Medwave is an efficient and effective solution for providers who are hard-pressed for time and resources.
Medical Billing
In terms of medical billing, our experienced and professional staff is committed to your practice and we carefully analyze each claim before it is submitted to ensure a clean claim submission. Each claims is examined to see if it has the correct CPT code(s) associated with the diagnosis code(s), along with comprehensive insurance information and complete patient report. This reduces the chance of dismissal by an insurance company. By providing the highest percentage of clean claims, medical provider revenue increases are ensured, as well as the decrease in the amount of labor needed to follow-up on denials. With a high enough claim volume, we suggest using robotic process automation, which will reduce expenses and improve workflow.
Credentialing
Credentialing services are essential to new medical practices. Medwave assesses the license, performance, credibility and background history of insurance companies to understand what needs to be initially generated. This includes ensuring that your practice is in-network with all of the insurance companies that serve your patients. This is a crucial part of any medical practice’s cash flow. We help negotiate the payment for services rendered, meeting agreement terms, and facilitating the payment processes. A plethora of medical professionals rely on us to provide them with the peace of mind that all credentialing processes are a go.
We ensure that payment rates are accurate. By managing the information for any practice or physician data on file, we minimize the likelihood of being underpaid for your services. By periodically following up with the physician to ensure that current payment rates are always up to date, the physician can be assured that their files with payers are correctly maintained.
Payer Contracting
Payer contracting services play a crucial role in the healthcare industry by facilitating negotiations between healthcare providers and insurance companies. These services aim to establish mutually beneficial agreements that ensure fair reimbursement rates for medical services while maintaining cost-effectiveness for payers. A comprehensive payer contracting service typically involves analyzing market data, evaluating current contracts, identifying areas for improvement, and developing negotiation strategies. Skilled professionals in this field possess a deep understanding of healthcare regulations, reimbursement models, and industry trends. They work closely with providers to optimize their revenue cycle management, enhance their competitive position in the market, and improve patient access to care. Additionally, payer contracting services often include ongoing support for contract implementation, monitoring performance metrics, and addressing any issues that may arise during the contract period. By leveraging expertise in healthcare finance, legal considerations, and relationship management, these services help healthcare organizations navigate the complex landscape of payer negotiations and secure favorable terms that contribute to their long-term financial sustainability.
Denial Management
Denial management is a critical aspect of healthcare revenue cycle management. It refers to the processes and strategies employed by healthcare providers to prevent and respond to denied claims from insurance companies or payers. Effective denial management involves identifying the root causes of denials, implementing preventive measures to minimize future denials, and efficiently appealing denied claims when appropriate. This process aims to reduce revenue leakage, streamline claim reimbursement, and improve overall financial performance for healthcare organizations. Denial management requires a comprehensive approach, including staff training, robust documentation practices, and leveraging advanced technology solutions to analyze denial patterns and trends.
A/R Recovery
Medwave provides A/R recovery services for those who want to either perform a comprehensive office audit or review old claims; we have a professional team to help you reprocess, review, and receive old complaints. Accuracy of all provider profiles across all verification entities and payers reduces the likelihood of payment issues. Keeping profiles and data updates requires quite a bit of resources for the average medical provider. Managing this volume of knowledge across all of these entities can be quite the challenge, and as medical billing and credential experts we maintain these processes. Fair and timely compensation, peace of mind, and well-maintained records with payers and verification boards are simplified through our services.
Summary
Medwave is dedicated to providing unparalleled medical billing, credentialing and payer contracting services, along with denial management and A/R recovery. Our team of experienced professionals do the job right and ensure medical practices the peace of mind they deserve. Located in Cranberry Township, Pennsylvania, we take over the burden of tasks and associated administrative duties from the healthcare provider and in essence increases their revenue.
Whether setting up a new individual or group practice or managing your veteran practice, the services we offer can be a daunting task for providers (doing it internally) and knowing where to start and what information is needed to bring in revenue is a key process in ensuring your practice’s success.