Medical professionals go through a long period of training before they can take care of patients. The rigorous training prepares them for a life of service to others. Sadly they are ill-prepared to take care of the business side of their practice. Here are three tips that will guarantee increased revenue.
1) Robust knowledge of processes
The primary and most crucial aspect of reducing claims denials and improving medical practice revenue is understanding the medical coding and billing process completely. Medical billing and coding processes are rather complex and require that the individuals handling them be knowledgeable and aware of the industry’s constant changes. This requires an understanding of the insurance policy, the rules for processing a claim, and a thorough knowledge of ICD-10, CPT, HCPCS and HCC. Finally, an excellent Revenue Cycle Management tool is needed for managing the entire process. Since every payor has its policy, it is imperative to understand its rules and regulations for processing claims. Equally, one should keep abreast of the changes introduced by payors. Such knowledge makes sure that claims pass through the system with minimal issues/denials, thus exponentially increasing revenue. Studying and analyzing past denials helps discover trends, which ensures that mistakes/omissions do not recur.
2) Patient Payments
Even after a claim is reimbursed, the patient's account might still reflect a balance: the unpaid amounts expected to be paid by the patient. Patients are financially responsible for co-insurance, co-pays and deductibles. While most of the time, a co-pay is collected before the service is rendered to the patient, co-insurance and deductible are aftermaths of a paid claim. These amounts may add up to a significant balance in the patient's account. It may be prudent to discuss with the patient and provide a flexible monthly payment plan in such cases. Apart from Co-pay, Co-insurance and Deductible, the patient might also be liable for payments that are altogether denied by the insurance company, which can also be collected through a payment plan.
Collecting payments from the patients might require some patience and lots of empathy. Understanding the patient’s situation and giving them the flexibility to pay up will be a win-win situation for all. Patients will be happy and providers will be reimbursed for their services.
3) Choosing a great billing company
Providers have enormous paperwork to complete to get paid for their services. This stressful work takes up most of their time and energy. Choosing a medical billing company such as Bristol Healthcare Services will massively reduce their workload and significantly improve their financial well-being. The billing company will handle the providers’ entire claims process, enabling the providers to care for the patients.
At Bristol Healthcare Services, the entire billing cycle is transparent to the client. A client at any time will know the status of the claims being processed/ pending claims and have a complete view of the overall workflow. At all times, a client can feel that Bristol Healthcare Services is an extended office to their practice. When a billing company is chosen, it is paramount to select a company with several years of experience, never-ending support, expertise in multiple specialties and software and a comprehensive business continuity plan. Most of all, Bristol Healthcare Services works as a great team looking out for each other and their clients.
Bristol Healthcare is there for you
Bristol Healthcare has been in the industry for more than 20 years, worked through the pandemic with grace, and achieved consistent deliverables to every client and billing company working with them. We look forward to partnering with you and let us soar together in success.