Thanks to the new rules and regulations of private insurance, chiropractic billing has become quite challenging. Some chiropractors need to alter their income cycle technologies and billing workflows in the tech-oriented world to submit clean claims and minimize denials.
There are about 75,000 chiropractic physicians in the U.S. presently. With the government’s Meaningful Use EHR subsidies, this segment of the healthcare industry may grow by more than 15% over the coming decade. Over 20 million people are expected to seek chiropractors’ help in the near future, with nearly 80 percent of people who suffer from back pain seeking their help. And it is known that chiropractors already lose 10-30% of their gross revenues due to incorrect medical billing process. This results in a loss in billing and, therefore, in revenues.
So in the above-given scenario, it is necessary to find ways to improve revenue and keep you stress-free.
Some of the ways in which one can improve their revenue with chiropractic billing are mentioned below:
- Educate the patients
As of now, many patients have been facing a lot of deductibles and co-pays. Still, the majority of them aren’t even aware of these things besides medical billing and insurance terminology. It is essential to have conversations concerning cash as patients are only responsible for their medical expenses. Above all, patients are said to be involved in chiropractic care and understand the insurance coverage and the financial responsibilities.
Also, you need to explain the patients with some examples with regards to basic billing. One must direct the patient to the customer services part for the things they seek clarity for. Over and above this, you also need to ensure that your staff communicates in a healthy way to the patients so they aren’t offended.
- Verify and review insurance contracts
Successful billing often begins at the front desk, and during each visit, you must verify the insurance and make the patients understand their roles and responsibilities. The best part about insurance verification is that a specialist must ensure that the insurance provider and the patient understand what is covered and what the patient needs to offer.
One also needs to take care that the eligibility criteria also need to be checked for patients who have been absent for quite a time. You have to make sure that you record accurate data of the patient, like the insurance information. If there are any changes from the last year, then it is the right time to review the arrangements with the payers and allow steps to make renovations.
- Analyze and optimize the accounts receivable
Patients can quickly get the payment provided the number of accounts receivable days is less. Some of the medical experts recommend keeping the accounts receivable in the category of 0-30 days. You need to ensure that you keep insurance and patient’s history receivable separate and understand each payer’s guidelines.
- Outsource the Chiropractic Billing Service
It isn’t relatively easy to run a chiropractic medical billing center as the staff has to work with due diligence and review the suspended and whatnot claims. When you outsource the services to professionals, they can do all of it in no time and identify all the gaps and errors because they hold much experience. Additionally, you can increase your revenue by taking advantage of medical software, which comes with outsourced services.
Conclusion One can surely rely on a chiropractic medical billing outsourcing company like 24/7 Medical Billing Services if they find it challenging to streamline their revenue cycle management. The medical software used by them can help in streamlining all the issues. Above all, the outsourcing services also help you in reducing the cost. Get in touch with our specialists to resolve all your coding and billing issues, thus ensuring that you focus on critical matters. For more details, contact us at +1-888-502-0537.