With the ever-changing requirements and regulations of health insurance and government programs, it can be a difficult task to manage a chiropractic office. Providers are always in need of an efficient and streamlined financial process so that the revenue cycle remains healthy and they get sufficient time to focus on patient care.
If you are also running a chiropractic office, then you will need a team of experienced billers and coders to sail through reimbursement challenges. The team needs to understand the nuances of chiropractic billing because it is quite different from that of other specialties. They will have to offer timely revenue cycle management support to help your practice to survive in business and make profit.
Here are a few billing tips that every chiropractic practice needs to follow in order to get timely payments:
- It is very important to evaluate AR or accounts receivable on a regular basis. Your practice should be averaging under 45 days in AR and strive for an average under 30.
- Coding accuracy all have to be improved by scrubbing codes before submission in a routine manner. Denied claims will have to be analysed to identify patterns that can be rectified.
- Verification stage will need improvement as well because the reimbursement process starts when a patient makes an appointment with a healthcare provider. If patient data, including provider eligibility and insurance information is not recorded accurately, then it will impact the chances of getting full payment.
- Having a team of expert billers is very important because the practice should send error-free claims the first time around. Each claim should be scrubbed thoroughly for initial submission. This takes not more than 30 to 60 seconds per claim.
At times, keeping up with all the coding and billing requirements becomes a task for most practices. They struggle between revenue challenges and the need to invest time in patient care. This is one of the main reasons why they prefer to outsource their billing needs to a third party. They prefer hiring a reliable billing partner who will not only help the practice get maximum payment by submitting error-free claims but also comply with regulations and analyse the gaps that exist in their revenue cycle.
Streamlining the financial process is very important for all chiropractic offices. And this can be made possible only when a reliable billing partner is working for them.