Want to boost the income of your chiropractic office?
If yes, then you need to ensure that your financial process is streamlined and efficient. This is crucial for maintaining a healthy revenue cycle. Here are a few effective office management tips that can be followed to increase revenue and to free up more time for quality patient care.
Make sure that you are evaluating account receivable of your chiropractic office on a regular basis. Averaging less than 45 days in A/R is recommended but it is better to strive for an ideal average of fewer than 30. If there is excessive A/R, then start by separating A/R by insurance and patient balances, identify key offending payers, and view monthly reimbursement trends and try to understand how payer specific guidelines are affecting your A/R management.
Another tactic to improve reimbursement is by improving coding accuracy. By routinely scrubbing codes before claims submission, chances of denials can be minimized or eliminated. It is better to let a team of experienced coders handle this task.
Denials happen but if your practice isn’t analyzing denied claims, then there is a problem. Through this analysis, it becomes easy to identify patterns that need correction. You need to find answers to questions like- are insurers considering the care your patient received as medically unnecessary? Are the beneficiaries receiving care outside their network and not realizing it?
Lack of accurate eligibility verification is one of the main reasons why claims get denied. It is important to remember that claims reimbursement procedure will begin as soon as the patient will be making his/her first appointment with your practice. Your staff needs to focus on recording accurate patient data, including provider eligibility and insurance information.
It is very important to ensure that your office is sending clean claims the first time around. Your billers will surely take at least 30-60 seconds more on each claim but if the claims are thoroughly scrubbed for initial submission, chances of denials will be minimized. This is also important because if claims get denied, resubmission will take an average of 15 minutes per claim.
If revenue cycle management is getting too much to handle, then it is best to seek expert assistance. By hiring a chiropractic billing service provider, your practice can continue working on patient care without worrying about claims submission and denials.