As the New Year approaches, it’s time to take stock of the previous 12 months and make some adjustments in your billing approach. Take a look at what’s been working and, more importantly, what hasn’t. It goes beyond unpaid bills and into the realm of HOW you handle your accounts payable and receivable and how you can improve. The changes you make now will benefit you throughout 2018, increasing your bottom line, decreasing your stress level and boosting the smooth operation of your billing processes.
Are your administrative costs skyrocketing? Do you have outstanding A/Rs from the beginning of the year and even years past? Are the insurance denials piling up? How do you handle them?
Analyzing your billing process starts with taking a long hard look at performance. Many practices experience surprisingly low rates of reimbursement success, often times because billers focus their time and skills on the “easy” claims, leaving many challenging claims under-reimbursed, points out Healthcare Business Today. Is your current billing software effective? How quickly are you getting reimbursed? Is money being left on the table? It’s time to upgrade or change your billing procedures if you as a healthcare provider are not happy with the ways things have been going. Here are a few tips:
- Engage in follow-up training if claims are continually being denied.
- Analyze the reason codes to see why a specific payer constantly denies claims.
- Analyze how the referral process works and find out what stop-gaps are preventing you from processing claims efficiently.
- Go over your input processes. Are policy numbers being entered correctly? Is there a lapse in document processing?
- Talk to your front- and back-office staff to introduce new policies and procedures if you are finding too many controllable errors.
Correcting Problem Areas
Many of these issues result from lack of time and too many other responsibilities taking center stage. Take a look at your staff: are they overworked? Are errors being made simply due to a stressful and chaotic work environment? Is there simply no time during the day for your existing staff to handle all the billing procedures correctly and comprehensively? This is a common challenge facing many hospitals, doctors’ offices and ERs — especially towards the end of the year when things get crazy.
One way to solve that and make a resolution for the new year: partner with an outsourced medical billing company that can handle all your billing needs in one place and on one platform. It’s a win-win for your staff, who can concentrate on the tasks they were actually hired to do, and you get paid more often and more smoothly because of a streamlined approach. An outsourced biller can ensure:
- Insurance can be verified before visits.
- Patients are billed on time and consistently.
- Codes are authorized promptly and properly.
- Clinical notes are used for negotiating denied claims.
It’s time to start the new year off right — with an improved process that ensures success for the upcoming months. Call Medical Healthcare Solutions in Andover today at 800-762-9800 for help.
