Medical Billing Tips to Maximize Your Revenue
According to a Healthcare & Business Technology report regarding medical billing, almost $125 billion in uncollected revenue happens each year due to:
- Medical billing errors.
- Failure to stay up-to-date on medical billing rules and regulations.
This is even more alarming when realizing that a Modern Healthcare article stated nearly 80% of patients owe more than $500 to their healthcare providers while 51% owe more than $1,000.
As you examine and strategize to maximize revenue and alleviate costs and hassle, here are 3 medical billing tips that can help your billing process become more efficient.
1. Create a clear billing and collection process.
Improve your revenue cycles through an established step-by-step billing and collection process. Do this by:
- Establishing clear terms with your patients, which includes getting their permission to leave voicemail messages regarding billing matters, reminding them about co-pays, and discussing their different payment options.
- Gathering and verifying patient information, which includes their phone number, email, workplace, and billing address. If you are not already doing so, require them to bring a photo ID to accompany their insurance card at their initial visit. This can be very helpful in case their bill has to go to a collection agency in the future.
- Drafting a sequence of letters to remind them about their bills, which includes when their bill is due, when it will be overdue, and when it will be turned over to a collection agency.
With these 3 bullet points above in place, you can experience a more efficient physician billing process with less delinquent payments
2. Properly manage your claims.
HealthCare & Business Technology revealed that almost 80% of all medical billing contains errors. When errors occur, the result is a longer cycle revenue for your claim collection process, which undergoes an initial submission, rejection, editing, and resubmission.
Ensure you double-check the following before submitting your claims:
- Patient information.
- Provider information.
- Standardized medical codes.
- Insurance information.
- Duplicate billings.
3. Track pending accounts payable and identify problem accounts.
Aside from doing due diligence in performing tips no. 1 and 2, it is also important for your practice to track the following:
- Pending account receivables.
- Problem accounts.
Why is this important?
Tracking your pending account receivables helps you properly evaluate the efficacy of your collection procedure, while identifying problem accounts can help you create a better approach in handling their non-compliance to your billing schedules. As needed, you may either increase the billing reminders for these patients or choose an outsourced collector to handle the collection for you.
If you have any questions, please feel free to contact RevPro Healthcare Solutions below or call us at 561-578-8400.