Medcarewallet
Your Comprehensive Medical Billing Partner
Welcome to Medcarewallet
We push the limits of whats possible for our patients
Med Care Wallet is a leading medical billing company dedicated to streamlining your revenue cycle and maximizing your practice’s financial performance.
- Patient Registration and Demographic Verification
- Coding and Chart Auditing
- Claim Preparation and Submission
- Compliance and Regulatory Updates
- Claim Follow-up and Appeals
- Payment Posting and Reconciliation
- Revenue Cycle Analysis
Services
Patient Registration and Demographic Verification
- Accurate Data Capture: We ensure that patient information, including names, addresses, contact details, and insurance information, is collected accurately and consistently.
- Insurance Verification: We verify patient insurance eligibility and benefits in real-time to avoid denials.
- Patient Financial Counseling: We educate patients about their financial responsibilities, including copays, deductibles, coinsurance, and out-of-pocket maximums.
Coding and Chart Auditing
- Accurate Coding: Our certified coders ensure that medical services are coded correctly using the latest ICD-10-CM and CPT codes, considering modifiers and bundled procedures.
- Chart Auditing: We conduct regular chart audits to verify the accuracy of documentation and coding, identifying any inconsistencies or errors.
- Coding Education: We provide ongoing coding education to your staff to help them maintain accuracy and stay up-to-date with coding guidelines.
Claim Preparation and Submission
- Clean Claims: We prepare clean claims that adhere to all payer requirements, ensuring that all necessary information is included and that there are no errors.
- Electronic Claims Submission: We submit claims electronically to ensure timely processing and reduce the risk of errors.
- Paper Claims Submission: We handle paper claims as needed for payers that do not accept electronic submissions.
Claim Follow-up and Appeals
- Denial Management: We identify and address claim denials promptly, determining the reason for the denial and taking appropriate action.
- Appeals Process: We handle appeals for denied claims, providing detailed justifications and supporting documentation to the payer.
- Payer Negotiations: We negotiate with payers to resolve disputes and recover denied payments, advocating for your practice’s fair reimbursement.
Payment Posting and Reconciliation
- Accurate Posting: We accurately post payments to patient accounts and reconcile them with payer statements to ensure that your accounts are up-to-date.
- Collections: We follow up on outstanding balances with patients and payers to ensure timely payment.
- Patient Statements: We generate clear and concise patient statements to inform them of their account balances and payment due dates.
Revenue Cycle Analysis
- Performance Metrics: We track key performance indicators (KPIs) to measure the efficiency of your revenue cycle, including average collection period, denial rates, and reimbursement rates.
- Benchmarking: We compare your performance to industry benchmarks to identify areas for improvement and best practices.
- Reporting: We provide detailed reports on your revenue cycle performance, including monthly, quarterly, and annual reports, to help you make informed decisions.
Compliance and Regulatory Updates
- Stay current: We stay up-to-date with the latest healthcare regulations and compliance requirements, including HIPAA, Medicare, Medicaid, and state-specific regulations.
- Audits and reviews: We assist with audits and reviews to ensure your practice is compliant with all applicable regulations.
- Risk management: We help you identify and mitigate potential risks related to billing and coding, such as fraud and abuse.
At Med Care Wallet, we are committed to providing exceptional medical billing services that help your practice thrive. Our goal is to maximize your revenue, improve your cash flow, and ensure your compliance with all healthcare regulations.
Services
Our Speciality
- Cardiology
- Orthopedics
- Oncology
- Gastroenterology
- Urology
- Neurology
- Psychiatry
- Obstetrics and Gynecology
- Ophthalmology
- Emergency Medicine
- Pediatrics
- Dermatology
- Radiology
- Anesthesiology
- Surgery
- Family Medicine
- Internal Medicine
- Physical Therapy
- Occupational Therapy
- Speech Therapy
Comprehensive AR Backlog Clearance
At Med Care Wallet, we recognize that managing an extensive Accounts Receivable (AR) backlog can be a daunting challenge, impacting your cash flow and overall financial health. Our specialized AR Backlog Clearance service is designed to tackle this issue head-on, providing a thorough, strategic approach to resolving overdue accounts and optimizing your revenue cycle.
Our Approach
Detailed Analysis and Prioritization
Our experienced team begins by conducting an in-depth analysis of your AR backlog, categorizing outstanding accounts based on factors such as age, payer type, and claim complexity. This allows us to prioritize efforts on high-impact accounts that are more likely to result in successful collections.
Targeted Follow-Up
Utilizing industry best practices and advanced AR management tools, we implement a systematic follow-up process. Our team engages with payers through persistent communication, ensuring that each claim is addressed efficiently and any payment delays are swiftly resolved.
Denial Management and Resolution
We proactively identify and resolve any issues related to claim denials or underpayments. Our experts are adept at understanding payer policies and requirements, enabling us to correct and resubmit claims with minimal turnaround time.
Customized Reporting and Transparency
We provide you with regular, customized reports that offer full transparency into the status of your AR backlog. These insights help you stay informed about recovery progress, payer responsiveness, and overall financial performance.
Compliance and Accuracy
Med Care Wallet ensures that all processes adhere to industry regulations and compliance standards. We meticulously review claims for accuracy and completeness, reducing the likelihood of errors that can lead to further payment delays.
Benefits
Accelerated Cash Flow: By clearing your AR backlog, we help you unlock trapped revenue, improving your cash flow and enabling more efficient financial planning.
Reduced Financial Risk: Our proactive management of overdue accounts minimizes the risk of bad debt write-offs, protecting your bottom line.
Operational Efficiency: With our dedicated team handling your AR backlog, your internal staff can focus on core operations, leading to improved productivity and patient care.
Partner with Med Care Wallet:
Choosing Med Care Wallet for your AR Backlog Clearance needs means partnering with a team committed to excellence, precision, and results. Let us help you regain control of your AR, streamline your revenue cycle, and enhance your financial health.