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Ideas to Improve Your Medical Billing and Collections in 2023

Every physician and medical practice strives toward improving the medical billing process and achieving better collections. However, end up depleting all of their efforts and focusing on patient care and quality treatment, apparently as that is the core of their business. As a result, obliviously improvising the medical billing process takes a back seat as it needs time, dedication, and consistent hard work as a first step even before thinking about maximizing and channelizing collections and reimbursements. This article aims at providing and helping physicians and medical practices with “Ideas to improve medical billing services and thereby increase monthly collections”.

Essential steps to Improvise Medical Billing
Consciously involving certain steps in your medical billing cycle can make a great impact overall. Mentioned below are a few key areas which cannot be neglected at any cost.

  • Keep top of the CMS, Medical Billing, and Coding protocols and policies.
  • Insurance Eligibility Verification
  • Medical Records Management
  • Physician Credentialing
  • Process Automation for increased quality
  • Updated fee-schedule chart for right payment for each service rendered.
  • Dedicated Billing and Coding Team

Having a dedicated Billing and Coding team is a prerequisite for any practice irrespective of its size and specialty. Physicians, office managers, and front desk staffs wear multiple hats to ensure smooth and comfortable patient care which indirectly pushes the Medical Billing and Claims processing on low priority in their day-to-day busy schedule. Having a team dedicated to handling the billing and coding can eliminate such circumstances and help practices handle claims processing on a daily basis without delay on a timely filing limit.

Internal Audits on Billing and Coding
Increased medical billing collections can be attained only by emphasizing quality at each scope of services. Cleaner claims increase the first pass ratio and maximize claim reimbursement percentage. Regular audits also help identify loopholes, educate the billers and coders and curb recurring claim denials.

Outsourcing Revenue Cycle Management
Outsourcing medical billing to a top medical billing company can help free up the physician’s shoulder off the back-office tasks like, Medical Billing, Coding, Physician Practice Management, Claims process, and Denial Management. You can even leverage a Medical Billing company for services such as Physician Credentialing, Medical Records Management alongside end-to-end Revenue Cycle Management solutions. Having a Medical Billing expert improves quality and standardizes claims processing with increased collections. Read below to understand how outsourcing can help achieve targeted results:

  • A dedicated team of expertise for each scope of service
  • Trained, experienced, and skilled billers and coders.
  • A streamlined process for standardization and efficiency in claims processing
  • Excellent Denial Management and AR follow-up to keep your claim denials ratio at minimum at any given point.
  • Regular claims audit to meet the standard quality percentage and reduce the denial ratio.
  • 24/5 support with dedicated team and account managers at your service
  • Complete practice management support covering the entire revenue cycle management and additional services to keep your practice revenue on track.
  • HIPAA compliant for secured Patient Health Information and abiding by all confidential protocols and regulations.

About SVAST
SVAST is an award-winning medical billing company. Our expert staff using proven best practices, advanced technology and tools, coupled with analytics which have consistently increased our clients payments up to 15%.

Our Services
Our services are Medical Billing and Coding, Denial and AR Management, New Practice Start-up, Credentialing, Practice Marketing, Recruitment & Staffing & Bookkeeping.

Click here to schedule a call with our billing experts:  https://www.svasthealthtech.com/schedule-a-call/

Top 7 Common Medical Coding and Medical Billing Errors

Medical coding and billing are crucial aspects of the healthcare industry, as they determine how healthcare providers are reimbursed for their services. However, errors in medical coding and billing can lead to a lot of problems, including denied claims, delayed payments, and even legal trouble. Some common medical coding and billing errors include:  

  1. Incorrect codes: Using the wrong code, or entering a code incorrectly, is one of the most common errors in medical coding and billing. This can result in a claim being denied, delayed, or underpaid. 

  2. Upcoding: Upcoding occurs when a healthcare provider uses a higher-level code than is justified by the services provided. This can result in a higher reimbursement rate, but it is considered fraudulent and can result in legal consequences. 

  3. Unbundling: Unbundling occurs when a healthcare provider bills separately for services that should be billed as a single procedure. This can result in a higher reimbursement rate, but it is also considered fraudulent. 

  4. Duplicate billing: Duplicate billing occurs when a healthcare provider bills for the same service more than once. This can result in an overpayment and can also be considered fraudulent. 

  5. Failure to obtain prior authorization: Some medical services require prior authorization from the insurance company before they can be performed. Failure to obtain this authorization can result in the claim being denied or delayed. 

  6. Incorrect patient information: Entering incorrect patient information, such as the wrong name, date of birth, or insurance information, can lead to a claim being denied or delayed. 

  7. Failure to document services: Healthcare providers must document all services provided in the patient’s medical record. Failure to document services can result in a claim being denied or delayed. 

To prevent these errors, healthcare providers should ensure that they are using the correct codes, documenting all services provided, obtaining prior authorization when necessary, and verifying patient information before submitting claims. It may also be helpful to work with a professional medical coding and billing service to ensure accuracy and compliance. 

Top 10 Ideas to Improve Your Medical Billing and Collections

Every Physician and Medical Practice strives toward improving the Medical Billing process and achieving better collections. However, end up depleting all their efforts and focusing on patient care and quality treatment, apparently as that is the core of their business. As a result, improvising the medical billing process takes a back seat as it needs time, dedication, and consistent hard work as a first step even before thinking about maximizing, channelizing collections and reimbursements.

This article provides physicians and medical practices with top ideas to improve their medical billing services and increase monthly collections.

  1. Verify patient insurance: Ensure that patient insurance information is verified prior to the provision of any medical services. This will help prevent any issues with claims processing later on.

  2. Accurate coding: Ensure that accurate medical codes are used for all services provided. Incorrect coding can lead to denied claims and delays in payment.

  3. Timely filing: Submit claims in a timely manner to avoid missing deadlines and potential denials. Make sure to keep track of deadlines and submit claims as soon as possible.

  4. Clear patient communication: Ensure that patients are aware of their financial responsibility for medical services and that they understand their insurance coverage. Clear communication can prevent misunderstandings and billing disputes.

  5. Staff training: Provide ongoing training for your staff to ensure that they are knowledgeable about medical billing procedures and current regulations. This will help prevent errors and improve efficiency.

  6. Electronic billing: Consider using electronic billing systems to speed up the claims process and reduce errors. Electronic billing can also improve accuracy and efficiency.

  7. Payment plans: Offer payment plans to patients who may not be able to pay their medical bills in full. This can help reduce collection issues and improve patient satisfaction.

  8. Outsourcing billing: Consider outsourcing medical billing to a third-party service provider. This can help reduce costs and improve the efficiency of the billing process.

  9. Utilize technology: Utilize technology such as automated payment reminders and online payment portals to improve collections and reduce payment delays.

  10. Follow up: Follow up on unpaid claims and past-due accounts to ensure that all outstanding balances are resolved in a timely manner. Regular follow-up can help improve collections and reduce the risk of bad debt.

 

How SVAST can help to increase your practice revenue?

SVAST is an award-winning medical billing company. Our expert staff using proven best practices, advanced technology and tools, coupled with analytics which have consistently increased our clients payments up to 15%.

Our services are Medical Billing and Coding, Denial and AR Management, New Practice Start-up, Credentialing, Practice Marketing, Recruitment & Staffing & Bookkeeping.

What Are the 10 Steps in the Medical Billing Process?

The medical billing process is a complex and detailed system that involves numerous steps to ensure that healthcare providers are paid for their services.

Here are the 10 main steps in the medical billing process:

  1. Patient Registration
  2. Insurance Verification
  3. Medical Coding
  4. Charge Entry
  5. Claim Submission
  6. Claim Scrubbing
  7. Insurance Adjudication
  8. Payment Posting
  9. Patient Statement
  10. Follow-up and Collections
Medical Billing Company

Medical Billing  Expert 802-383-3613

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    1. Patient Registration: This is the first step where patient demographic and insurance information are collected and entered into the medical billing system. 
    2. Insurance Verification: The insurance information provided by the patient is verified with the insurance company to ensure that the patient is eligible for coverage. 
    3. Medical Coding: The medical services and procedures provided to the patient are converted into standardized codes, which are used to create a medical claim. 
    4. Charge Entry: The charges for the services provided are entered into the medical billing system. 
    5. Claim Submission: The medical claim is submitted electronically or by mail to the patient’s insurance company. 
    6. Claim Scrubbing: The medical claim is reviewed for errors, inaccuracies, and missing information to ensure it meets the insurance company’s standards. 
    7. Insurance Adjudication: The insurance company reviews the claim and determines the payment amount based on the patient’s insurance plan and the services provided. 
    8. Payment Posting: The payment received from the insurance company is posted in the medical billing system. 
    9. Patient Statement: If there is a balance due after insurance payment, a statement is sent to the patient for payment. 
    10. Follow-up and Collections: Any unpaid balances are followed up with the patient or insurance company, and collections processes are initiated as necessary.These 10 steps are the foundation of the medical billing process and must be performed accurately and efficiently to ensure timely payment for healthcare services provided.

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