurate claims to maximize your first-time pass rate and ensure optimal collection.
Coding and Documentation
Our expert coders and billers ensure precise diagnostic and procedural coding, preventing errors and inaccuracies in medical billing.
Denial Management
We identify and correct the root causes of claim denials, ensuring accuracy and efficient denial resolution for successful reimbursements.
Payment Posting
All payments received from insurers or patients are recorded in the system, keeping financial records updated and informing patients of any co-pay obligations.
A/R Follow-up
We actively track and follow up on pending payments and accounts receivables, ensuring timely reimbursements and minimizing outstanding balances.
Patient Billing
Patients receive accurate and transparent billing, reflecting the exact charges for the medical services they have utilized.
Education and Outreach
By engaging with providers, we enhance patient awareness regarding financial obligations, promoting timely payments and reducing billing disputes.
Our Efficient Work Process to Achieve These Goals Faster
01
24/7 Access to Technology and Infrastructure
Leverage advanced billing technology, coding tools, and infrastructure without investing in costly software or hardware. When you outsource billing with FastMedBilling, you gain seamless access to cutting-edge resources tailored for large practices.
02
Regular Auditing and Quality Control
We conduct internal audits to detect inaccuracies and identify areas for improvement in the billing process. By implementing strict quality control measures—such as double-checking claims and conducting reviews—we minimize revenue gaps and enhance billing accuracy.
03
Upfront Communication
Clear and effective communication between insurers, administrative staff, and billing teams fosters trust and prevents misunderstandings. Our proactive approach ensures smooth collaboration and eliminates errors.
04
Expertise and Specialization
With a team of skilled professionals in coding, billing, and claims submission, we help reduce denials and improve revenue cycles. Our experts bring industry-specific knowledge to optimize compliant billing practices for your large practice.
05
Simplifying Complex Coding System (ICD-10, CPT, HCPCS)
We stay updated with the latest regulatory changes and coding guidelines, employing experienced coders proficient in ICD-10, CPT, and HCPCS to ensure accuracy and expedite collections.
At FastMed Billing, we understand the challenges that healthcare providers face in a fast-paced environment today. We specialize in offering comprehensive Revenue Cycle Management (RCM) services explicitly designed to streamline the entire billing process for healthcare providers. From accurate claim creation and submission to denial management, appeals, and payment posting, we take every step of your billing cycle with precision.
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