When we think about a successful healthcare facility, we must think about the exceptional patients’ care and the expertise of healthcare providers. Usually, the aspect of medical billing doesn’t come to mind.
But in reality, it is the most crucial part of a successful medical practice. Because the primary concern of every medical practitioner is to get paid for the services rendered.
Perhaps one of the most difficult challenges for the healthcare business is adequate financial planning for the future. Because in this challenging era, medical practitioners have to stay engaged in providing quality care to the patients.
Without collecting revenue, a medical practice cannot earn a profit and stay operational. Healthcare providers must understand the fact a medical practice can not function smoothly without streamlined cash flow.
Consistent revenue generation is important to meet the expenses of a practice. Such as: salaries of medical staff, infrastructure or equipment required for patients’ care. So we can say that medical billing, collections and accounts receivable management is the lifeblood of a successful practice.
Therefore, physicians must implement proactive strategies to run their medical practice successfully. Looking to streamline your healthcare revenue cycle management, but not sure where to start? You can adapt the following strategies to keep your practice financially fit.
1. Ensure Accuracy in Medical Documentation
Accuracy is important in any kind of business documentation. And it is of increased importance when it comes to medical documentation. The entire medical billing process including payments from insurance companies rely on accurate patients’ information.
Medical records are a combination of both self-reported patients’ information as well as the diagnosis, care and treatment. Complete and accurate medical records facilitate smooth communication between healthcare providers, insurance companies, and obviously patients.
So in order to ensure an accurate information flow in the healthcare RCM, physicians should train their registration staff to avoid the following mistakes:
- Incomplete or missing patients’ demographic information (name, date of birth, gender, age, phone number, address, insurance ID, policy number, name of the insured)
- Not entering new medical conditions or symptoms.
- Errors due to unclear dictation.
- Duplication of medical records.
The above-mentioned errors can lead to delayed or partial payments. Because medical billers use his information to prepare and submit medical claims. However, your front-end staff should carefully perform their tasks to ensure accuracy in the medical documentation.
2. Insurance verification
We all know that the medical billing process begins with verifying patients’ insurance eligibility. Therefore, it is the responsibility of your registration staff to collect the patient’s insurance information carefully.
They should ask patients to bring their insurance cards at every visit. Because it is possible that there is a change in the insurance policy and you aren’t aware of it. Payers don’t accept medical claims containing outdated insurance information.
Moreover, front desk staff must collect the copayments, co-insurance and deductibles) at the time of service. Which is necessary to optimize the cash flow of your medical practice.
3. Code it Right
Medical codes play a crucial role in the revenue cycle management of a practice. Because, when coding is not accurate, claims are rejected or resulting in slow payments.
Insurance companies get information about the patients’ diagnosis, treatments, medical procedures and equipment through these codes. Medical coders extract the information from physicians notes, diagnostic results or other medical transcriptionists. Then they translate this information into standard medical codes.
As the latest reforms in medical codes have made this process extremely complicated. Healthcare providers should hire certified and well-experienced medical coders.
Moreover, you should closely monitor the performance of your billing and coding staff to make sure that they are not committing errors such as: upcoding, undercoding, unbundling or incorrect modifiers.
Moreover, to increase the efficiency of medical coding and billing, you should invest in the regular training of your administrative teams. Because training is significant to stay at the top of the changes in terms of coding, insurance policies, etc.
4. Efficient Claims Management
Maximum reimbursements are highly dependent on the timely submission of medical claims.
Claims that are not filed correctly get denied. So, before submitting the claims to payers, medical billers should make sure that all the information and codes are correct.
They should adopt innovative electronic billing solutions to ensure the accuracy of the claims. Because claims that are submitted electronically can be processed more quickly as compared to paper claims. Which ultimately increases the collection of the payment in minimum time
Medical billing is undoubtedly a complicated and time-consuming process. That includes patients’ scheduling, registration, insurance eligibility and benefits verification, coding, charge entry, claims submission, AR follow up, payment posting, etc.
But with the right strategies, you can streamline the medical billing process to increase the profitability of your practice.
Another best solution to achieve the financial stability of your practice is the outsourcing of RCM services. Off-shore billing companies hold a dedicated and highly trained billing team.
That works for a common purpose, which is to increase the profitability of your medical business. They take responsibility for your administrative tasks and allow healthcare providers to mainly focus on patients’ care.
Moreover, by outsourcing medical billing services, you can also save a hefty amount in terms of operational costs. Which reduces the financial burden of healthcare providers. Hence physicians can enjoy a consistent cash flow without compromising the patients’ experience.
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Related Tag: Key Steps of a Successful Medical Billing Process