Unsurprisingly, medical billing is among the most challenging tasks that healthcare organizations come across. Though physicians are well-trained in handling their patients’ health, there are a number of things to consider to keep up with the revenue cycle.
While medical billing is complicated, here are the eight medical billing tips which can help you to sustain the costly work of offering healthcare services.
Tip #1: Develop a clear collection procedure
This is the first and most significant medical billing tip.
- Notify patients about the requirements of debt repayment. Provide information concerning their payment responsibilities in their new-patient papers, and nudge them off their duties frequently, particularly when things alter.
- Collect complete details of the patient. Such details comprise their address, contact number, email-id, etc.
- Help the patients recall their co-pay and its importance. Make sure your team knows how to respond to any inquiries a patient may have.
- To avert claim rejections, bring the proof of insurance with you to each appointment and double-check the person’s eligibility. Much better, to save money on staffing, employ an electronic verification method.
- Determine what funding methods are accessible to the patient at the moment. Clarify what comes under their payments. For instance, help them to know if credit cards, cheques, or money are accepted and whether installment plans are possible.
Tip #2: Engage in staff training
After establishing a structured and verifiable billing procedure, you must put effort into proper staff training. It’s never a good idea to skip this medical billing tip or think that only the person who files the claims requires training. In addition, ensure that every team member has exact knowledge of their responsibilities and expectations.
Tip #3: Handle claims correctly
- Never procrastinate in filing claims. Yet, exercise extreme caution to confirm that the claims are accurate and comprehensive. Make it a practice to file all the claims at the end of the day.
- Submission of the claim does not refer to the end of the process. Make very sure that all claims are updated until the patients fully settle them. It’s all too easy to get caught up in the daily grind and overlook minor claims.
- It’s essential to deliver the claim to the correct payer — the one who is accountable for that specific payment. Claims addressed to the wrong recipient will cause delays. They will reject the claim, and then you have to resend it to the correct recipient. Delayed payments have almost the same impact on the revenue cycle as rejected refunds.
Tip #4: Verify Patient’s Insurance
You can check the patient’s insurance upon every visit. In addition, double checking that it is up to date from when they were last seen would help to avoid any further renewal issues. Also, it is important to check eligibility to be sure the patient’s visit is covered by their insurance. This will not only increase cash collection but will also eliminate any bad debt.
Tip #5: Stay informed
Medical billing standards are continually updating, and catching up with them can necessitate ongoing staff training and technology updates. Keep up with any changes that may affect medical billing processes, and obtain required training. It’ll save you money in the long run if you don’t have to redo claims as often.
Tip #6: Determine problem accounts
By setting clear protocols for dealing with patient finances, you can have the data for identifying possible problems. Adopt methods for identifying problematic behaviors such as delayed payment, consistently denied payments, or variations in contact details.
Tip #7: Manage denied and rejected claims on time
Screening a claim for mistakes can help to reduce the number of rejections and cancellations. However, if they do happen, make sure to deal with them as soon as possible.
Maintain contact with a payer agent. They can assist in resolving issues with the initial claim and supply updates on subsequent claims. This can all assist in speeding up the claim modification cycle and reduce the time it takes to reject and resubmit claims.
Tip #8: Hire a trustworthy billing company
This is the must-follow medical billing tip if you are unable to follow the above ones. If you’re having trouble keeping up with current invoicing laws, getting rejections in payments, have problems delegating responsibilities, etc., then a medical billing company can help you.
All these tips can help you collect more from your patients and on time. For your best medical billing system and to have some more information, Medical Healthcare Solutions Inc. can help you.