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.
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.
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