How To Maximize Your Medical Billing Collections and Revenue?Med Miles LLC
Medical billing collections are an integral part of the healthcare process. Never before has there been a time so critical for U.S. healthcare professionals to ensure that they follow the best practice procedures in respect of billing and payment.
On a daily basis, providers face challenges in collecting payments from insurers and patients, this is mainly because of the growing need for documentation requirements and an increasing number of patients who decide for co-payment.
Moreover, Patients are facing increasing medical bills due to the growth of High-deductible plans. In most cases, they are not prepared to pay them. For medical practices, finding ways to improve medical bill collection should be a top priority, especially to pay patient bills.
Losing Your Potential Revenue?
Unfortunately, having complex and time-consuming processes or errors in the billing and collections process, independent practices are still leaving 30% potential revenue on the table.
Once you realize that your medical billing is already accepting a hit, you begin to comprehend that you can’t afford to lose much revenue due to inefficiencies in medical billing collections.
To make it easier for providers to retain their earnings, the healthcare system introduces EMR and practice management software that improve the traditional standards of billing and collections so that every claim is billed out correctly and collected upon in a timely manner.
However, it is impossible to benefit from a successful and profitable medical practice without an efficient billing and payment process. In our blog, we provide you with comprehensive guidelines and strategies to maximize billing collections.
Strategies to Maximize Your Collections:
To get paid efficiently and lawfully, below are the advice to establish better systems and procedures in order to maximize your payment collections.
Be Transparent In Your Collections Process:
Why do providers face a hard time with their medical billing collection? The main reason is that patients are not aware of the treatment expense they are completely blindsided by costs. The transparent collection process is necessary to ensure that patients know about all the treatment charges earlier. It will help patients to know whether they can afford them or not.
Reportedly, 81% of more physicians find it complex and challenging to convey patient payment accountability as a part of their service. Don’t include yourself in one of them. Give various payment options to your patients to avoid any ambiguity.
Track and Manage Your Denials:
Establishing a clear collection process and verifying a patient’s eligibility is required to reduce the claim denial ratio. However, in order to avoid denials and unnecessary paperwork just make sure to collect co-pays in advance. So that you don’t have to chase down payments later.
However, tracking and managing your denials in a timely manner can help you to reduce claim errors so that you get paid in the short span of time. Also, make an effective denial management process in order to minimize certain errors and to handle the claim rejection process as fast as possible.
With an effective denial management team, you can reduce your number of resubmissions because the denial management team has direct contact with the representative of the insurance company who is constantly identifying the reasons of occurring errors that make your billing collection streamline.
Claim Submission Without Any Hassle:
The major reasons behind your late payments collections and claim denials are the errors in the medical billing and coding. Almost 80% of medical claims consist of errors.
We all know that insurance companies have their own policies and guidelines for claims submission. For this reason, it is necessary for healthcare providers to ensure that billing claims are compliant or following all the standards set by the insurance company otherwise they have to deny such claims.
To resolve this issue you should have an effective billing system. Outsource your medical billing to MED-MILES LLC and make your billing collections faster and quicker. We have a team of experts who stay up-to-date about all changes in procedure and ICD-10 codes to avoid any coding error.
Identify Problematic Accounts:
You can identify and track your problematic accounts on a regular basis by establishing an efficient system. It will help you to sort out late payments, regularly declined payment, or frequent changes in contact information to improve billing process and collections.
If still problematic accounts are present then you must forward them to the clearinghouse to get to know what is misplaced or unpaid.
Educate Your Employees To Collect:
Training your staff to deal with different billing consequences can help you a lot to get paid efficiently. Your staff should be equipped with all the standard procedures of medical billing to resolve payment issues. Moreover, tell your staff to communicate with patients about pending dues and payment options after the confirmation of an appointment.
The most appropriate method to deal with overdue payment is to give your staff all the necessary communication guidelines and requirements that will help them to avoid any payment hassle.
Select an Efficient Medical Billing Software:
Choose the best medical billing software and process your claim faster without any human error. In-house claim processing can be overwhelming and difficult for your practice.
Therefore, you need efficient software that will reduce your paperwork and recognize your collections process by tracking your overdue payment. However, it will save your money and medical billing headache in the long-run.
We recommend you to choose it too because 90% of medical physicians are already using cloud-based tools to maximize their collections.
We know that as a doctor, collecting hard-earned money is difficult. But, nothing is impossible. Use the right tools and resources to make your collections clean and faster and maximize your revenue.
Outsourcing medical billing today with Med Miles and save your time and costs by transferring all the overwhelming tasks associated with claims and collections.