Unlike billing for other medical disciplines, anesthesia billing has become increasingly complicated. Maximizing revenue for Anesthesia billing is only achievable if all members involved in handling the medical report, from the physician to the biller and coders, work successfully while keeping the nuances of reimbursements of Anesthesia billing in mind.
Even a minor error in following standard work procedures can result in substantial revenue loss. A streamlined workflow protocol aids in conforming qualitative Anesthesia billing to optimum revenue flow to a greater level. The following tips will help you to optimize Anesthesia Reimbursements in order to increase your earnings proactively:
Tips for Anesthesia Reimbursements
Tip #1: Timely Collection from Patients
One of the most significant barriers to a seamless cash flow is being unable to collect from the patient at the moment of service. Don’t presume that every patient understands that they are liable for their portion of the medical care costs. Some patients may be unaware of their insurance policy, plan, copays, and deductibles, among other things.
Also, don’t assume that every patient understands they can pay their half at the time of service. Some patients may choose to pay on the day of their appointment if you allow them to do so. This will save you and your patients from dealing with prolonged medical debt collections and paperwork.
If you bill patients via mail, follow up with them on their Anesthesia bills over the phone, or even try to recuperate their missed payments through a collection agency, your cash flow may suffer. You can avoid this by doing the following:
- Determine the patient’s responsibility for medical expenses before their visit
- Keep each individual patient informed about their payment responsibility regularly.
- Pre-authorization services should be handled ahead of time.
- Establish clear expectations and price transparency in your payment policy.
- Display signage in your facilities stating that money must be collected in advance.
Tip #2: Focus on Details
Insurance claims can be complex, and insurance companies are widely recognized for rejecting claims that contain incorrect information. Due to an ongoing procedure of submitting claims, receiving denials, revising your claims, and finally resubmitting them correctly, you may not obtain compensation until months after your provided services. A single spelling mistake might set you back. The following are some of the most prevalent insurance claim errors:
- Incomplete patient information, such as name and birth date
- Incorrect provider information, such as address and phone number
- Incorrect insurance information, such as the payor ID and policy number
- Documentation that is illegibly written
- Claim number references are missing in appeals of denied claims.
To avoid billing issues, double-check claims before submitting them and engage with the service provider if any information is inconsistent, incomplete, or confusing. After submitting the claim, follow up with the insurance company’s representative and keep them informed of any errors that may have occurred. Paying close attention to the facts of each claim can enhance your total patient collections and cash flow.
Review the accompanying Explanation of Benefits and potential errors when resubmitting a denied claim. An insurance reimbursement company may return a claim without attaching an EOB or rejection number, making detecting and fixing any problems more difficult. If this happens, contact a company representative and ask if they can clarify which parts of the claim were problematic or if they can send the EOB.
Additional Tip: Outsource your Anesthesia Billing
Anesthesia medical billing is not an easy task. The procedure requires rigorous documentation and a thorough awareness of billing codes and rules to ensure accuracy and compliance.
With the intricacies of anesthetic billing, consider outsourcing your anesthesia medical billing to a company that offers specialized tools and services to avoid compliance risks while optimizing revenue. When you entrust your leading anesthesia medical billing to professionals like 24/7 Medical Billing Services, you may reduce administrative stress, minimize errors, and avoid denied claims.
At 24/7 Medical Billing Services, we bring together the best anesthesia billers and combine our global resources to provide hospitals with specialized solutions for optimal revenue cycle management and anesthetic medical billing services.