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Medical

How Small Businesses Can Increase Collections

You have two options when it comes to medical billing: you can handle it internally or you can hire a reputable outside firm to handle it for you. Here are medical billing ideas to assist you to maximize patient collections and receive every dollar owing to you for each treatment delivered if you handle medical billing services California on your own.

Small business owners or solo practitioners typically handle all aspects of medical billing on their own. They balance patient care with the administrative tasks associated with medical billing. The majority of the time, providers lose a lot of money when there is a claim denial since medical billing demands competence in medical specialty-wise billing and coding. They simply concentrate on making claims as quickly as possible and are content to accept any money insurance companies offer.

Tips to Maximize Patient Collections In Medical Billing

Collect patient insurance and contact

Collect patient insurance and contact

In a medical billing company, front desk employees should gather current, complete information when a patient contacts your office to book an appointment or offer them the choice to mail or email it in its place. There should be fields in your patient portal or online appointment tool for collecting or updating this data.

The staff will be able to verify coverage and follow up with the patient throughout the treatment and patient collection processes if appropriate insurance and contact information are provided.

Due to incorrect patient demographics and insurance information, the majority of claims are denied. Standardize the way you obtain information by gathering names, addresses, phone numbers, copies of photo identification, and other specifics. Utilize patient portals, billing software, or clearinghouse software to confirm that the information about the patient and their insurance is accurate. Update the billing system immediately if any information changes.

Patient data, such as zip code, frequently changes as a result of possible patient relocation. Additionally, keep in touch with your patients and ask them to let you know if their insurance or personal information changes.

Verify insurance eligibility.

Verify insurance with payers before or at the time of the service, and be sure you understand their rules. These actions will assist in identifying any potential changes in patient collections, the percentage of costs for anticipated treatment  reimbursement, and patient financial obligation.

Implement a payment policy.

Having patients pay copays and patient responsibility upon check-in is the greatest way to collect patient balances.

Establish a payment policy for the medical office to make sure patients are aware of this obligation. Then, ask patients to sign a patient responsibility agreement that is in your check-in form. This policy’s objective is to give patients and your employees specific instructions regarding collecting.

Use your patient messaging system to send automatic appointment reminders that explain the payment due at the time of service as well.

Accept multiple payment methods.

By allowing guests to pay with cash, credit/debit cards, checks, or other options, you increase the likelihood that you will be able to recover any outstanding sums at check-in. Patient payments may become easier by having a practical and simple-to-use online payment tool in your patient portal.

Offer payment plans — and track them.

Create payment plans for higher debt and educate staff on how to properly explain and manage these options. Giving patients a more flexible payment option will boost your practice’s revenue and give them confidence that they can afford the necessary medical care.

Make follow-up part of the collections process.

The secret to increasing collections is perseverance. Create a script for staff to follow and develop a proactive approach for contacting patients who don’t complete their payments on time. Your employees should be ready to demand full payment, go over payment options, and present a payment plan if necessary.

Focus on Claim Submission

Focus on Claim Submission

You may surprise to learn that over 40% of the claims made by small clinics contain mistakes. It’s possible that the billing information, the reference number, the rendering provider details, or the number of units are all erroneous. When you complete all fields accurately the first time, everything is always simpler. When you initially submit clean claims, you will swiftly be reimbursed.

If the claim is rejected or denied, you will need to redo it and, if necessary, contact the insurance company. This will waste time and cause payments to be delayed. Try to submit insurance claims as soon as you can, but hold off if there is any information on the insurance claim form that you are unsure of.

Educate Patients on Insurance Coverage

It’s essential to inform your patients about upcoming medical procedures and their insurance policies. The majority of patients are not aware of co-payments, deductibles, or the extent of their insurance coverage. A high level of patient responsibility for every medical visit results from the majority of patients purchasing High Deductible Health Plans (HDHP) as a result of changes in the market environment. It is the duty of healthcare professionals to inform their patients about anticipated medical procedures, insurance coverage, and patient accountability.

A well-informed patient makes it simpler to collect patient responsibility because they are mentally prepared to pay at the time of the visit. Use straightforward leaflets or banners to explain billing fundamentals to your patients in order to expedite the claims processing procedure. A special helpline will assist your patients with the payment procedure. You can avoid acting as a go-between in the patient-insurance company interaction by informing your patients about the insurance process.

Read ERAs and EOBs

As was previously said, the majority of providers that handle their own medical billing are solely concerned with submitting claims and disregard explanations of benefits (EOBs) and electronic remittance advice (ERAs). Every insurance company offers thorough payment details for each submitted claim. Single line items from EOBs and ERAs will include payment remarks, including a remark code, whether payment has been received or the claim has been denied.

You can learn how frequently claims are denied and what the most frequent grounds are when you start reading EOBs and ERAs. Reading payment remarks will assist you in obtaining appropriate insurance and patient reimbursement, regardless of the patient’s insurance coverage, absence of credentials, incorrect use of a procedure code or modifier, or claim not paid owing to unpaid deductibles.

Use Medical Billing Software

In order to submit claims electronically, use medical billing software. Many insurance companies today that no longer accept paper claims. There are several benefits to submitting claims electronically, but you’ll need medical billing software to do it. There are many medical billing programs that charge on a number of submitted claims, even for tiny firms. You can select a billing software module based on the needs of your practice from a variety of modules. Medical billing software can help you efficiently resubmit rejected and refused claims by keeping track of all submitted claims if you integrate them appropriately to maximize their collections.

Medical billing takes a lot of effort and experience in billing and coding. It takes a lot of time to get in touch with insurance companies to revise rejected or denied claims. Due to the expensive consultation fees, small practice owners or solo practitioners may choose not to use medical billing businesses, but that is not the case with us.

Stay connected for more articles related to medical billing and coding.

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