Billing Solutions in healthcare is an essential aspect of the practice’s operations, however, for smaller and mid-sized independent practices, it’s usually one of the least understood aspects. It is possible that you’re experiencing payments being denied for the same or multiple patients, or in a position to not be able to reimburse the majority of the bills you’ve incurred, so this is the first step in evaluating the medical billing process.
There are some important steps your staff in-house or the medical billing service you outsource to do prior to the claim being sent out to ensure that you are capable of reimbursing the full amount of your medical billing expenses as is possible.
Medical Billing Solutions
Verify the validity of your insurance several times
Information or insurance coverage is the most common reason for nearly all denied or rejected claims. It could be because of inaccurate information about the demographics of a patient (e.g. spelling error in name or incorrect birth date) or changes in the coverage of insurance.
In some cases, it’s as simple as resolving a small mistake, e.g. an incorrectly placed text or number on the insurance ID of the patient. In other instances it could be more complicated; e.g. patients who have insurance but that insurance does not cover the cost of treatment. It is crucial to look into this right now since numerous patients are experiencing loss of jobs because of the COVID-19 epidemic.
Even if there’s an error that is not major it can take time for your medical biller to discover the cause and to fix it and then resubmit the bill. There are certain deadlines the payers must meet to make the corrections they require. If your practice doesn’t meet these deadlines, then you will not receive a reimbursement.
It’s a simple and effective method to use your software for managing medical practices to verify the patient’s insurance coverage at the time the patient has scheduled an appointment. Your medical billing solutions process should examine insurance coverage before the appointment. If there’s any mistake, it can be identified and rectified prior to the appointment.
Utilize technology to enhance the process of collecting payments
After your medical billing team sends the claim to the payer, there’s still an outstanding balance. You may issue an invoice for your clients via email. However, it is better to mail them an automated notification when their bills are due.
- A follow-up text message and an email reminder could save your practice from the cost of paper-based billing mailed to patients and is more likely to receive prompt responses from your patient.
- It is essential to make an invoice online payment option for patients so that they can pay off outstanding balances without having to send checks.
Use of Software
When the front desk is able to input patient data into the EHR it is essential for the information to be transferred to the accounting department quickly and efficiently. If you’re using two systems that do not have a way to share data between them, it means that you have to manually input information from the EHR and then input it into the medical Practice Management software. This can take a long time and can lead to mistakes in the information. Get in touch with our medical billing experts to help speed up and smooth the procedure for medical billing.
The Top Carrier/Insurance Analysis Report
The Top Carrier/Insurance Analysis Report records the collection, payment, and CPT codes of a company’s top insurance providers to pinpoint trends, so pricing is able to be negotiated.
Another set of vital reports your practice requires to continuously monitor our patients’ payments. The process of getting patients to pay their medical bills may be difficult, particularly when the bill is large. Monitoring the payment of patients is an essential aspect of ensuring your practice is financially successful.
Medical bills are the primary reason for bankruptcies in the United States and lead many people to be in debt and the odds of someone putting off or even avoiding payments are very high. It is difficult for front desk staff to convince that a patient doesn’t understand the benefits of his plan and also to convince the patient to pay after they leave the office, is the most difficult task. Because of an increase in coverage under the Affordable Care Act and the employer’s plans, out-of-pocket costs are rising, and keeping account of the collection of patients has become the necessity of the moment.
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