Medical Billing Process – Things to Do for Boosting Revenue in Your Practice

Unless a professional medical practice or an office is using the solutions of professional billing provider which can easily look for errors in the paperwork, there are many chances that your revenue is not as good as you expect it to be. As per a report, more than 20 % of a doctor’s profit ends up getting lost because of the mistakes in the medical billing. Here are a few guidelines to help you improve the billing process to make sure that a physician’s practice is increasing its income.

 Get Your Staff Well Trained

Hiring an educated inexperienced coding team can make a medical practice miss out some valuable revenues. With the incorrect knowledge, the team may not select CPT codes or use the inaccurate diagnosis code, which gives insurers the right to reject a claim. If you wish to avoid this situation, you must be sure to offer advanced training to your employees on medical guidelines.

 Fast and Active Follow-Up

The billing section communicates with several parties starting from patients to insurance firms. They might be submitting medical bills, receiving emails and faxing information and letters on daily basis. Thus, the team has a lot of tasks in hand, however, it’s also important to follow up with these inquiries regularly. In case they do not manage these tasks and don’t follow, the doctor’s revenue will be postponed. Sometimes, insurance firms may decide to reject a claim.

In time filing

Commonly, a particular time limit is followed for claim filing with a payer. In case a medical practice is taking too much time to submit a claim, it faces the risk of getting their claim denied. If you submit the claims in time prior deadline, you must be aware that your claim might not be received instantly.

Recognize the Expert Provider

Though it sounds very simple, selecting a good provider for billing can be quite confusing sometimes. Thus, it’s vital to find all the related identifying details from the patient before sending a claim. It helps medical billing section to bill the accurate payer for the first time, avoiding delays in reimbursement.

Verification of The Right Payments

Sometimes, both patients and payers don’t follow and track payments. In case, the team does not review and recheck that all the bills are paid completely, the missed payments might be forgotten and neglected later. If you have received less payment, you must challenge the sum with the payer and get the right amount.

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Report Denied Claims

Sadly, there is always a chance for the claims to be rejected even they are correctly coded. This threat increases when the medical billing procedure is not correct and has many issues. To get correct payments for the services, you have to follow up on the denied claims and reply as needed. You should recheck the claim for any error and missing information and send it back again to seek approval.

Track Application

One of the most efficient methods to ensure an office is receiving correct payment for all its services is by making a report that keeps the track of all the services offered to a patient. It will aid the billing professionals to ensure that the report covers all the procedures performed by the doctor. In case the medical billing office is running efficiently, this is a major step since it increases the revenue chances.

In order to ensure the 100 percent accuracy in the billing process, medical practices often choose outsourcing method. Though it may seem the expensive way it is really effective in saving money for a long time. Medical billing companies that are specialized and expert generally have more resources and skills in billing process than a medical practice. They can also help a physician with a software to perform various functions at one time such as management of billing and practice, keeping electronic medical records and a lot more. Professional medical billing firms may provide help for other kinds of administrative tasks including eligibility verification, appointment reminders, and patient follow-ups. Getting your medical billing tasks done by these outsourcing companies can help you to stay updated with the current medical regulations such as HIPAA and reform bill.  These rules and regulations are changed and updated regularly and a busy medical practice can find it very difficult to keep an eye on each change.