It’s difficult to ensure that your practice is paid for the services performed at the medical setting. On a similar note, what is more important is that there is a strong revenue cycle, which supports the expensive labor of providing healthcare services. Let’s face it, without a strong revenue cycle, a medical setting just cannot stay operational and tap profits.
Insurance claims may also be denied or rejected for a number of reasons. Up to 75% of claims are categorized inaccurately, which is a primary factor in many of these denials. However, you don’t need to worry, we have got your back.
Let’s now glance through the 5 tips to get paid faster for your practice, shall we?
1. Make sure you accept a variety of payment methods
When it comes to the way they choose to employ to pay their patient medical costs, your patients are accustomed to having options. When they go to the doctor’s office, they find nothing more aggravating than being told they can only pay with cash or a check. Give your clients choices; they’ll be considerably more inclined to pay you on time. Simply make it convenient for your patients, and you’ll see the smiles on their faces and a decrease in your A/R figures.
2. Utilize technology to the fullestÂ
The billing process can be made much more efficient with the use of technology. Scores of sections of a medical practice can be connected by newer technology, including sophisticated medical software, to generate a more constant flow of information between doctors, staff, and administrators.
Some medical software systems can also aid in automating elements in the billing process, such as recommending medical codes and comparing medical claims to standard insurance payer guidelines for reimbursement.
The practice’s integrated clinical and administrative operations can be automated to the greatest extent possible, saving staff time and preventing unpleasant surprises like denials.
The use of electronic medical records, automated demographic and health plan verification checks, claims scrubbing technology, and patient self-service applications like portal functionality, e-statements, digital communication access points, and integrated credit card payments are just a few examples of how this can be done.
3. Prompt handling of denied/rejected claimsÂ
A rejected claim may be amended and resubmitted, but a denied claim must first be appealed, which is a considerably more expensive and time-consuming process, before it may be resubmitted. Rejections and denials can be reduced by checking for problems in a claim, but if they do happen, be careful to deal with them as soon as you can. Keep in touch with a payer representative; they may assist in resolving issues with the initial claim and provide details on how current claims are being handled. All of these can shorten the entire exhausting process.
4. Make improvements in the process
i) Monitor pending accounts receivable: The amount of money still due to a healthcare organization is crucial information to monitor in order to assess how well its collection process is working. The revenue cycle of a practice can be monitored from quarter to quarter and compared to the same period the prior year to see how well it is operating.
ii)Remain informed: Because medical billing regulations are continually changing, it may be necessary to update software as well as provide personnel with ongoing training and education. Stay abreast of any adjustments that might have an impact on coding and billing procedures, and seek training if necessary. In the long run, this will be less expensive than continuously resubmitting claims.
iii) Determine problematic accounts: Data will become available to help identify possible difficulties once clear procedures are established for handling patient accounts. To more effectively target patients for extra reminders and get billing staff ready to outsource collections, implement methods of tracking problematic behaviors like late payments, persistently denied payments, or frequent changes in contact information.
5. Know the Right Time to Outsource Billing to Medical Billing Companies
Medical practices must be continually concerned with their patients, modern medical trends, and effective staff management. Additionally, they need to stay up to date on the most recent coding, insurance policies, and billing laws. Details can be overlooked because there is so much to remember, which leads to rejections, denials, and underpayments that cost medical practices time and money.
Many clinics have outsourced their medical billing and coding to third party specialists in response to the growing laws and regulations and in an effort to reduce labor costs. Many people find that outsourcing the management of their medical bills is an efficient method to boost revenue and reclaim control. Pick the ideal medical billing industry and watch your revenue management cycle tap profits.
If you’re looking for the ideal partner, Medisys Data Solution, the leading Medical Billing Outsourcing Services Provider In the US, is merely one click away! What is stopping you from choosing the Medical Billing Services Outsourcing company? We bet nothing!
