Here are a few common medical billing terms. Please let us know about terms that should be added.
Medical billing or physician billing
the process that converts documentation of a physician visit (“encounter”) into a “claim”, filing it with a “payer” or “payor” (insurance company or carrier), posting payments, following-up on any”denial”, billing the patient for any remaining balance, and managing the practices “accounts receivable”. For more information on medical billing (click here). Note: billing for hospital (in-patient) services may also be referred to as “medical billing” though the skills and technology required differ signficantly between hospital billing and physician billing.
Medical billing company
a company that performs the medical billing process for one or more physician groups. Many billing companies concentrate on selected physician specialties. For more information about medical billing companies (click here).
Are We Collecting Every Dollar?
Medical billing services
the array of functions performed by a medical billing company, including charge entry, electronic claims filing, payment posting, denial management, A/R management and patient billing. For more information about medical billing services (click here).
Medical coding, coding services
the process of assigning the correct “codes”, usually CPT (“procedure codes”) and ICD (“diagnosis codes”), to a specific encounter. In many cases, the coding is performed by the physician when they sign off on a case (i.e. sign off on the documentation). In other cases, a coder performs the task. It is recommended that coders be certified by the American Academy of Professional Coders. In either case, the coding is based on, and must correspond with, the physicians documentation (the “medical record”). A common saying, “If it isn’t documented, it didn’t happen.”
Medical billing software
the software used by medical billers. Billers can bill for one group as part of the group’s staff or for many groups as part of a medical billing company. In addition to supporting all of the medical billing functions, the software usually supports scheduling, check-in and other “front office” functions associated with office-based physician groups. For more information on medical billing software (click here).
Practice management software
another term for medical billing software. The terms are used more or less interchangably. For more information on practice management software (click here)?
ICD-10 Impact and Benefits for your Practice
Practice management services
another term for medical billing services, though it sometimes may include other back office functions such as practice payroll, accounts payable, etc.
Revenue cycle management
another term for medical billing, usually used when a medical billing company is performing the billing function. Initially used to refer to hospital billing, but the term has come in to common usage for physician billing as well. For more information on revenue cycle management (click here) or revenue management (click here).