The process of performing a service to getting paid can be a long one for medical offices. In order to maximize revenue for your medical practice, you need to make sure your medical billing process is effective and efficient. Maximizing revenue and avoiding loopholes keeps your practice running smoothly. Below are some helpful tips for your office to make sure none of your claims or service charges fall through the cracks.
Following are the Tips to Improve Medical Billing Process
1. Properly Trained Staff
In an office or large medical practice, there needs to be a medical billing specialist or team of specialists who handle every claim within the practice. They need to know how to choose the correct CPT codes, select the provider who performed the service, and ensure the correct diagnosis code is on the claim being submitted. Medical billing specialists will also need to access patient files to provide the proper chart notes, if needed, for insurance companies. Medical practices also need to ensure all training for staff members is kept up-to-date to avoid any errors.
2. Always Follow-up on Claims
Keeping up with your office’s claims keeps you from losing money. The medical billing process involves many people, from patients to payers. Being accountable for all paperwork, such as faxes and receipts, can be a lot to handle and leaves room for mistakes that could cause a delay in payment for your providers. Be sure to go back and check that all bills are paid in full, as we all know that sometimes patients or insurance companies can fail to pay the full cost for a medical service. Contact any payer who has not paid in full to ensure the medical office receives the agreed upon sum.
3. Keeping Patient Information Accurate
When processing any claim, it is crucial to have all of the correct patient information before sending it to an insurance company. To avoid delays in compensation, be sure to have the correct provider, verify demographics & insurance information, and have a good contact number for patients. Verification should be done every time a patient comes in for an appointment to ensure they haven’t changed jobs or insurance companies without your practice being aware. Going back and trying to redo a claim, then sending it to a different payer will result in delayed or even nonpayment.
4. Double-check Denials
Everyone is going to make mistakes. This includes medical billing specialists and insurance companies. Working denials is probably everyone’s least favorite thing in the billing department, but it needs to be done. Never assume everything is correct; investigate. Even if your staff billed correctly, the insurance company could have made an error and denied it. Have your staff create a schedule to investigate denials until they are paid.
5. Posting Payments
One of the best ways to ensure an easy billing experience for your medical practice is to post payments. This will show the amount owed by the patient or their account will reflect zero, meaning everything has been paid in full. This will keep everyone, including patients, much happier.
6. Practice Makes Perfect
While mistakes are going to be made, having a properly trained staff who is ready to work will save your practice money. Tracking your denials can expose opportunities for improving reimbursement rates and accuracy within the billing department. Keeping patient information updated is also key. Be sure to stay educated. The medical billing industry is always changing and you do not want your practice suffer financial losses as a result of denied claims. Maybe even consider registering for payer websites. They utilize real-time information and can be a game changer for your medical billing specialists with just the click of a button. Don’t be afraid to approach your staff and make necessary changes for the benefit of the office. Instilling new practices will help perfect your medical billing process. After that, the only way to go is up.