If you own a medical practice or work in a hospital, you might have hired a medical billing company for claims submission. Whether you are a reliable medical billing company in Ontario, CA, or not, the discussion today is important in the general sense.
If the respective medical billing service is an established one, there’s a 100% chance that it would have overcome all the loopholes in its medical billing process. If not, you should be a little careful while hiring medical billing services.
It is observed that up to 20% of medical claims are denied due to poor medical billing practices. As a medical billing company, you surely don’t want to have a bad reputation in the healthcare industry. So, given below are a few tips that you might want to follow. It will help you work better in favor of clinicians.
Focus on Training Medical Billing Staff
If your medical billing agency recruits medical billers and coders, who have little or no experience in the respective field. You should immediately do something to train your staff because it might be causing major revenue loss for physicians.
Without the proper knowledge, medical coders are unable to choose the correct codes for the diagnosis. It is possible that they might be using the wrong modifiers for treatments.
Medical billing services should properly train employees as per the CMS guidelines to create and submit medical claims. So, there remains no chance of error.
Tighten Up Your Follow–Up Services
Medical billing services need to interact with patients and physicians simultaneously while creating medical claims. It is a lot of work. Reporting accurate diagnostic and surgical procedures along with double-checking them takes a lot of time. Moreover, they also get faxes and emails every day in bulks.
When there is so much to do, things can pile up. However, despite a busy schedule, it is compulsory to keep a check on the submitted medical claims. Know about the claims’ status that either they are in process or have been denied. It has a crucial impact on revenue cycle management. Also, the follow-up services are time-specific, meaning, you can resubmit denied claims within a specified time. Otherwise, they get lost in the piles of papers.
Thus, professional medical billing companies never look down on follow-up services.
Keep Check on the Accounts Receivable (AR)
Some of you may not consider this point significant. But, it indeed plays an important part in revenue generation.
Patients and even insurance companies generally don’t keep a check on the payments. However, medical billing companies should verify if a bill is fully paid or not. The unpaid reimbursements can take your revenue journey down.
If a bill is unpaid, you can always go for follow-up services until accounts receivable are paid.
The Filing Time Plays an Important Role in Revenue Generation
There’s a time limit for submitting claims to insurance companies. If a medical billing practice exceeds that time period, the claim will not add up in the revenue.
Even, you submit a claim within the time limit, there’s a chance that it might be rejected. Then, why take the risk of submitting it after time.
Improve the Denial Management System
The percentage of denied medical claims is rising day by day due to strict rules of payers and governmental authorities.
Therefore, the medical billing and coding staff should be up-to-date with the latest news and criteria. Instead of ranting over denied claims, medical billing services should rectify errors and resubmit claims within time. An even better option is that the medical billing and coding process should be so transparent and precise to crash the chances of denied claims.
An experienced medical billing company straightens its billing process to maximize physicians’ revenue. P3 Healthcare Solutions is a company that ensures high-quality medical billing for its clients.
Tell us if you think, above-mentioned tips can help a medical billing company generate more revenue at