A medical practices billing process demands high level of accuracy in order to get paid on time. Most of the time meeting such high levels of accuracy requires high levels of efficiency. But meeting them in-house is not an easy task because it is not the core task of a physician’s practice. Therefore, to match up to the level of efficiency, it makes perfect sense to utilize the services of a billing partner. A recent report on medical billing mistakes found that loopholes can cost a physician as much as 20% of their revenue. Physician practices can increase their revenue by following these suggestions for streamlining their billing process.
Follow-up Rapidly
From patients to payers, the billing department communicates with a wide range of parties. Every day, they may be tasked with sending bills, faxing letters, or responding to emails. This may seem like a lot to deal with, but it’s crucial that they respond to all of these questions promptly. As a result, the physician’s income may be delayed until after they comply. Even if a claim is valid, insurance companies may decide to reject it.
Be on time with your paperwork
When submitting a claim to a payer, you’ll usually have a deadline. Offices that submit claims slowly run the risk of them being rejected. There is a chance that a claim will be rejected even if it is submitted on time by the billing department. The secondary claim may be submitted after the secondary payer’s deadline has passed, resulting in lost revenue. Make sure you’ve passed the paperwork on or before time.
Bank reconciliation with the contractually permitted amount
After a claim is approved, the revenue management process does not come to an end. The correct claim amount must be deposited into your account in accordance with the insurance contracts you have signed with them. These details can be obtained by keeping track of the payments received from insurance companies each day in a logbook.
Investigating missed payments and delinquent accounts
Improve your revenue by assigning a single employee solely to the task of tracking down unpaid claims. Identifying the root cause of payment delays will be much easier this way. Perhaps there has been a billing error, or perhaps the insurer or the patient have not been properly communicated with. Your reimbursement will be available once your team has identified the issue.
Programs for training employees
Being on the receiving end of multiple insurance policies is no easy task, either. While filing the claims, each person must follow their own set of protocols. In addition to improving their knowledge of these protocols, training your staff will make them more efficient in dealing with them. To put it another way, your claims processing will be streamlined.
In Conclusion
It’s a challenge to deal with multiple bills and patients at the same time. To make things simpler, you can outsource physician medical billings to a third party. Medical billers are well-versed in all aspects of submitting claims and maximizing profits. They are familiar with legal etiquette, medical codes, and how to follow up on or contest rejected insurance claims. If you hire them, you can rest easy knowing your billing operations are in good hands. Medical billing experts will take care of the billing-related processes, allowing you to focus on patient care.