3 Effective Medical Billing Tips & Strategies for Cardiologists
Operating your cardiology practice is difficult enough as a cardiologist, without having to chase patients down and call them on a daily basis in order to collect. With that said, many cardiology clinics and medical offices alike aren’t getting paid, or are struggling to track unpaid bills.
Whether your office is small, or whether you operate out of larger facilities (such as a hospital setting) as a cardiologist, you have to employ the right medical billing techniques in order to collect payments in a timely and fulfilled manner. These are three effective cardiology billing strategies to employ into your medical practice to ensure you collect on time and avoid future unpaid accounts.
Catch denials early
By catching denials prior to sending them out, you negate the risk of an insurer later turning around and telling you they won’t pay. To improve your internal organization and records of patient information for denails and cardiology billing, robust practice management software will not only red flag a patient and faulty insurance, but also potential issues with an insurer, who hasn’t paid on certain accounts or procedures in the past.
This software for cardiology billing also helps to ensure claims won’t get turned down, in turn, you won’t run the risk of losing on an unpaid debt by a patient. Catching claims, mistakes, and inaccuracies early, and prior to sending them out to the payer, ensures that insurance companies will pay, and you won’t be stuck with a pile of unpaid bills.
Submit more than once
Submitting more than one claim to insurers is smart practice by your cardiology billing processes. About 60% of denied, lost, or uncollected claims are never followed up on; this means you are missing out on an opportunity to collect revenue into your practice.
Sometimes you can’t receive first time payouts from insurers on every single claim; this doesn’t mean you should simply drop it, and take the hit. Following up, resubmitting claims, and contacting insurers until they give you an answer or pay the claim, will ensure you are increasing your bottom line, and minimizing that 60% of unpaid or uncollected debts in your practice.
Update information regularly
This is where quality cardiology billing and coding software comes into play. If you notice certain claims are continually being turned down when you submit them to insurers, this might mean a code is no longer up to date. If you don’t employ software, it is imperative to do so immediately. If your office can’t handle billing, consider hiring a third party company to work for you. Not only will they stay on top of new code changes, new methods to file claims, and how to go about uncollected debts, they are also going to minimize the occurrence of unpaid claims by insurers.
No matter how your practice goes about cardiology medical billing, whether you simply use the latest software or outsource, make sure everything is up to date, that you are constantly following up on claims, and that your practice is on top of denials, before they occur. These simple changes will not only result in higher revenues, but will also help your practice grow, and avoid hangups, with insurers who were previously denying your payment claims.