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medical billing services, medical billing and coding, medical billing and coding process, medical billing companies, MIPS

How to Stabilize Finances of Healthcare Practices?

This is the 21st century. The healthcare rules are changed. Physicians don’t have the time to file claims with insurance companies due to administrative burdens. Therefore, medical billing services stand next to healthcare practices to help them increase revenue. Certainly, it’s not time when physicians’ only had to worry about the well-being of patients. Now, the factors like patients’ satisfaction, implementation of engagement strategies, and innovation in the healthcare industry via MIPS have more points in making a physician’s reputation.

Thus, it is not wrong to say that it’s time to work smart! Therefore, technology comes to save the day for physicians and medical billing companies.

Medical Billing Services! If you’re looking to increase the collection rate for your clients, watch out for the following technology innovations.

These suggestions optimize the medical billing and coding process, save time, and help increase ROI.

  1. Go Online

Leave paper behind. In this digital era, do you believe, sending invoices to patients via paper is a reliable or safe way? Well, No.

Most of the medical billing services still send bills via papers, and we must know this method is obsolete. The collection rate can be significantly increased if physicians allow a digital method of sending invoices.

  1. Ask for Payments While the Patient’s Visit

It is observed that the chance of collecting payment decreases by 20% when patients walk out of the physicians’ office.

In-house or in-office payment rate increases when medical billing companies or front-desk staff accepts credit/debit cards on the spot. But, first make sure you have a HIPAA-compliant setup and you obey Payment Card Industry Data Security Standards (PCI DSS) guidelines.

  1. Verify Patient’s Insurance Eligibility Beforehand

Verifying patient’s insurance eligibility before the treatment is an under-rated practice. However, when done, it makes bank accounts full. Some software can help in this task, and some of them are so advanced that they even notify physicians for the paid payments by the patients such as deductibles and copayments. In this way, medical billing services can proceed with medical claims without any difficulty afterward and even inform patients about their financial responsibilities.

It needs a big investment, but it is worth every penny.

Healthcare innovations are on the rise. So, it’s better to move forward instead of sticking to the old conventional methods. It is not only beneficial for introducing interoperability but also to level up the medical billing and coding standards.

Don’t you think?

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