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Medical Billing Outsourcing, Medical Billing Services, Revenue Cycle Management, RCM

Apply These 5 Secret Techniques to Improve Revenue Cycle Management

Practices receive payments for rendered services after weeks, and sometimes it takes months for them to get paid. It is not a deal between patients and doctors, but there is a third player involved – payer (the one who pays). The word P3 stands for Patients, Providers, and Payers, the three main players and ‘Care’ join them in a meaningful way turning it into P3Care.

The healthcare system in the US is complex. Consequently, medical claims have to pass through insurance companies to convert into hard cash, in other words, collections.

Before getting paid in full, the provider spends effort in sending the remaining bills to the patients. It is critical to the life of practices to stay profitable and meet their monthly expenses. Medical billing services such as P3Care amplify the RCM process for doctors across the country.

  1. Bring medical billing services on board

Due to the disconnect between payments and physicians, going for medical billing outsourcing makes sense. A medical billing company becomes responsible for all their finances and the whole RCM process. Most physicians complain of the slow payment process from patients with High Deductible Health Plans (HDHPs).

To keep it simple and to the point, health IT firms like P3Care work on behalf of providers to get them what they deserve promptly. We believe an efficient billing company is central to the financial freedom of clinicians, for them to have a strong association with their patients, which is the most vital element in healthcare.

  1. Effective financial policymaking

For a patient, to get well is everything. However, before they get well, it is important to understand the cost of care. A financial policy means your practice receives payment before treating the patient. Except for a clinical emergency, if they are unable to pay, reschedule their appointments to another day. Lobbies and waiting areas should have this policy stated on their walls for public awareness. And, if you have a website or social media channels for that practice, pin it to the top of the page. Get the patients to sign it, so their acknowledgment comes in writing.

  1. Spread the word categorically

When someone calls for an appointment, inform them of your financial policy, i.e., collect payments before checking the patient. The automated message that goes out to different patients should include the recorded statement of your financial policy when new patients call in or sending out appointment reminders.

Keep the policy in the loop of communication whether it is at the front desk in the form of a hard copy, through email, or the messenger so there are no surprises.

  1. Calculate upfront costs before checking in

Some tools help practices calculate out-of-pocket costs for the care delivered. They collect data from payer contracts, physician and facility charges, and patient’s health information to calculate upfront costs accurately. We recommend the use of such tools for the sake of financial security. Build self-check-in kiosks in one corner of the waiting area to speed up the care process. They also have an option to accept payments.

Not only do such tools add to the patient experience because of their quick check-ins, but their application speeds up the payment process.

  1. Train front desk staff in insurance programs

When front desk staff is trained in applying for Medicaid and other patient assistance programs, it is an additional skill they can use to motivate the patients. Train staff in scenario-based scripts in which they are face-to-face with a real-time situation before it happens for copayments, cost-sharing charts, and outstanding balances.

Regardless of what the US healthcare seems like, the cost of care is inevitable. Whether we can afford it or not, physicians have the right to earn what they just delivered. P3 healthcare providers to be paid faster and to have a running revenue cycle management process. For that, we prepare claims according to ICD-10 and CPT coding guidelines by CMS and AMA, respectively as early as the patient leaves the doctor’s office.

medical billing services, medical billing and coding, medical billing companies, healthcare services provider

How to Verify Healthcare Insurance: Step By Step Guide for Medical Billing Services!

There is no doubt in it that physicians need revenue for their survival, and medical billing services work day and night to help them meet their expenses efficiently. They focus on developing a strategy for an efficient billing solution to maximize revenue.

Besides the other medical billing and coding procedures, verifying the eligibility of health insurance before the patient’s treatment maps out a financial situation for physicians. It is an important revenue increasing practice for healthcare organizations as well as patients; because patients are also aware of their financial responsibilities beforehand.

Given below is a guide on how medical billing companies can verify insurance eligibility in 10 easy steps.

Let’s check out!

  1. Obtain Important Information from the Healthcare Provider

The process starts when the patient visits a medical practice. It is where the front-desk staff accurately records the patient’s information. The information includes,

  • Name of the patients
  • Date of birth
  • Social security number
  • Contact number
  • Information of insurance provider
  • Insurance ID & group number

Medical billing services need to access this information if healthcare providers don’t provide them with the accurate patient’s bio; it would be difficult for them to verify eligibility.

  1. Ask for the Original Health Insurance Card from the Patients

Request the patient to provide the photo ID and make copies of the original health insurance card for the future.

  1. Contact the Respective Insurance Company

Make a call to the relevant insurance company or via electronic means, check if the insurance that patient claims, is valid.

  1. Research If the Insurance Benefits Remain Valid on the Date of Treatment

Verifying the date of patient’s health insurance safes from unnecessary stress in the future. This information has to be checked with the insurance company.

  1. Check for the Insurance Benefits

By contacting the insurance company, medical billing services also need to verify about the benefits that a patient can avail and the copayment that he has to pay by himself.

If there are charges that insurance doesn’t cover, make sure to inform the patient before the treatment, so that, he recognizes his financial responsibility before time.

  1. Check If Your Healthcare Provider is included in the Patient’s Insurance Network

If the healthcare provider is not included in the patient’s insurance network, the insurance company may not reimburse completely to the doctor.

  1. Know About the Deductibles

A deductible is an amount that the patient pays before the insurance company pays for the services. There is a different amount for different insurance plans. Medical billing companies need to ensure if the patient has paid the respective dues or not.

  1. Verify Copayments

Collect copayment from the patient, give them a slip, and provide them with treatment details. In this way, patients can verify their insurance benefits by themselves.

  1. Be Efficient with Customer Support Services

Generally, healthcare providers don’t have time to deal with patients regarding payment matters. So the front desk staff should assist patients’ queries efficiently.

  1. Verify If the Patient Has a Secondary Insurance

Often patients have secondary insurance and a certain amount of charges is covered in that plan. It is advisable to verify secondary insurance information, the same way as the above-mentioned.

Successful medical billing companies ensure practices that best suit the healthcare service provider and elevate his revenue cycle. Insurance verification serves the same purpose. If the insurance verification process is completed beforehand the treatment, patients know about their financial responsibilities, and the rate of accounts receivable (AR) is reduced.

What do you think? Give us your views at https://www.linkedin.com/company/p3-healthcare-solutions/ and stay updated with the latest billing knowledge.