3 Effective Ways to Improve a Medical Clinic’s Billing System
Patients are struggling with bigger medical bills because of the increase of high-deductible plans. Most of the time, they’re not ready to pay them. For health care practices, this means finding methods to improve your medical billing collections needs to be top priority particularly patient payments.
Whenever patients don’t pay, it affects your practice’s revenue and put it at risk.
As soon as you discover your medical billing is taking a hit already, you begin to realize that you can’t pay for more income loss from ICD-10 coding errors as well as Meaningful Use needs. This is true especially for small practices with leaner financial budgets.
And this challenge is not going anywhere as a lot more patients will either need to pay larger co-pays s for an office visit or they’ll be compelled to invest more out of pocket cash due to their chosen policies with greater deductibles.
The middle class is now more and more burdened by the charges for healthcare and a lot of experts struggle to cover precisely what their employer’s health care plan won’t. It’s a situation of companies attempting to provide workers health insurance yet still create profit. However at any time costs go up for the customers across the board – it encourages a holdup in care. Or, a holdup in payment.
The days where you’re not being disturbed by not collecting your patients’ co-pays is behind us, because today’s providers have to gather every cent which is owed them. Effective medical clinics use a variety of patient billing tools and protocols that work wonders in optimizing their efforts.
How to Improve Medical Billing Systems
Listed here are 3 ways you can increase the timeliness of collections for your practice’s medical billing efforts.
1. Collect Patient Information in Detail
Verify patient insurance details with each visit, which includes producing copies of the insurance card. Make sure that your receptionist or the person who deals with the billing asks your patients regarding any changes of insurance companies or address. Giving a claim to the completely wrong company and/ or address will just lead to delays, and the time you spent on rebilling with further delays.
Patient social security numbers should also be verified; if this actually a first visit, your biller has to get this information when verifying insurance coverage. This can be crucial in case you need to contact a collections agency later on for recovery of past due payments.
2. Establish a EHR System
Make use of electronic health records (EHR) as well as paperless claims technology to take care of billing chores. A great system could be costly however worth it in terms of receipt of payment and quicker billing, and also posting to the proper account. This is also true of practices with a sizable volume of patients.
Practice management billing services and documentation, paper claims may take 90-120 days to process, whereas those submitted electronically generally take around one to three weeks for insurance to be reimbursed.
3. Use Medical Billing Software
If you haven’t invested in medical billing software yet, you’re making things a lot more challenging than they should, except if you like uphill fights. As powerful strategy to optimize billing for all types of medical clinics, leveraging software is one of the most effective and easy to implement.
Turning to Practice Management as well a medical billing software will streamline your whole process of collections by tracking overdue bills, finding those patients that have fallen behind, and then automating late fees. A powerful solution may come with a larger price tag however keep in mind that software can end up saving you a lot on internal billing resources and also raise your collection rate.