Billing is just more complicated than it used to be. Reforms to the healthcare system have introduced value-based compensation models, additional billing rules and regulations, and an altogether more time-consuming revenue cycle management process for healthcare practices. Nationwide, practices are losing millions in revenue each month just trying to stay up-to-date on new procedures and correct the billing errors that inevitably result from these challenges. Practices need a clear process to follow when it comes to minimizing lost revenue. A streamlined process starts at the front desk and works itself all the way through to the back office.
When it comes to patient payments. Patients should understand their obligations before treatment, and their demographics and the patient record should be kept as up-to-date as possible to avoid delays down the road. A lot of time can be lost tracking down patients at incorrect phone numbers or addresses.
Beyond patient payments, managing claims properly is the most important way to keep your practice's financial health running smoothly. Unfortunately, all too many claims contain errors. Rejections are common and often take weeks to resolve. Practices are in limbo without that income. Common rejections include incorrect patient, provider, or insurance information, duplicate billing, forgetting to attach an EOB, missing codes, and more. Checking claims before submitting can save a lot of stress, and professional billers like MacPractice Business Services can save your bottom line by preventing rejections before they start.
Many errors can occur during the coding process, as well. Basic errors like incorrect, mismatched, or missing codes, are often caught by software checks or clearinghouses, but common errors persist. Incorrect modifiers, or non-specific, or insufficient diagnosis codes, to name a few.
Rejected claims can often be quickly corrected and resubmitted, but they do need to be addressed as quickly as possible. Denied claims are much more costly to address because of the time involved and the appeal process. Connect with the payer as soon as possible to discover problems with the original claim and minimize appeal and resubmission times.
Streamline your Billing
Your practice can help avoid lost revenue by staying on top of the complexity of healthcare billing. Here are some tips to implement:
Avoid the easiest-to-make mistakes by scooping up the low-hanging fruit. Always make sure your patient records are thoroughly up to date. Collect copays up front. Verify eligibility regularly. It can help to give your front desk staff a basic tour of the claims process and a list of common, avoidable rejections.
Check claims before you submit them. Understand the most common coding errors and check for them in your practice. Handle rejections as soon as possible.
Stay in contact with payers to keep yourself updated on Denial reasons and new changes. The labor needed to resubmit a claim really adds up and can delay payment for weeks.
Always track your bottom line. The health of your Accounts Receivable is the health of your revenue cycle. Compare your outstanding money several times a year to make sure you are staying efficient.
Stay vigilant of changes! Continuing education and training for staff is key. The time you spend staying aware of billing and coding protocols will save you time and energy over resubmitting claims or chasing down appeals.
Hire the Best
If managing your patients' health and billing while staying current on billing trends, updated rules and regulations, coding standards, payer demands, and the constant ebb and flow of rejection, denials, appeals, and resubmissions seems like too much or is burying your practice, you are not alone!
We formed MacPractice Business Services in response to the many software clients and users that just wanted to focus on patient care and outsource their billing to a company that they already trusted. Your clinical skills combined with our billing expertise will keep your practice financially sound while you focus on patient care. You'll collect faster, even amid declining revenues and increasing billing complexity. Our billing services reduce administrative and billing work.
Unlike other physicians that use a billing service, MacPractice Billing Service clients always have access to their data. In addition to this, they can monitor the daily progress the MacPractice Billing Service team has made while working their accounts. Your claims are submitted electronically to all payers, backed by our extensive billing reimbursement expertise and unparalleled MacPractice software for efficient, comprehensive revenue cycle management that ensures claims are prepared accurately prior to submission. MacPractice Business Services has an experienced staff with a combined 116 years of billing experience. Our experience provides our clients with the skills and expertise needed to increase your revenue.
Billing crisis or short-staffed? We have a plan for you. Whether you're looking for quick training, preparing for staff medical leave or just need billing management, we offer short term and long term plans to suit your needs. Contact us now for a free quote