10 Ways to Improve Your Billing Process
The success of your medical practice largely depends on an efficient billing process. But challenges such as complex processes, delinquent claims and denied claims can obstruct your business’s cash flow. However, do not lose heart in the face of such challenges as there are many ways to overcome them and improve your revenue cycle.
Here are 10 ways you can improve your healthcare business’s medical billing process right away:
One of the simplest ways of improving your billing process is by ensuring transparency regarding payments with your clients. You can either communicate it to them directly or include the details in the client information form that they fill before meeting you. Many practitioners even put up signs in the reception area of their practice so that the patients cannot feign innocence while making payments for the diagnosis or treatment provided. You could also maintain a record of your patient’s insurance card along with a photo identity proof for ensuring timely payments in the future..
Updated patient files at the time of each appointment
Things change; a patient who visited you a year ago may have changed their insurer, purchased a more expensive policy or could be now covered under the new spouse’s policy. You must have all these details for an efficient and accurate billing process. Make sure that you double-check the details such as the patient’s policy number and billing address.
Some of the common reasons for claim denials include mistakes in patient’s details, insufficient documents, and errors in information and medical coding. So, if you track your denials regularly, you will be able to see the gaps in your processes more clearly. You can then rectify them right away and improve claim approval rates.
Employee training programs
Dealing with different insurance companies is no easy feat. Each one has its own set of protocols to be followed while filing for the claims. Upskilling your staff will not only equip them with improved knowledge about these protocols but also make them efficient at handling them. Simply put, your claims processes will speed up.
Automating repetitive tasks
Billing functions such as filing individual claims, assigning the right medical billing codes and creating as well as deploying payment reminders are repetitive tasks that can be easily automated. Doing this will liberate your staff from mundane billing tasks and help them to focus on better patient care.
Outsourcing problematic collections
Many medical practices are comfortable with handling the medical billing process in-house. But some collections can prove too complex or problematic to handle. In such circumstances, it is best to outsource the job to a medical billing service provider. This way, even problematic collections will not affect your cash flow.
Bank Reconcilaition with allowed amount as per contract
The process of revenue management does not end with the claim approval. You have to ensure that the correct claim amount is deposited in your account based on your contracts with Insurances. . This can be done by creating a log with the billing details such as the patient’s name, account number, payment amount received at the end of the day from Insurances.
Reviewing delinquent claims
To improve your revenue cycle, it is best to dedicate one staff member just to follow up on claims that have not been paid on time. By doing so, you will know exactly why the payments are delayed. It could be a billing error or even a simple miscommunication with the insurer or patient. Once your staff zeroes in on the problem, your reimbursement can be claimed.
Disputing denied claims
There are times when claims are denied despite providing accurate details. To ensure that you do not lose out on revenue, follow up and be ready to negotiate the claim with the insurer. Remember to keep all the details of your claim handy while doing so.
Medical billing management services
While outsourcing collections can take care of the major part of your revenue cycle management, hiring a medical billing service provider to also manage your claims can streamline your business’s billing process without any stress to you. Medical billing professionals are trained in filing claims of all types and optimizing business revenue. They understand the legal formalities, what medical codes to use and even follow up or dispute rejected claims. Their knowledge and expertise will ensure that your billing operations are accurate and efficient. With the billing-related processes being managed by medical billing experts, you can redirect your focus on enhancing patient care.
An efficient medical billing process is essential to ensure a steady cash flow and revenue growth. This is one aspect of your business that demands attention. By following the above-mentioned ways to improve the billing process, you can achieve long-term success without sweating over the Revenue Cycle Management of your business.