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Medical Billing Services
Fast Track Medical Billing provides medical billing services, including full claims management and practice management services. Fast Track addresses all facets of the medical billing process and offers solutions that best meet a practice’s requirements. Fast Track’s professional staff can tailor its medical billing services to fit any practice’s billing, consulting, and management needs and budget.
New Client Initiation Process
Fast Track will evaluate and validate new client’s reimbursement cycle to determine gaps in the current cycle which identifies how Fast Track’s services can increase the practice’s revenues.
Step 1: Evaluation: Examine the practice’s current claims management cycle and fee structure to determine what adjustments should be made, laying the foundation for efficiency.
Step 2: Recommendation: After a thorough review of the practice’s needs, Fast Track provides a recommendation for the practice’s specialty.
Step 3: Validation: Fast Track utilizes a Procedure Code Analysis to determine whether the present procedure codes that the practice uses are accurate and represent the appropriate level of service and reimbursement.
Step 4: Implementation: Fast Track’s management team consults with the practice to determine the best process for moving forward to flawlessly execute the transfer of service to FTMB and ensure that no claim is missed during the transition period.[/vc_column_text][vc_tabs interval=”0″][vc_tab title=”Claims Management” tab_id=”1393421998-1-59″][vc_column_text]
Full Claims Management Services: From Submission to Collection
Fast Track Medical Billing provides full claims management services at a competitive fee schedule to medical professionals and group practices throughout Northern New Jersey. Fast Track’s medical billing services encompass the entire reimbursement cycle – from claim submission to collection.[/vc_column_text][vc_column_text]
Electronic Medical Claims Submission
FTMB submits medical claims electronically to all accepting insurance companies, including, but not limited to, Medicare, Medicaid, Blue Cross/Blue Shield, Aetna, TRICARE/CHAMPUS, and Workman’s Compensation. The timely submission of insurance claims results in faster return on profits for the medical practice since claims are submitted with fewer mistakes and are received directly by the insurance carrier in an approved HIPAA format.
Secondary Insurance Submission
FTMB submits all secondary & tertiary insurance claims, alleviating the medical practice from this task.
Claims Tracking and Follow-up of Denials
Fast Track conducts all of the necessary follow-up for claims – researching and reviewing unpaid and denied claims in order to ensure maximum insurance reimbursement.
Payment and Adjustment Posting
FTMB posts all payments made by insurance carriers and patients and notifies the patient of any required deductible and/or co-pay.
Patient Statement Services
According to individual insurance coverage policies, patients will be invoiced for deductibles, co-pays, and outstanding balances. FTMB ensures excellence in customer service when handling patient inquiries and requests.
Delinquent patient accounts receive monthly statements and “soft” collection letters from Fast Track. After 90 days, the matter can be taken to a collection agency of the medical provider’s choice.
Outstanding Claims Review
FTMB reviews a practice’s backlog of claims to determine if they are eligible for submission or resubmission. If so, FTMB will process those claims and provide follow-up and collection services as usual.[/vc_column_text][/vc_tab][vc_tab title=”Practice Management” tab_id=”1393421998-2-48″][vc_column_text]
Practice Management Services
Fast Track has a vested interest in their client’s efforts to build a successful practice and assists in all aspects of practice management in order to streamline systems and maximize reimbursements.[/vc_column_text][vc_column_text]
Practice Management Consulting
FTMB provides claims management advice, and problem solving strategies for the practice, as well as staff training.
Yearly Review of Super Bills and Fee Schedules
Fast Track provides this simple yet effective way for the physician and practice to enhance their financial profile both in cost and results. If a physician’s current fees are below what is being reimbursed in their market, this review becomes a valuable guide to bring fees in line with their marketplace enabling practices to put their profile in order before negotiating their managed health care contracts.
Detailed Financial Management Reports
In addition to providing the standard monthly financial management reports that include Accounts Receivable, Aging, Payments, and Detailed Patient Information, FTMB can tailor reports to the practice’s specifications. These reports are a valuable tool in providing assistance for analyzing and visualizing the practice’s financial goals and objectives.
On-going Procedure Code Analysis
FTMB will audit its clients E & M procedure coding to ensure proper coding to avoid audits for “over-coding” or to increase revenues when “under-coding.” Fast Track will pinpoint the trouble spots and help correct problems before a claim is submitted to the insurance company.
Customized Super Bills and Patient Registration Forms
Fast Track can help clients design forms that improve efficiency and clearly communicate critical information.
Reimbursement Rate Monitoring
Fast Track benchmarks client’s fee schedules against local averages in order to provide recommendations for higher reimbursement rates.
Annual Code Updates
On a yearly basis, Fast Track reviews and updates your codes, which results in more accurate coding, fewer delays and rejections and a higher reimbursement rate.[/vc_column_text][/vc_tab][vc_tab title=”Why Outsource” tab_id=”1400337376309-2-2″][vc_column_text]
Benefits of Outsourcing the Medical Billing Function
Outsourcing the medical billing function enables physicians to focus on the critical care of their patients. With ever-changing insurance rules and HIPAA regulations, healthcare reimbursement and processing medical claims are too complex to maintain in-house. By outsourcing the medical billing process, physicians are able to “wash their hands” of all administrative details involved in handling relations with insurance companies and government agencies. Medical professionals can then concentrate fully on what they went to school for and what makes them money: treating patients and practicing medicine because when medical billing falls behind, payment is being held-up.
While in-house billing provides the perception of control, it actually increases the risks of losing business-critical knowledge, raises concerns about data security, impedes accuracy in claims processing, and ultimately limits billing transparency.
Many healthcare providers have outsourced their medical billing as a tactical approach to have their medical billing completed professionally and efficiently. Outsourcing the reimbursement cycle to FTMB allows physicians to save time and money because every minute that a physician or employee spends on an activity that does not directly add value to the patient’s well being, is a cost that can be saved.
When used as a long-term strategic management tool, physicians can reap many rewards from outsourcing the medical billing function.
Access Specialized Expertise and Resources
Fast Track Medical Billing provides access to specialized medical billing tools, techniques, technologies, and knowledge that can only be maintained by a company that has focused its learning and business on providing top rate medical billing services.
Reduce and Control Operating Costs
The single most important tactical reason for outsourcing the medical billing function is to reduce and control operating costs. Achieving greater economies of scale and advantages based on specialization, is clearly and simply one of the most compelling tactical reasons for outsourcing.
Improve Cash Flow & Promptness of Billing
Eliminate cash flow interruptions that occur when in-house medical biller leaves or goes on vacation. Developing a steady cash flow will only enhance the practice’s bottom line.
Free Resources for Other Purposes
Redirect the medical practice´s resources from non-core activities towards activities that have the greater return in providing medical services to patients. By outsourcing a non-core function such as medical billing, staff´s energy is free to focus on greater value-adding activities for the practice.
Government regulations (HIPAA), the marketplace, competition, financial conditions, and technologies all change extremely quickly. Keeping up with these changes, (technology and know-how) is an expensive and time-consuming endeavor. Outsourcing your medical billing to Fast Track greatly reduces these risks because Fast Track makes investments on the behalf of all clients.
Improve Core Business Focus
By devoting too much attention to areas that do not contribute to the bottom line, medical practices can dilute precious resources and decrease flexibility and agility. Outsourcing the billing function to Fast Track, physicians are able to concentrate on practicing medicine instead of the varied support functions required to run a successful practice.[/vc_column_text][/vc_tab][vc_tab title=”Fee Schedule” tab_id=”1400338040119-3-4″][vc_column_text]
Fee Schedule for Medical Billing Services
The cost of Fast Track’s medical billing services are based on a percentage of the gross amount collected for medical services. Fees are dependent upon the practice’s volume of claims and any additional services that are contracted.
By varying the fee levels, Fast Track is able to provide affordable services, without compromising the level of customer service. Fast Track’s success is dependent upon the success of its clients so FTMB strives to leave no claim unpaid, thus ensuring a flourishing cash flow for all involved.
Cost Saving Advantages
Faster payment turn-around time.
No staff training or retraining.
No start-up investment for the practice.
Get paid on more claims because of reduction in errors.
Reduce staff work hours and overhead expenses.
Reduce payment turn-around time by shortening the payment cycle.
Reduce average error rates to less than 1 or 2% by filing claims electronically.[/vc_column_text][/vc_tab][/vc_tabs][/vc_column][vc_column width=”1/3″][vc_column_text]
Frequently Asked Questions
[/vc_column_text][vc_toggle title=”How does Fast Track receive the patient information needed to submit medical claims for payment?” el_id=”1477447923368-e4745d60-50b2″] The choice is up to the physician and dependent upon the volume of claims that the office generates. FTMB can establish a pick-up schedule, or the information can either be scanned or sent by U.S. Postal Service to FTMB’s office. All claims are processed within one business day of receipt. If the need should arise for additional information for a claim to be processed, FTMB will contact your staff.
[/vc_toggle][vc_toggle title=”How are payments received and posted?” el_id=”1477447923386-8cbf7930-9d52″]Normally the provider receives payment directly from the insurance companies. In most cases payments are posted through electronic remittance advice. In some cases paper EOBs are required and in order to apply proper credit and adjustments, FTMB requires a copy of the EOB. When private payments and co-pays are made to the physician, FTMB requires a copy of the receipt and/or checks in order to credit the patient’s account.[/vc_toggle][vc_toggle title=”How does patient billing work?” el_id=”1477447923403-7df17866-a30f”]Normally, patient billing is triggered automatically when the payment is posted by the the insurance company, assuming there is a balance due. If the claim is subject to contractual limits, FTMB will credit the patient’s account accordingly and bill for the balance. If a co-payment is made at the time of service, Fast Track will need to be notified in order to credit the account properly. Fast Track then follows up on outstanding patient accounts at 30, 60, and 90 days in accordance with standard practice.[/vc_toggle][vc_toggle title=”How quickly will I be reimbursed?” el_id=”1477447923421-103c17c1-e74b”]Payment will be received, on average, within 7-21 days.[/vc_toggle][vc_toggle title=”How often are my claims processed?” el_id=”1477447923440-a83a3865-1883″]Within 24 hours of receipt.[/vc_toggle][vc_toggle title=”What if patients call my office with questions about their claims?” el_id=”1477447923460-f7b7ab8f-14f7″]Fast Track’s phone number is included on all patient statements. You may refer your clients directly to FTMB for patient billing inquiries and requests.[/vc_toggle][vc_toggle title=”What are the fees for Fast Track’s services?” el_id=”1477447923480-994c9600-dbf9″]Fast Track’s fees for medical billing services are based on a percentage of the gross amount collected for medical services. Fees are dependent upon the practice’s volume of claims and any additional services that are contracted. Fast Track’s success is dependent upon the success of its clients so FTMB strives to leave no claim unpaid, thus ensuring a flourishing cash flow for all involved.[/vc_toggle][vc_column_text]
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