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.
- 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.
- Accurate coding: Ensure that accurate medical codes are used for all services provided. Incorrect coding can lead to denied claims and delays in payment.
- 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.
- 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.
- 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.
- Electronic billing: Consider using electronic billing systems to speed up the claims process and reduce errors. Electronic billing can also improve accuracy and efficiency.
- 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.
- 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.
- Utilize technology: Utilize technology such as automated payment reminders and online payment portals to improve collections and reduce payment delays.
- 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.