Chiropractic billing can be complex if it’s not being done by the experts. Chiropractic billing services are based on well-trained staff, precise knowledge about the billing code to document the diagnoses, and proper practice management. However, Chiropractors seem to lose almost 44% of the annual revenue due to negligence in billing.
Billing scams like over coding and canned diagnosis are the main reasons for medical insurance claim denials. Managing the in-house medical billing process can be time-consuming, confusing, and can hold back the primary concern, i.e., patient care. So, there are valid reasons for chiropractors to partner with third-party chiropractic billing companies. It can relieve the over-burdened billing process, increase the clinic’s reputation, reduce the number of denied insurance claims and generate monthly profit.
Although, choosing the right chiropractic billing company is very important to get the benefits needed and achieve success in this field. There are some specific requirements that you must look for in a chiropractic billing company before starting a partnership with them. Let’s take a look at must-have features:
It is the best possible thing that a billing company can offer. It would be best to look for the companies whose operating system is based on customized software and not handled manually. It will improve your cash flow, practice productivity, and better patient experience.
The United States has very complicated and specific rules and regulations for the medical billing system. Ensure the billing company you are approaching has well-trained staff who are updated with the ever-changing regulations of the chiropractic industry. It can decrease coding errors and audit exposure drastically.
Type of Software Support
Make sure the medical billing company uses the latest updated version of the software for billing processes. The software should support a scheduler, EHR implementation, cash payments, and claims processing. Also, a dedicated project manager should be assigned to oversee the whole process to run smoothly.
Offers Charge Entry
To ensure accurate chiropractic billing and coding, it is essential to verify the claim details, including patient demographics and medical codes. The service should generate CMS 1500 forms to submit to the government agencies. The fee schedule should be incorporated and should raise charges before submitting the claims to the clearinghouse.
Proper Payment Posting
It requires proper verification of the accepted patient payments with the back-office entries. It is needed to make insurance follow-ups smoother and develop a streamlined billing for chiropractic services.
Checking Account Receivables
It is important to identify critical claims and higher value claims regularly to improve cash flow and profitability. The medical billing company should effectively follow up to check the status and gather additional information regarding every claim.
Handling Claim Denials
Denied claims should be analyzed promptly to identify the root cause of denial, and mistakes should be corrected to improve claim approval chances. An experienced chiropractic billing company should be more vigilant about the insurance claims and handle the entire process with promptness. They should appeal for denied claims after reviewing the denial reasons and calculating returns after an appeal. Also, they should be able to analyze the appeal carefully so that the claim can cover all the costs and lead to productivity.
Increased Staff Efficiency
Identify the best practices in chiropractic billing services and make sure the company you are tying up with has the required set of efficient staff to reduce unwanted losses and improve the clinic’s reputation.
Additional Features to Look For:
- The company has a complete electronic billing system
- It provides a self-service registration kiosk, supports online registration and paperless patient intake.
- Provides instant access to patient and financial information round the clock.
- Process secure HIPAA compliant private health information
- Uses customizable chiropractic templates and charts.
Selecting the right chiropractic billing company can be pretty complicated. But if you have done proper market research and know the facts of medical billings properly, you must be aware of the fact that 24/7 Medical Billing Services is the right chiropractic billing company. With the right amount of knowledge in this field, our Chiropractors billing experts will always help you to stay ahead in the competition and make profits for your business with an increase in your reputation.