Asteroid Medical Billing is a leading, Credentialing and Medical Billing Company

Asteroid medical billing offers end to end complete RCM solutions and focused on providing customized services with good quality to the professionals in the healthcare industry.

After 16+ years of experience in the RCM medical billing field

We started this company, with six agents as a small office and past 3 years we have grown substantially to serve numerous clients who help business through referrals and other marketing strategies. We have grown from a humble beginning and we serve and give solutions to the end to end revenue cycle management.

Our goal is to Simplify your administrative burden and set a goal to maximum your reimbursement

Expertise

Our team has vast experience in medical billing.

Efficiency

We streamline the process to ease your administrative workload.

Communication

We ensure transparent and consistent communication so that you are always kept informed.

We do various clearing house settings and payment enrollment process like EDI, ERA & ACH/EFT

We do credentialing for Laboratory service to all state and island.

Asteroid Medical Billing offer below mentioned list of services

ELIGIBILITY

FOR ACCURACY BILLING

AUTHORIZATION

PRE AUTH & RETRO AUTH

CODING

CERTIFIED CODERS

DEMO & CHARGE ENTRY

QUALITY CHECK & CLAIMS TRANSMISSION

AR RECOVERY

CLAIMS FOLLOW UP

PAYMENT POSTING

POSTING & SECONDARY CLAIMS FILING

DENIAL MANAGEMENT

RESOLUTION FOR DENIALS

AR CALLING

FOLLOWUP ON UNPAID CLAIMS

PATIENT BILLING

OUT OF POCKET EXPENSES

COLLECTION & REVENUE ANALYSIS

WEEKLY AND MONTHLY WISE

REPORTS

CUSTOMIZED REPORTS PER CLIENT NEED

Our mission is to revolutionize the healthcare industry by providing innovative solutions that empower healthcare practices to thrive. 

We understand the challenges as we faced those challenges previously and resolved them through our experience in billing, coding, denial management and in practice collection. 

Our team delivers cutting-edge technology to optimize revenue cycles and ensure best financial reimbursement outcomes for our clients.

We operate with the utmost care of integrity and we ensure compliance with healthcare industry regulations and maintain the confidential of patient data. 

Our excellence drives our service to stay ahead with the industry trends and best practice. 

Adopting the latest technologies and developing creative solutions which keeps to drive your practice forward.

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Asteroid Medical Billing have experience in handling nearly 30 plus specialties. Few major specialties listed below that we take pride in servicing clients are

Our streamlined workflow ensures efficiency and accuracy from patient registration to payment collection. Each step is meticulously managed to optimize billing processes and improve overall revenue cycle performance.

1. Patient Registration – Capture and verify patient details to ensure accurate recordkeeping.

2. Eligibility – Confirm insurance coverage and benefits before providing services.

3. Authorization – Obtain necessary pre-authorizations for coverage of specific services.

4. Coding – Assign accurate ICD-10 and CPT codes for diagnoses and procedures.

5. Demo & Charge Entry – Input patient demographics and service charges into the billing system.

6. Payment Posting – Record and apply payments from insurance and patients to accounts.

7. AR Calling & Follow-Up – Follow up with insurance companies and patients on outstanding balances.

8. Patient Billing – Generate and send billing statements to patients and manage payment plans.

We harness state-of-the-art technology to transform medical billing into a seamless, efficient process. Our cutting-edge software solutions and advanced automation tools are designed to tackle the complexities of healthcare billing with precision and speed.

We Are Here To Help With Your queries !

How is accuracy ensured in medical billing?

Accuracy in medical billing is achieved through the use of advanced technology that automates data entry and processing. Real-time validation checks and comprehensive coding tools are employed to ensure that all billing information is precise and compliant with current regulations, minimizing human error.

To reduce claim denials, sophisticated software is used to identify and correct potential issues before claims are submitted. This includes thorough audits of coding and documentation to prevent errors and omissions that could lead to rejections. These proactive steps increase the likelihood of claim approval and expedite reimbursement.

The billing process is streamlined through integrated solutions that automate manual tasks such as claim creation, submission, and payment tracking. This automation reduces the need for manual intervention, shortens turnaround times, and improves overall efficiency in billing operations.

Regulatory compliance is maintained by utilizing technology that is regularly updated to reflect the latest industry regulations and coding standards. Continuous updates ensure that billing practices adhere to current guidelines, helping to prevent errors and maintain accuracy.

Data analytics offers valuable insights into billing operations, including performance metrics, payment trends, and claim status. Analyzing this data helps identify areas for improvement, optimize revenue cycles, and make informed decisions to enhance financial performance and operational efficiency.

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CREDENTIALING

Step-by-Step Guide to the Credentialing Process

Provider credentialing is essential for the success of healthcare organizations. Credentialing brings revenue and the revenue will vary depending of state’s laws , provider specialty and the payer cost of plans.

A clear understanding of the credentialing process allows practices to budget effectively and see how costs are distributed.

The main steps include:

Data Collection: Collecting all relevant information about the provider, such as licensure, education, work history, and references.
Primary Source Verification: Verifying the provider’s credentials through primary sources like state licensing boards and educational institutions.
Insurance Enrollment: Submitting the required documents and applications to each insurance panel the provider will work with.
Ongoing Maintenance: Regularly updating records and handling re-credentialing, typically every two to three years.

Government programs like Medicare use the Provider Enrollment, Chain, and Ownership System (PECOS) for provider enrollment. The approval process for provider enrollment and credentialing in medical billing is generally faster with Medicare, taking an average of 60-90 days. In contrast, commercial insurance carriers may take anywhere from 90-120 days. As a result, the process involves a cycle of waiting, rushing, and waiting again.

What is the cost of medical credentialing

1. Individual Medical Credentialing

The typical cost per practitioner ranges from $100 to $200, though this can vary depending on the healthcare credentialing service provider. Re-credentialing generally incurs similar costs. Most insurance companies and clinics require re-credentialing every two to three years , although some payers or facilities may require it annually.

2. CAQH- Council for Affordable Quality Healthcare Database

Collecting data from online providers, one viable option is CAQH ProView, offered by the Council for Affordable Quality Healthcare. The initial setup cost typically ranges from $100 to $500.
Management fees depend on the level of involvement of your healthcare credentialing provider and how often the database needs to be updated. Typically, a basic database costs between $50 and $100 per month.
The cost per provider for medical credentialing with five insurance companies may vary up to $ 1500 – $2000 . If your organization works with 20 insurance carriers, the cost per provider would be four times that amount

3. Application Cost

Insurance panel applications typically cost around $100, as stated by the insurer committee. However, in rare instances, this fee could be nearly double the standard amount.

Outsourcing credentialing services provides several advantages.

Time Saving

The credentialing process can be highly time-intensive. By outsourcing it to a third-party service, healthcare organizations can save time and resources, allowing them to focus on their core business functions.

Minimized Errors

Third-party credentialing services employ dedicated staff and advanced technology, helping to minimize the risk of errors and enhance the accuracy of the credentialing process.

Cost Control

Outsourcing credentialing services can be both time- and cost-effective. Third-party providers help reduce the time and expenses associated with the credentialing process.

Access to Expert Knowledge

Third-party credentialing services typically employ experts who are well-versed in the latest standards and best practices.

Factors affecting Credentialing

Provider-Specific Factors
Education and Training: This involves verifying diplomas, residency certificates, and any specialized training the provider has completed.
Licensure and Certifications: It’s crucial to confirm that professional licenses, board certifications, and other required credentials are valid and up-to-date.
Work History and References: Verifying the provider’s past employment, professional references, and any malpractice or disciplinary history is an essential part of the process.
Application Completeness: Submitting a thorough, accurate, and error-free application with all the required supporting documents is critical to avoid delays.

Verification and Data Factors
Primary Source Verification: The speed at which the credentialing body can verify information directly from the original sources (e.g., educational institutions, past employers) significantly impacts the process.
Responsiveness of Entities: Slow responses from institutions, former employers, or other verification sources can considerably delay the process.
Data Accuracy and Completeness: Inaccurate or missing information can lead to requests for additional documentation, extending the timeline.

Organizational Factors
Staff Workload: The number of providers being credentialed and the workload of credentialing staff can impact processing times.
Use of Technology: The efficiency of the organization’s technology and automation tools plays a key role in speeding up and improving the accuracy of the credentialing process.
Relationships with Verification Sources: Strong relationships and well-established processes with verification entities can streamline the verification steps.

External Factors
Payer Requirements: Different insurance payers have unique requirements and application forms, creating administrative complexity for providers and credentialing departments.
Regulatory Compliance: Adhering to state and federal regulations is essential and can add complexity and time to the process.
External Verification Delays: The availability of resources for verification, such as educational institutions or state licensing boards, may vary, potentially leading to delays.

Conclusion

Medical credentialing fees can vary based on factors such as the provider type, the number of payers, and whether the process is handled in-house or outsourced. While these costs may appear significant, they are essential for ensuring compliance and supporting smooth operations within the healthcare sector. By understanding the components of credentialing expenses and implementing cost-saving strategies, providers can navigate this process more effectively and reduce financial strain.

If you need assistance with medical credentialing, consider partnering with a reliable service provider to simplify the process and ensure accuracy. Investing in professional support can save you time, reduce stress, and ultimately increase your practice’s profitability.

Join Our Team

We’re expanding and seeking skilled Coders, Billers, Payment Posters and AR Callers to join the V Serve Healthcare team.

Contact us

We’re Here to Help You!

we understand the critical role medical billing plays in the smooth operation of your practice. Our team is dedicated to providing you with accurate, efficient, and reliable billing services so you can focus on what matters most—caring for your patients.

(646) 912-7444

info@asteroidmedicalbilling.com