5 Tips to Help You Get Paid Faster
Your billing procedures can have a significant impact on the financial health of your practice. If a claim is rejected during the billing process, the practice must review, reconcile, make appropriate corrections and resubmit the claim. Due to the complexity of medical billing, the number of denials and rejections can reach as high as 50%. Another reason for this high-percentage is due to the insurance companies denial of services that are not covered under the policy.
An important part of revenue management, the process of medical billing is known as the communication between the medical practice and the insurance company, also known as the billing cycle. This cycle can take months if not done properly and can take many back and forth communications if there are problems.
Here are a few billing tips to help you receive payments faster:
Have policies and procedures in place. It is important for the billing staff to have clear guidelines to follow. Some examples are: adjustment and write off rules, appeals process, and patient collections. Having clear expectation for the billing staff will improve accounts receivable management and ensure compliance.
Make the payment process as easy as possible. The easier it is for patients to pay, the more likely they are to pay on time as well. It is important to create an effective strategy for collecting payments to increase the revenue for your practice. Additionally, if the process is easy for patients, it will be much easier for staff to help with the process.
Make the best use of all the tools in your billing system. Tools like insurance verification, claims status, electronic remittance, and many more are available to practices. These tools can expedite claims, processing, and collections and increase your efficiency.
Monitor claim errors and denial rates. Make sure to pay attention to claim denial rates including denial reasons for each billing staff member. This makes it easier to identify recurring denials and prevent them in the future.
Make sure the charges are transparent. Having unclear treatment costs will provide challenges when a patient receives a bill. No one likes hidden charges, so it is best to make these known so there aren’t any surprises. Make sure to communicate with patients the cost of treatments up front so they can decide whether they are able to afford it or not.
With over 20 years of medical billing experience, EMMG will boost your revenue collections and improve your bottom line. We have the ability to integrate with most EHR systems including ADS, ECW, Practice Fusion & more. Customizable reporting packages structured to your needs allow you to quickly review the health of your business and get back to seeing more patients. For more information on our unique services and packages click here or give us a call at 516-338-5300.