Overcoming chiropractic billing challenges is very important because billing for this specialty can be tricky. Specific set of codes and requirements for billing Medicare and other commercial insurance plans is very different and complicated for chiropractors. Even administrative challenges crop up due to direct patient billing. So a lot of intricacies make chiropractic billing complex and time consuming. If your practice isn’t working with a team of expert billers and coders, then errors in billing will add up over time, reducing the overall revenue for your practice.
According to the industry reports, a minimum of 3% of insurance collections are lost by chiropractic practices due to claim rejections and delays in filing.
If you are wondering what the solution to deal with these challenges is, then here are a few easy steps that you can follow to boost revenue for your practice:
- Improving chiropractic coding is one of the best ways to ensure that your practice gets paid on time. It will also help in boosting collections. In order to stay current with coding, you will need a team of expert coders who are well-trained in handling the complexities of chiropractic coding. Experience and expertise is needed because if your coders under-code for rendered services, then you will have to pay penalties. Many practices choose to outsource this task to a third party which helps them save time as well as money. Outsourcing coding to a billing company helps reduce headache for providers and increases revenue.
- Make sure that the quality of your patient notes is good because that will directly affect reimbursement. Improve them and ensure that they are legible. You can invest in a good chiropractic software that includes charting, intuitive notes and guided documentation due to which possibility of errors will reduce. Ensure that documentation is in compliance as it will help in increasing revenue.
- Your office management needs to be efficient which is necessary for ensuring a streamlined billing system. By investing in good practice management software, your practice will be able to improve the financial process because it will be easier to handle A/R analysis, denials, coding, and verification process and so on.
With chiropractic offices across the US finding their claims and services under scrutiny from Medicare contractors, streamlining billing and coding services has become a necessity in order to survive in business.