3 DEFINITIVE METHODS TO SKYROCKET YOUR MEDICAL PRACTICE

When we talk about regaining health, it is time to stay in that thought for a little longer and think about those who cure us – the healthcare professionals. We can’t leave them too far, behind when we know health is only a matter of time. Falling ill to a disease awaits us at the other end of the road we know as life.

Since medical professionals are the healers, the motivators, the role models, the mentors in some cases, and without them, the US healthcare system will come to a halt, we will find ways to uplift their practice.

If anyone deserves a reward, it is them. The system depends on them to survive and move forward. Whatever the case may be, when we get sick, we go straight to the hospital. If we decide to stay at home and do nothing about the situation at hand, we only make things worse.

It’s time to give something back to them which may benefit them in some way.

Revenue Cycle Management (RCM) is like the central nervous system of medical practice. If it flows flawlessly, it enables steady revenue and things are good. We will touch upon medical billing services, accounts receivables (AR Management), follow-up on the pending claims, promoting interoperability (PI) and HIPAA compliance. All of these factors contribute to the success of medical practice.

1. Outsource Medical Billing Services

It may come more as a reminder to you. By relieving the in-house staff of the medical billing process, providers are able to improve the cash flow. It allows them to care for visiting patients and listen to their problems attentively.

The nurses and clinical professionals are not there to figure out the next accounting glitch or remember thousands of medical codes. It is the job of the medical billing and coding professionals to do that for the practice.

P3Care is one of those positive startups which only recently came to the scene and made it big. To reach the top in only a few years pays heed to their hard work and willingness to excel.

To find and hold on to the right medical billing solutions is probably the best way to increase overall collections. When someone authentic comes on board, physicians are able to see the overlooked pile of accounts receivables and ample delay in claim submissions.

The first-time clearinghouse acceptance rate suddenly goes up in the mid-90s. No matter what you do, denials are still going to happen but what matters is the time you take to work the appeals and resubmit the claims.

2. Demonstrate HIPAA Compliance

It is necessary for medical professionals to show HIPAA compliance. Every individual or organization that interacts with Protected Health Information (PHI) is bound by law to implement measures for its safety, physically and virtually.

You must be aware of the minimum requirements of HIPAA as a covered entity and a business associate because they will keep you safe from penalties. When there are no extra fines, the practice becomes an automatic success with a smooth flow of revenue.

OCR penalties are happening and relate to the nature of HIPAA violations. Therefore, get rid of the non-compliance issues as early as possible to save your medical practice from a big financial & reputational loss. Patients are aware of their rights and if there is a breach in their electronic health records, they may just never see you again.

As a doctor and a hospital, HIPAA compliance brings in reputational advantages along with the trust of the patients.

3. Make the Practice Interoperable – Meaningful Use (MU) of EHRs

The EHR incentive programs now turn into Promoting Interoperability (PI) programs. The name says it all for them. CMS changed their name to promote interoperability – The health information exchange (HIE) between providers and hospitals regardless of the variety of EHR systems.

PI becomes the new meaningful use of EHRs. All of this facilitates and spreads the data across networks so that it is available to the healthcare professionals on demand. If you use a CEHRT and you are on the list of providers signing the Trusted Exchange Framework and Common Agreement (TEFCA), it will take you a step ahead of others and the Department of Health and Human Services (HHS) may consider you as a compliant healthcare services provider.

It adds to your reputation and status as a medical practitioner. Patients vote in favor of those providers who follow the principles and regulations in order to improve the quality of care.

Final Thoughts

The above-mentioned techniques can push your practice to a new level that favors you and your patients. In addition, if you take these three steps, the federal authorities will be on your side. They will mention your name as someone showing compliance with the law on their social channels, web portals, and newsletters.

The methods are unique to what people usually expect to read under this topic. They bring in more patients as the ‘trust’ in the institution motivates them to do so. Apply them and become a successful value-based clinician.

Follow P3Care on LinkedIn – https://www.linkedin.com/company/p3-healthcare-solutions/ to stay updated with the US healthcare industry.

4 TIPS FOR ACCOUNTS RECEIVABLE MANAGEMENT IN MEDICAL BILLING

According to statistics, out of pockets, the cost of patients has increased by 230% in the previous years. It means that the patient’s healthcare has become expensive in recent years and it will continue to cost more in the coming times. MIPS 2018 is an important advancement in this context as physicians focus more on providing value-based services to the patients.

Medical billing and coding team creates accurate claims and synchronize with the physician’s clinical function to reap the rightful payments.

However, Group One Healthsource states that around 40% of the healthcare service providers are unable to collect $31,713 per year from their patients. The reasons for this failed collection amount are the errors in the documentation of medical procedures and lack of precise and up-to-date information.

Moreover, the incentive models based on value-based health services such as the quality payment program 2018 and the Medicaid meaningful use are transforming medical billing services. Healthcare providers lose around $125 billion to poor billing practices. Thus, the healthcare industry is only going to progress when medical billing and coding services aid the providers to get a hold of their accounts receivables.

Given below are tips to improve the billing and coding process and maximize accounts receivable (AR) management.

1. Focus on Error-Free Medical Claim Submissions

Late payments and claim denials usually occur due to medical billing and coding errors. The insurance companies accept only those claims that are according to their claim filing standards. The strict policies don’t have room for even minor errors.

It is important to review each claim precisely before submitting it to the insurance companies. In the case of a claim denial, you must have a professional denial management system in place. Insurance payers’ representatives can help rectify each problem efficiently.

2. Make the Payment Procedure Transparent

Another approach to minimize accounts receivables is by making the payment procedure transparent. When the healthcare providers notify patients of any outstanding medical expenses prior to the treatment, it becomes easier to collect the payments. Consequently, there are fewer accounts receivables in the pipeline.

Billing companies inform physicians about the payments approved by the insurance companies and payers like Medicare and Medicaid. To maintain transparency in the medical billing system, professional medical billers verify the eligibility of the patient before submitting the medical claim. It reduces the problems in the later on.

Accounts receivables (ARs) lessen when you collect copayments earlier into the revenue cycle management (RCM) process. It reduces the unnecessary paperwork later.

Medical billing outsourcing companies perform at crunch times, as their performance is crucial to keep functioning for the respective physician.

3. Make Use of the Latest Medical Billing Tactics

Medical billing standards have changed over the years. Hence, the billing staff requires constant training and knowledge to improve their skills. It results in improved medical billing tactics for better reimbursements and reporting MIPS 2018 Quality measures to score high in MIPS.

The latest trends demand investment, but they benefit in the end. By staying up-to-date with the latest tactics, we not only reduce errors in medical claims but improve accounts receivable management as well.

4. Audit Medical Billing Process

When we audit a medical billing and coding system, it helps us identify the problem areas which are creating the mountain of accounts receivables. For instance, a claim may have errors when there are frequent changes to the patient’s information. Such mistakes lead to outright denial. The audit catches these errors in light of the day-to-day activities and streamlines the billing process.

The areas with glitches once fixed make it easy for the medical billers and coders to submit the medical claim. Thus, an improved medical billing system maximizes accounts receivable (AR) management.

Conclusion

The above-mentioned tips reduce the number of resubmissions of claims to the insurance companies. The time duration for payment collection shortens. In addition, physicians get to receive revenue in a timely manner.

P3Care’s medical billing services provide professional medical billing solutions to healthcare professionals and increase their revenue considerably via the latest billing methods.

Follow P3Care on LinkedIn – https://www.linkedin.com/company/p3-healthcare-solutions/ to stay updated with the US healthcare industry.