Medical Billing (FAQ’s):
Why should I choose Lloyds over other companies?
The best reason for you to choose us is our knowledge of the US healthcare industry and our expertise In Revenue Cycle Management. We have been working for the US healthcare industry for several years and are thoroughly proficient in medical billing, medical coding, EMR and medical transcription. Over the years, we have mastered delivering great quality in record Turn-Around-Time.
I already do my billing “In-House”, why should I switch to your service?
Eighty to Ninety percent of a physician’s income today is cycled through medical insurance companies. In today’s regulatory environment the majority of physicians do not have the time to keep abreast of the latest regulations as well as developments in Revenue Cycle Management. While you may currently be doing your billing in-house you need to ask yourself these questions?
- Am I maximizing re-imbursement for the patients I see?
- Do I have the services of a professional coder, who could perhaps catch items that are not presently being billed? Am I using the right modifiers?
- Am I presently over-coding, which could possibly cause an audit down the road?
- Are my office staff members always behind and always playing catch-up, when submitting claims?
- Have I done a cash flow analysis, to see how much I would save using an external billing service such as Lloyds, as against paying for an in-house billing department?
If you are asking yourself any of these questions, it is time to contact Lloyds and switch.
By using our service, you will be able to:
- Have your data entry done and claims submitted daily.
- Have your payments posted to your patient accounts as soon as payments are received.
- Submit your secondary claims and balances, and bill your patients immediately.
- Reduce the number of employees involved in doing your billing, reduce the number of hours in a day your employees spend on billing tasks, and enable your staff to concentrate on problems instead of data entry.
With Lloyds you have access to a staff of professional Medical Billing personnel, at a fraction of the cost of hiring locally. In other words, we will be an extension of your office, you will be able to substantially improve the efficiency of your billing operations, and collect more of the money due to you.
I already sub-contract my billing, why should I switch to your service?
Our state-of-the-art HIPAA compliant proprietary software allows us to guarantee that clean claims are submitted the first time around; plus we proofread for accuracy, thus guaranteeing that we bill and post exactly what you send us. Our EMR portal completely exposes us and allows you to see, in real time, everything we did on your account. We offer you instant access to your data, including the ability to view your digitized original documents. Moreover, you can run all practice management reports yourself at any time from the web site. Our turnaround time is generally overnight, so if you send us a day’s worth of billing work daily, it is generally completed by the next morning. All claims are scrubbed and clean claims are submitted right away, resulting in quick payment. Secondary medical insurance claims and patient bills are mailed immediately after payment posting.
How can sub-contracting my medical billing to Lloyds help my Medical Practice?
Industry experts agree it is best business to concentrate on your core competencies, like quality medical care, and intelligently sub-contract your ancillary functions like billing. Experienced medical back office employees come at a cost and must be supervised; some need to be trained. At Lloyds, back office medical services support is our core business. We make our money on volumes of scale, causing us to be more efficient. Our senior staff members average over 15 years in the medical billing industry and are true physician-oriented professionals, so we perform routine medical billing tasks quicker and at a lower cost than your office is able to do. In addition, you don’t have lost productivity due to sick leave, vacations or inefficient employees. Sub-contracting your medical billing to Lloyds Solutions will give you 98.5% billing accuracy with record turnaround time. In most of our clients’ medical practices, we see a gradual rise in revenue by up to 20% with the resulting reduced costs and inefficiencies.
What do I do if I am not satisfied?
One of the secrets to our success is that we understand our client needs. We prevent unnecessary issues with efficient communication. We believe in doing things right the first time around. If, on the rare occasion, something falls between the cracks, we will work tirelessly to rectify the issue without delay. So far we have not had a customer that has left us because of quality.However, If you are unsatisfied with our service, you may cancel our contract at anytime giving us 90 days notice.
How will I know if you are doing a good job?
Our monthly reports will provide you an excellent picture of your practice’s billings and collections. It is in effect a report card of our performance. The reports include an aged accounts receivable summary, detailed practice productivity and insurance statistics. Custom reports are available for those practices that require them. We also frequently speak with the practice manager and selected office staff to see how we can rectify problems and reduce inefficiencies.
Which Insurance companies do you work with?
We work with all medical insurance companies including:
Blue Cross Blue Shield
Are you HIPAA compliant?
Yes, we operate in a sterile HIPAA environment. We keep track of all new code and regulatory changes and, keep ourselves updated and in compliance at all times.Confidentiality and security of your records are maintained through a combination of encryption technology and established operating procedures. Our offices and processes are all completely HIPAA compliant
What medical specialties do you support?
We support all specialties.
How will Lloyds reduce my administrative headaches?
You will no longer have to worry about your office billing staff. We train your front desk personnel to correctly process whatever information we require to process your patient insurance claims. With your office not having a billing department any longer, you will not have to worry about things like their pay-roll, benefits, office space, file storage, etc., etc. You will also not have to worry about their computers or software. We will take care of all those details, including patient eligibility checks and scheduling. All you need is a high speed Internet connection in your office.
Will our billing work be outsourced overseas ?
Our billing services are customized to our clients needs. If our clients need the work performed on-shore then we ensure that no part of their work is done off-shore.However, we also have numerous customers who do not have a preference on whether the work is performed on-shore or off-shore. There is no difference in quality and our entire environment is HIPAA compliant. These customers pay a lower rate for our services.
In both cases, our customers receive the same high standards of quality and responsiveness from Lloyds.
How much does your service cost?
We are extremely competitive as we need to be in today’s environment, so do not be afraid to ask us for an estimate. We will be happy to evaluate your needs and provide you with a fair estimate at no cost or consequence to your practice. What we will assure you is that we will beat what you are presently getting.Our fees vary depending on your specialty, practice size, whether the work needs to be done on-shore, and whether or not, your front office is able to directly input the demographic and charge entries into the EMR as is customary at most doctors office practices. No matter which solution you choose, you will almost surely experience significant cost savings and an increase in your overall collections.
How does your service work?
We have three methods of working with practices:
- Send us the documentation by FedEx. We do all the rest.
- Scan the documentation on the scanner in your office and upload it to us. We do all the rest.
- Your front office personnel enter all the demographic and charge entries (we train them to do this) directly into the billing software or EMR, and we do all the rest. This method is currently used in most physicians offices and results in a lower service fee.
Documentation required for billing:
Your staff would send us patient demographics and Insurance information. This is required only for new patients, and patients who have had a change in their demographic or insurance information.
For Office patients, this information would be on your patient registration form. For hospital patients, this information would be on the Hospital Face Sheet.
For patients seen in the office, you would send us your Encounter sheets.
For patients seen in the hospital, most doctors just write the procedures and diagnosis on the hospital face sheet, or send us a weekly or daily log of the patients seen..
Documentation required for Posting Payments:
You would send us your EOBs, and stubs from the patient bills. Co-payments will be posted from the information contained on the Encounter sheets.
All your patient billing and payment data is available in real-time on our billing software. You can see all the work as it is done, including statuses, notes and any missing information that needs your attention. You can also run all commonly used practice management reports from the software.
Your queries are answered promptly and professionally.
How do claims get submitted?
We electronically submit all clean claims daily. Those claims that are not clean are scrubbed for errors and also submitted promptly quite often also on the same day.We mail claims daily to insurance companies that do not yet accept electronic submissions. We monitor all electronic submission reports for denials and eligibility issues, and take action as necessary.
How long does it take to get started?
Once you sign the service agreement, we can start right away. Depending on your existing situation, we generally try and work closely with your existing billing company and/or billing office personnel to minimize any disruption to your cash flow.
How do we get started?
Step 1: With your agreement we will review your practice requirements.
Step 2: We will sign an agreement that is mutually satisfactory to both you and us.
Step 3: Our tech support personnel will contact your office manager and/or I.T. staff to set things up.
Step 4: We will work with your existing billing company and/or your office billing staff to ensure that claims that are already in the process of being processed are not disrupted
Step 5: We will hold your hand through the crucial set-up process ensuring a seamless and smooth transfer.
Step 6: What is crucial to us during the transition phase is to prevent any disruption of cash flow to your practice.
How can I ensure a smooth transition of my existing setup to Lloyds ?
At Lloyds Solutions, we use a HIPAA compliant facility to process healthcare information.
With usage of VPN (Virtual Private Networks) to access your systems, our staff will perform the medical billing functions on your systems, exactly the way they used to be done, the only difference being that they would be physically in our facility. This means that all your processes and reports remain exactly the same with assured security and confidentiality.
What billing software applications do you utilize? Do you provide integration service with those applications?
Lloyds Solutions’ highly skilled IT professionals are very familiar with the integration of all the leading medical billing software systems, including Medic, Medics II, Medisoft, Misys, Medtron, Medrium, AdvancedMD, Lytec, IDX, Practice Admin, EHI, and GE Centricity. However, if you’re using software that is not familiar to us, we have a dedicated IT training and transition team that will quickly train our tech support staff on your software, and ensure that they are proficient with it. This means that you can transfer your entire medical billing process to the Lloyds Solutions, Inc. team, with no changes to your current process.
Do you conduct any training programs for your staff ?
We believe that training is the key element in establishing world-class standards for medical support services. Client-specific training involves process-specific training, as well as training on technology platforms. These types of training are a continuous process at Lloyds Solutions, Inc.
What procedure do you follow in case non-payments arise from an insurance carrier?
Our highly skilled professionals analyze whether the denial is valid or not. If the denial is valid we will write it off in consultation with the doctor’s office. If it is a valid claim but denied due to a technicality we will clarify it with the doctor’s office and reprocess the claim. We work on each claim until it has been paid, or a reasonable response for non-payment has been given by the carrier.
Can data from my existing software be transferred and used?
This depends on how your existing software handles data exports. If your software can export all its data to an electronic format, we may be able to convert it into our formats at a small additional cost to you. If this cannot happen, but your existing software can print reports of patient demographics and Receivables, we can manually enter it into our database. Please call us to discuss your particular situation.
What happens if my front desk staff goes on vacation or quits?
We will train their replacements quickly to do what we require, which is to scan and send us your documents so that we can take care of the rest.
CPT/ICD9 Codes and regulations change constantly, does your software keep abreast of these changes?
Yes. We closely monitor all changes to Codes and regulations and update our software accordingly. Whenever changes are made, you will automatically receive a software update. We are already preparing for the next generation ICD10 Coding Requirements.
Does Lloyds do appointment re-confirmation and eligibility checking?
Yes, we do do both, appointment re-confirmation, as well as eligibility checking but this is charged separately and is not part of our billing service.
Practices that do invest in advance eligibility checking reduce denied claims by as much as 50%. This also results in other efficiencies as no time is lost either at the front desk or by a physician seeing a patient that does not have the means to pay for services he/she is seeking.
Does Lloyds do credentialing?
Yes, Lloyds does have a dedicated team that specializes in credentialing physicians with Insurance Companies. This is a painstaking and time consuming process that takes time away from revenue generating tasks like treating patients.
We charge a fixed fee to credential a physician with an insurance company irrespective of the insurance company involved. This is not included in our standard billing service agreement.
Does Lloyds offer I.T. Support?
Yes, Lloyds does offer both “Remote” as well as “In-House” I.T. Support at a separate charge. This is not included in our standard billing service agreement. Our prices are extremely competitive and we will be happy to give you a quote whenever you require.
Does Lloyds offer Tax Return and Book Keeping Services?
Yes, Lloyds does offer both Quarterly, as well as Annual, Federal and State Tax Returns. Additionally, we offer Book-Keeping Accounting services. These accounting services are charged separately and is not included in our standard billing service agreement.