Resources for Physicians and Medical Practices
December 31, 2020 (Investorideas.com Newswire) Medical billing and coding can often be a daunting and challenging task, whether you are a new graduate, uncertain how medical billing and coding work, or you have just changed states and are feeling a little overwhelmed with the various claim policies. There is no doubt that it can be hard and tricky to keep track of different fee codes, diagnoses, and rules.
Note that with the increasingly nuanced and complex world of medical claims, Medicaid and Medicare reimbursements, and other financial issues, managing the medical billing process is often a challenge for many new and even established practices.
If you are a physician or manage a medical practice, you know that it is a huge undertaking. However, the good news is that this is where medical billing and coding services and our resources can help you. Did you know that modern medical practice management requires a wide array of skills and experience?
They are essential to navigate complicated financial, staffing, and legal issues that may affect even the smallest players in the US healthcare industry. Also, it is worth noting that even for experienced physicians, medical coding and billing can cause their fair share of headaches.
So, in order to help you with the frustrating and complex realities of medical billing and coding, we have put together some medical billing and coding tips and resources to help you streamline your practice.
Here are some medical practice management resources, best practices, tips, and advice that will help your practice run smoothly while enabling sustained growth.
Collect Patient Contact and Insurance Information before Appointments.
Note that when your patients call your medical office in order to make an appointment, your front desk staff must collect updated and complete information. On the other hand, you can also give your patients the option to email or mail it instead.
Also, note that your patient portal or other online appointment tools must have fields in order to collect and update this information. Did you know that ensuring accurate contact information and insurance details will allow your staff to verify coverage? It will also enable them to follow up with your patients throughout the treatment as well as patient collections processes.
Be Transparent Regarding Your Prices
You should know that one of the primary reasons healthcare providers have a difficult time with their medical billing collections is that patients are usually blindsided by high costs and haven't budgeted for the expense.
This is why you should always be transparent and forthcoming and inform your patients precisely what procedures cost so that they know whether they will be able to afford them or not.
Verify Insurance Eligibility and Check Any Outstanding Balances
It is important to verify coverage with payers as well as clarify payer rules, either before or at the time of service. Note that taking these steps can identify any patient collection changes that might have occurred, what percentage of medical charges for the expected medical treatment will be covered, and patients' responsibility for payment.
Make it Simple for Patients to Pay Remaining Balances
As a physician or medical provider, it is important to know that any money you don't collect at the time of service can be difficult to collect. This is why, while billing patients, you should take extra care to ensure that you provide them with statements that are simple to read and help them remember when their payments are overdue.
Also, it is worth noting that you should mail these statements as soon as possible so that the medical service is fresh in their minds. This will make them more inclined to pay.
Did you know that turning to an online payment option can also be beneficial for your practice? This is because the digitized payment facility can remove most of the hassles involved in viewing medical bills and then paying them electronically.
Offer Different Payment Options
There is no doubt that most of your patients have the desire and intention to pay you. However, they may not currently have the financial resources or means to do so. This is why if you are not already accepting credit cards and online payments, you are setting yourself up for longer-than-needed A/R days.
You may know that patients increasingly like to handle payments in more convenient ways. This rarely means sending you a check in the mail. They are more likely to pay you right away when they have the option to apply their remaining balances to reward-earning credit cards.
You should consider providing different payment options, such as credit cards, to those patients that have larger outstanding medical bills and cannot pay the whole amount at once. Some other options are interest-only payments, a payment plan, deferral, etc.
Work Your Denials
Did you know that the most labor-intensive and time-consuming facet of the revenue cycle is working denials? If you are a physician or run a medical practice, your front desk personnel should implement a robust system in order to improve accuracy and reduce denials.
Also, note that in case of a denial, you have to determine whether or not the denial could have been prevented by your staff on the front end.
After that, you should establish claim edits in your HER. This is important as it will avoid potential problems and issues before sending medical claims to the payer. And that is not all; you should take care of denials immediately and involve patients only when necessary.
Outsource Your Issues
Did you know that many medical practices in the US work with collection agencies in order to pursue payments when their patients go off the radar? However, note that the effectiveness and success of this method are average. This is because agencies usually charge them high overhead fees.
The good news is that you can use other services, such as medical billing and coding services, to streamline your accounts receivable before they reach the debt collection step. Outsourcing medical billing and coding services to a professional billing and coding company can help.
You know that with the changing healthcare laws and legislation, numerous problems are likely to come up regarding insurance companies, patient care, and medical billing and coding. This is why physicians find it hard to focus all their attention on patient care as they spend their valuable time arguing with insurance providers and administrators about their medical billing and coding procedures.
So, you should consider outsourcing your medical billing and coding procedures to a reliable third party. Did you know that these professionals are trained and educated to maximize physician revenue while negotiating with insurance providers and coding correctly? Also, keep in mind that medical billing and coding companies stay on top of billing regulations.
This is why they can be an excellent resource for smaller practices, ensuring proper claims submission. And they can also free up your personnel to focus on work more important to your core mission. Did you know that hiring a medical billing and coding service will help you assess and review operations in order to determine where payments might be slipping through the cracks?
Streamline Medical Billing with the Best Software
You should know that the most suitable practice management software for your business should have robust and stable billing, cashflow, and accounting functions to meet your needs.
Note that with a reliable and effective solution you can ensure fast and accurate accounts and billing. You will also have the ability to credit funds to several bank accounts, and get automated alerts for any outstanding accounts.
Switch to Business Intelligence for Maximum Efficiency
It is no secret that data helps avoid mistakes and errors in physician billing. Although data mining is crucial, it is important for information to be updated and accurate as well. Note that it not just helps in the collection but will also help improve the level of service.
Did you know that with the innovations and improvements in medical billing software, you can run unique reports that provide specific information in order to assist in decision making as well as implementing improvements? Also, you should know that improvements in medical billing tools and EHR have led to better decision making and reporting. Note that accurate and timely reports help medical coders anticipate common billing errors and avoid them.
Incentivize Your Medical Billing Staff
You should be aware of the fact that it is not helpful or fun for your medical billing personnel to have to call patients repeatedly in order to collect on past-due accounts. Did you know that it can be both frustrating and tiring for your staff? Also, note that some staff members in your office could become unmotivated.
This is why you should always show the staff your appreciation and provide them with an incentive program to keep them happy and motivated.
Final Thoughts
It is no secret that there are several ways for a medical practice to become more effective and efficient. Note that acquiring accurate and updated patient information, leveraging cutting-edge software, outsourcing medical billing and coding services, and making the most of business intelligence are all steps to optimize your healthcare organization. Use these resources, tips, and best practices today to make your practice more profitable.
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