Medical billing is the process of submitting and following up on claims with health insurance companies to receive payment for services provided by healthcare providers. It involves translating healthcare services, procedures, and diagnoses into standardized codes and creating claims that are sent to insurers for reimbursement.
Key components of medical billing include:
- Patient information collection
- Insurance verification
- Medical coding (ICD, CPT, HCPCS codes)
- Claim submission
- Payment posting
- Denial management
- Patient billing and collections