Money Talks: How Can Medical Billing Companies in NJ Boost Your Bottom Line?

As a medical professional, you probably spend a majority of your day helping New Jersey residents either feel, look, act, or behave in ways they never thought were possible—at least not before meeting you.

 

And while that’s what’s expected of you, you don’t do it because you have to.

You do it because you want to, and because you like helping others.

Here at Millenium Medical Billing, we admire the NJ medical community for their unwavering dedication to their patients, day-in and day-out. Life truly would be a lot more difficult if we didn’t have you by our side.

But you know what they say: we all need a helping hand sometimes.

And that includes doctors, physicians, and healthcare professionals.

The truth is, while many doctors have mastered the art of their medical specialty, many of them are struggling to keep their medical practice afloat due to cash flow disruptions and financial obstacles.

Don’t worry—that’s where we come into play.

Much like you help others look, feel, act, and behave in ways they never thought were possible, we help doctors (like you) and medical practices (like yours) reach new heights they never thought were possible.

Medical Billing Companies: Are We Your Ticket to Improved Cash Flow?

One of the things we get asked the most is, “What exactly can you do for us?”

It’s a tough question to answer because it’s different for most medical practices we work with. Since each practice has a unique set of challenges to overcome, we often customize our services to accommodate.

But at the end of the day, there are a few things we do extremely well.

And it’s these things that will help you turn your practice around.

Medical billing in New Jersey, medical coding, patient billing, posting, AR management, reporting, managing collections, EHR optimization, credentialing, consulting, training—pretty much everything you’ll need to succeed.

With that said, let’s take a closer look at five ways we can help relieve you of those cash flow struggles!

5. We expertly manage your insurance claims

Let’s talk about insurance claims.

When an insured patient steps foot in your office, you and your team begin building a super bill that details everything the insurance company needs to know about their visit, that way they can reimburse you for it.

Once a claim is submitted, one of three things will happen: approval, denial, or rejection.

An approved claim is good news because it means a payment is on its way. Unfortunately, most doctors experience far too many denials and rejections, which leads to payment delays and cash flow disruptions.

At Millenium Medical Billing, we take all that weight off your shoulders.

Not only will your claims be submitted in a timely manner, but they won’t be riddled with mistakes or errors, and you’ll get that magic seal of approval from the insurance company sooner rather than later.

4. We accurately verify your patient’s insurance coverage

Let’s talk about verifying a patient’s insurance coverage.

If all patients had the same insurance plan with the same coverage and deductible, then this step wouldn’t be necessary. Unfortunately, that’s not the case—and most patients you treat will have different providers.

And even those with the same provider won’t have the same coverage.

When working with a medical billing company in New Jersey, they’ll verify each and every one of your patient’s insurance plans to ensure it’s active, and confirm that the services you provided are, in fact, covered by it.

Not verifying the insurance can result in billing errors and payment delays, but don’t worry—that won’t happen on our watch. When you bill a provider, you’ll feel confident it’ll get approved the first time around.

3. We give patients a multitude of payment options

When you’re not billing insurance companies, you’re billing patients.

The problem with billing patients directly is that you have no way of knowing when that patient will pay it, especially since most patients won’t have the cash on hand to cover medical expenses right away.

The good news is we can help incentivize them to pay sooner—and often.

Ensuring they have access to a multitude of payment options is just one of the ways we do that, but we also make sure to follow up on unpaid invoices until they’re settled and manage those pesky collections.

While a majority of your revenue will come from insurance claims, keeping up with patient billing can set your practice up for long-term success. Luckily for you, that’s one of the things Millenium excels at.

2. We provide real-time reporting and analytics

I know what you’re thinking… Reports, analytics, data—that’s all boring stuff!

Well, not so fast. It might seem boring at first glance, but it’s one of the most exciting parts of our (and hopefully your) day, especially when you consider all the valuable information you can gather from it.

Not only does it help you understand your medical practice’s financial health and billing efficiency, but it can help identify areas of improvement and help you make better decisions—when it matters most.

And when things are going well, those reports are validation for all the hard work you’ve put in.

At Millenium Medical Billing, our reporting services are second to none, and our data is as extensive as ever. By analyzing this data, you can optimize the claims submission process for faster reimbursement!

1. We can help your reduce overhead costs

When it comes to medical billing services in New Jersey, practices can either outsource it or form their own, in-house team.

It might seem like an in-house team is the way to go, but that’s rarely the case today. Even if you have a team that does their job well, the amount of resources it takes to maintain that team is astronomical.

But when you outsource, you don’t have to worry about salaries, benefits, and training.

You also don’t have to worry about billing software and won’t need to stay up-to-date on all the latest changes to medical codes and compliance requirements. Oh, and your new team will grow as you grow!

We focus on claims and reimbursements, so you can focus on giving your patients the care they deserve.

Millenium: The Helping Hand You Didn’t Know You Needed

Are claim denials and rejections happening far too often to your practice? Are payment delays putting your business in a bind? Is your health practice struggling to stay afloat due to cash flow disruptions?

If you answered ‘yes’ to any of those questions, then you’ve come to the right place.

Welcome to Millenium Medical Billing, where NJ healthcare providers can thrive again.

We understand that you have a lot on your plate, so it’d be our pleasure to take some of that weight off your shoulders. After all, your patients need you, and they should get your 100% undivided attention.

To learn more about how we can help you succeed, contact our medical billing office at (718) 356-1337.