Are you facing an unwanted revenue leakage in your practice? Are you unsure how to fix it? Let’s understand what exactly revenue leakage is and what causes it before looking for solutions.
Understanding revenue leakages in medical practices
Revenue leakage is the lost opportunity to collect money earned from your practice. The reason for revenue leakage can be incomplete, un-billed, or inaccurate billing, being the primary reasons. All this is connected within a complex network of multiple processes called the Revenue Cycle. This enables the healthcare system or infrastructure to manage and collect payments for the care services provided to their patients.
Sounds simple right when there is a system in place already? Well, there is more to it. These processes include a lot more parameters than just simply billing a patient and receiving the money, such as insurance and its eligibility factors, patient registration, claims submissions and approvals, accurate report generation, payment methods, charges, patient authorizations and so much more. Any error or inefficient actions in these steps can create a channel for your revenue leakage, which if unaddressed could lead to you losing out on a lot of money.
Revenue Leakage has been a concern in the healthcare industry for many decades and needs to be addressed immediately when observed.
What are You Missing? How can you improve your Revenue Cycle?
You will need a full-proof efficient Revenue Cycle Management system that can close the loopholes in your current medical billing services, right from the time a patient schedules an appointment to the final step of payment. Other than that, there are a few tips and practices that can help improve your revenue management and reduce your overall costs.
Patient Information: It’s absolutely important to efficiently store and manage your patient’s information in order to track claims, ensure successful claim management, identify patient records, simplify patient verification, etc. Usually having a checklist of important information about the patient can help increase accuracy.
Procedures: Keep yourself updated with the billable procedures in order to eliminate the chances of incomplete and unbilled instances. This means all sort of billable procedures should be paid attention to and should be recorded no matter how minor it is.
Claims: Inaccurate, un-billed, or incomplete claims usually contribute to revenue leakage therefore, claim management is essential which can be done by comparing patient’s appointments records, check-up details, procedures performed & claims reports.
Payment Accessibility: Find ways to increase a patient’s ability to pay easily for your practice. This means creating different payment options that can allow the patients to pay upfront without any hassle thereby preventing a chance of revenue leakage. It’s a win-win for you, you get paid instantly and also maintain an excellent hassle-free medical billing service for the patient.
Claim Denials: Try and reduce claim denials by enforcing an efficient check system where you can oversee the claim details in one place. You may locate the common errors that cause claim denials and analyze them to identify the root problems specific to your practice. This can help you improve the way you handle claims and reduce claim denial situations.
Patient Balances: As a medical billing service provider, efficiently collecting and maintaining patient balance is an important step towards managing revenue. A streamlined process of managing patient balance can be created to determine pending bills, store information, and provide timely reminders to patients with flexible payment options and plans.
Payments Monitoring: Keep an eye on your payments and check the accuracy and legitimacy of every payment as much as possible. Ensure there are no underpayments for which you will need to regularly monitor your payments. You can do this by receiving rates directly from the insurance company and comparing it with your records, as errors may still pop up on medical claims that can affect your payments. This means you need to stay updated with the contract terms, rates, and reimbursements even when a renewal is up for action. Your system should also be updated with the current and ongoing fee structure and schedules to ensure accurate deductions and payments.
Eliminate Revenue Leakage with 24/7 Medical Billing Services
The above mentioned points are just a few sections of your practice that can be improved or changed. However, having a permanent solution to fixing your current revenue leakage root causes and preventing new sources in the future can give your practice a boost. This can be done by outsourcing medical billing services to avoid revenue leakage and improve your patient’s experience. 24/7 Medical Billing Services has been helping practices streamline their revenue cycle management to minimize medical billing inefficiencies that lead to high revenue leakages.
Being experts in medical billing services,we support administrative and clinical activities that are related to claims processing, payments, and revenue management to ensure quality and hassle-free services for your patients while maintaining a steady revenue flow for your practice.
Drop an email at [email protected] to know more about 24/7 Medical Billing Services and how we can help you improve your practice revenue.
Read More : Top 5 Challenges With Revenue Cycle Management