5 Ways to Improve Medical Billing Effectively
Medical billing and coding is a highly complex process. If the patient has a very complicated condition or a lengthy medical history, the billing procedure may take a few days to many months. There are several ways to streamline the billing process in order to increase the rate of first-pass acceptance and submission of medical claims. There are many ways to boost the acceptance rate and submission rate for first-pass medical claims so that the billing process is as efficient as possible
The Collections Process Should Be Clarified Upfront
For successful medical billing, open and honest communication with patients is essential. Be careful to explain to prospective patients that they are expected to pay for any services they get from your practice. Patients should be asked to fill out this information before their first appointment, so include it on the form.
To prevent patients from claiming they were unaware of your rules, post a sign explaining the payment mechanism in the reception area. On the day of their appointment, gather their billing information and bring a copy of their insurance policy and a picture of their ID. This will help you keep track of their payments.
Maintain and Update Patients' Records
Every time a patient comes in for an appointment, the staff has to be reminded to verify their personal information and insurance coverage. What’s the deal here, exactly? To begin with, your patient may have changed jobs and are now covered by a different insurance company or coverage than their new partner’s spouse.
It’s possible that the kind of insurance you provide has changed, and a patient may be switching to a more costly plan with lower out-of-pocket payments or a lower-cost plan with higher deductibles. Make it a practice to explain how you update your information so that your patients aren’t taken aback by an unexpectedly large bill. Double-check the policy number and subscriber information before signing up for a new policy. Regarding third-party payers, these facts must match up with their records.
Automate the Most Basic Aspects of Billing
Your company’s bottom line will suffer if you encourage your staff to do jobs that can be automated. Employee morale suffers, and those who can give more patient-centered and individualized services get frustrated. Look for the procedures in your billing that you find repetitive and regular. Individual claims, payment reminders, and guidance in determining the correct medical billing code are necessary
Track Denials
A company’s first-pass rate may increase if it has an external billing and coding supplier or if it chooses to handle its claims internally.
Consider every error a chance to enhance the process rather than punish your personnel. Several reasons you could have higher than intended rejection rates, such as staff training needs or a lack of adequate scrubbing procedures to match your present process.
Easy ways to boost efficiency are by keeping track of the rejection codes. Using daily billing codes to convey comments from your record to the billing department might save time and improve accuracy. It may be time to re-evaluate your procedures for determining whether a service is covered and the coding rules you apply if claims are routinely denied.
Hire a Third-Party to Handle Your Most Difficult Collections
You and your coworkers may be reluctant to consider outsourcing your job since you’ve been providing services to the community for a long time. To maintain a successful revenue cycle, it’s critical to have an open mind. By outsourcing more onerous collection duties to a third party, your workers may focus on more critical tasks.
To assist your patients in coping with their outstanding debts, they will employ empathy and compassion, such as setting up an installment plan. Your personnel will no longer be burdened by dissatisfied customers who cannot pay their bills, and your cash flow will increase as a result.