If you are running a medical practice, you will need consistent cash flow in order to survive in business. To make this happen, it is vital that the billing procedure is being handled expertly and efficiently.
From submission of error-free claims to obtaining timely reimbursement, there is a lot that goes into the process. There are various things that can be done to streamline this procedure and ensure that claims are billed and processed without errors.
In order to be more proactive in the billing procedure, here are 5 steps that can be followed:
- It is very important that you have established a clear collections process because it is vital for the financial health of your practice. If there is a clear, step-by-step approach already established, it will help in improving the revenue cycle.
- Claims need to be managed in a better manner because insurance companies are becoming quite strict about correct coding and billing The entire cycle of claims submission, rejection, rectification, resubmission can take weeks and you might have to wait for months before you get the payment. So make sure there are no errors in the claims.
- Coding errors need to be minimized as much as possible. You will have to hire expert coders who can understand the importance of double-checking codes before submission and also avoid up-coding and under-coding.
- Fourth step in making billing services successful is the handling of rejected or denied claims. It is always better to check for errors in claims to reduce the occurrence of denials but if errors occur, they need to be handled expertly. Your billers need to connect with the payer’s representative for more clarity on the problem. The claim editing process should be expedited so that appeals and resubmission times can be minimized as well.
- Lastly, an effective success formula for medical billing is to outsource it to a third party. For many practices, it is very time consuming and expensive to handle patient care, hire experienced staff and also stay current with the recent rules and regulations. Since there is so much to keep up, it becomes difficult to focus on billing and reimbursement. This is where outsourcing comes into the picture.
By hiring a reliable billing partner, they don’t have to worry about the hassles of claims submission and collections. They get ample time to focus on patient care.