Medical billing is the process of submitting and following up on claims with health insurance companies to receive payment for services provided by healthcare professionals. It involves translating healthcare services into standardized codes, which are then used to create invoices for patients and insurers. The billing process includes verifying patient insurance coverage, coding medical procedures using systems like ICD-10 and CPT, and ensuring that claims are accurate and submitted on time. Effective medical billing helps healthcare providers maintain their revenue flow and ensures that patients receive the correct billing information for their treatments.