Medical billing faq
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.
We work with all medical insurance companies including:
- Blue Cross Blue
- Workman’s Comp
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.
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.
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.
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.