Following a myriad of financial issues and compliance risks, it has become necessary to adopt a proactive approach to billing procedures in a medical office and healthcare industry, in general. In an attempt to revamp healthcare industry revenues and reduce patients’ costs, effective billing procedures may be introduced, and these will be discussed in the paragraphs that follow.
The initial step towards establishing effective billing procedures in a medical office is to have a collection process. The collection process should start with the setting of terms and mutual agreements to these. Ensure that the patient is aware of their obligations and debts and keeps a reminder for each patient to settle pending obligations. These terms must be agreed upon as part of the initial paperwork.
Moreover, be sure to collect all relevant information from the patient, such as an address, contact number, email, work location/name of the company, and a photo-id. Verify the addresses provided by the patient and make a habit of verifying patient eligibility on each visit to the medical office. An effective billing procedure communicates the various payment options available to all patients, preferably on their initial visit to the medical office.
Any payment plans must also be introduced to each one before taking them on board. Make it a habit to send emails to patients a few days before their payment is due and on the date of payment. Multiple emails may be sent as reminders once the due date has surpassed.
Another effective billing procedure to incorporate is the need to submit accurate and complete claims. This accuracy may be ensured using a detailed review of the data points entered. Possible errors comprise incorrect patient data, insurance information, duplicate billing, missing denial codes, incomplete documentation, and incorrect provider information.
To effectively reduce these errors, double-check all information to minimize the risk of error. In addition to this, effective billing requires the proper handling of rejected and denied claims. Once all errors have been fixed, the rejected claim may be resubmitted. In case of a denied claim, re-submission is preceded by an appeal. Be sure to have these pointers in mind before processing claims.
Effective billing procedures can be costly, and despite having proactive procedures, medical office staff may feel overwhelmed by keeping up with a plethora of tasks. These tasks span from staying updated with the current trends in medicine, coding standards, insurance policies, billing regulations to processing denials, rejections, and re-submission of claims.
To reboot the energy and save time and effort, these tasks and procedures can be outsourced. Such outsourcing will allow for greater focus on patients, agile submission of claims, and specialized billing experts to process billing-related matters efficiently.
Minimize Errors and Improve
Another effective billing procedure is to spot errors and try to minimize them. This minimization must be a consistent process in a medical office to ensure revenue maximization and lower costs. Claims include medical codes that may either be incorrect or missing from the claim. A few examples of these errors are non-specific diagnosis codes and incorrect modifiers.
The less frequently occurring errors comprise upcoding and under-coding in the medical language. These errors may be avoided by double-checking the claims before submission. In addition to this, another effective billing procedure is called improving, and, mind you, this is not a medical term.
By improvement, it means new methods should be adopted to ensure constant improvement in billing procedures. These improvement steps include tracking any pending receivables (similar to receivables in bookkeeping), staying up to date with the dynamic healthcare procedures and policies related to billing, and submitting claims.
As a result of these improvements, billing is made more effective, but efficiency is one benefit, and revenue maximization for the healthcare industry is yet another.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.