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