The secret ingredient that drives the financial strength of the medical business and helps to achieve top-line revenue is the combination of optimized physician billing services and revenue collection management. Due to the rising need for documentation and patients who opt for co-payments, it is becoming extremely difficult for the physicians to collect payments from insurers and patients. Some patients duly make payments while others brush aside the reminders and make the revenue collection process more difficult.
However, you don’t need to worry about these complications anymore! In this article, I have provided 6 top tips for physician billing services that can help practitioners to collect maximum revenue without error or the need to appeal claims.
On-time physician billing services and reimbursements can help providers to grow and strengthen their revenue while building a good client base. While it is important to use an accurate set of medical codes in order to file claims without errors. If the medical billers and coders translate the services of physicians with accurate codes then they can provide great support to maximize reimbursements.
The following 6 proven strategies for physician billing services can help practitioners to nurture their financial health and optimize revenue collection;
- Demand Payment At the Arrival Of The Patient:
It is the most convenient method to collect payments from the patients to tell them about their financial responsibility at the time of their arrival. Front desk staff must practice this strategy in the long run. It would greatly help physicians to boost the cash flow of their business.
Most of the time, patients understand and acknowledge the fact that they will have to contribute to their co-pays and out of network medical services. In this way they can easily understand and acknowledge the fact that they will have to bear that particular portion of their expenses. It is the responsibility of the physicians or their front desk staff to remind patients about their payments due.
- Provide Easy Payment Options To The Patients:
Make sure that you provide readable statements while billing to the patients. It would help them understand the payment responsibilities and remember when payments are overdue. If you didn’t collect the billed amount at the time of service then it can pose a hefty challenge in order to get paid. Usually, it involves repeated phone calls and emails. It is very beneficial to shift towards online payment options because digitized payment facilities will remove the hassles involved in viewing medical bills and paying them electronically.
- Ensure That Medical Bill Contains Essential Information:
Medical billers should lay stress on the fact that they collect all particulars of the services provided by the practitioner in order to lead physician billing services to a higher payout.
They should ensure that the medical bill is comprehensive and provide detailed information. They should make a proper structure to provide this detail so it can describe each component of the service that is essential for patients.
After translating the services and consumable required for the services into the standard medical codes, a professional medical coder should also ensure consistency and accuracy. Medical coders code every subtle service provided by the physician and don’t miss any detail while filing claims. Medical billers can also streamline physician billing services with the help of Electronic Health Record (EHR) to help physicians to keep a tab on services provided to each user.
- Develop A Well-Defined Structure For Denial Management System:
Denial management is the most daunting task of the healthcare system. It can put immense pressure on the physician revenue cycle management to quickly sort out problems whenever the claim returns to the hospital. Physicians should have a dedicated team of medical billers that can consistently follow-up on claim denials and appeal them in a timely manner.
Physicians must keep a track record of denied claims and assess the reason for denials for individual claims separately. They should appeal the denied claims before the deadline. Once they identify the problems then they should prepare some actionable plans to prevent the same mistakes in the future. Moreover, it is critical to rapidly resolve the matter associated with claims denials and involve patients immediately if it is absolutely necessary.
- Audit The Compensation of The payer:
Once the insurance company pays the physicians for their services, the provider must audit all of the procedures involved in physician billing services. If physicians have received inconsistent payments with the field claim then it is important to note that patients are not well-versed of their financial responsibilities regarding their healthcare. However, healthcare providers should make sure that they are getting completely compensated for their services.
To get a clear view, providers must estimate the cost involved per patient. This includes staff wages, consumables, office space rent, and other factors that partly or impartially influence the revenue generation. Healthcare providers should compare what they are being offered by each insurer to ensure that they receive a profitable sum through reimbursements. One can find answers to what portion of the service is covered by referring to the electronic healthcare record (EHR) or by using a data analytics tool. Once you have the data indicating a low return on investment, it will enable you to appeal and renegotiate the claims in a timely manner.
- Shift Towards Innovative Medical Billing Solutions:
Big data helps practitioners to avoid mistakes and helps to include every essential information required for physician billing services. It is critical for medical billers to use that information accurately and efficiently. It not only helps in the revenue collection but it can also improve the overall level of medical services and confidence in the business. Shifting towards innovative medical billing solutions and EHR has led to better revenue analyses and decision-making capabilities. Insightful and accurate reports can help medical coders to identify typical medical billing errors and plan suitable strategies to avoid them in the long run.
You can outsource to our reliable medical billing company to improve collections and streamline healthcare services offered to patients. Avoid hassles costing your precious time and money with less number of claims return and appealing to insurers. Request a free dome! To give an instant boost to your business growth.