Setting aside time to do thorough evaluations of your medical billing process can lead to a host of resolutions and improvements. This can transform your bottom line in a matter of days. This is why we definitely recommend taking the time to review these 4 tips and uncover cash where you may be missing it. So, what are the best ways to improve your medical billing process?
1. Verify your information frequently
From patient information to insurance details, claim settlements often have errors that could be minimized or even bypassed if you verified your information more frequently. Make it a habit to collect updated patient information ahead of and at every visit. Then update the standard medical codes as needed. Keep an eye out for duplicate bills and cross-check documents that are submitted, too.
2. Keep tabs on problem accounts.
In addition to tracking accounts at every stage of your revenue cycle, keep an eye on the problem accounts that are unpaid and often cause issues or unresolved bills. You should have a tracking system in place to tag a status, whether that be unpaid, pending, or paid, to every account. Having a “watch list” with problem accounts to check in on periodically will also help you to manage those tricky ones.
3. Increase transparency with your billing and collections processes
Your patients should know your exact terms and conditions regarding medical billing and collections. This way, they’re not surprised when a bill shows up and they don’t have the financial means or repayment options available to pay it in full. By being transparent about your processes, you can reduce headaches for your internal team and your patients when it comes to billing. This is also aided by having all of your patients’ current information on file so claims are submitted correctly and not denied.
4. Know how to bill Medicare and Medicaid and train your staff frequently
There are lots of different medical billing situations that come up from week to week. Keeping your staff well-trained and up-to-date on how to bill Medicare and Medicaid in addition to your insurance partners is essential. You’ll save a lot of time and money in corrections and resubmissions if you proactively train your staff and make sure they know how to get the medical billing processes done quickly and done well.
Improving your medical billing process can also be as simple as hiring professionals to come in and get to know your practice’s accounts receivable and implement an improved billing strategy. Here at Frost-Arnett, we have over 125 years of experience in healthcare collections that result in maximizing your recovery rate. Contact us at (615) 259-6271 to discuss how we can help you improve your medical billing process.