Your work is to manage the disease, implement new successful practices, and take care of the healthcare ecosystem; amid all these mundane tasks, handling medical billing can be strenuous and stressful. And, along with other checklists, if medical billing services are not up to the mark, it could disrupt the entire cycle.
As human anatomy is an intricate composure of various structures, maintaining the integrity of medical billing requires strengthening the pillars of your administrative procedures. Akshar MediSolutions emerges as an option to sustain and maintain the efficiency and accuracy of medical billing.
Amid monotone work, setting the standards high on billing can be daunting. But we have got your back. We will give you ten quick tips for maintaining optimal medical billing services, getting paid quickly, and rendering payment within a shorter time frame.
1. Verify Your Patient’s Information
When filing medical claims, recording basic information is important. Incorrect or incomplete information can lead to denial or rejection. Take notable steps to ensure accurate, precise and on-point patient information. Ask patients to comply with up-to-date information.
When recording, ask for patient insurance IDS, policy number and group number. It takes a few minutes to reverify, but this process could save you from unpleasant and shady rejections.
2. Set Clear Payment Terms
Establishing clear payment terms would include how they should pay and when they should settle the payment. Be flexible enough, but don’t just predict. Instead, tell patients they have to pay their copay during checking and don’t give a second thought to upfront payments.
3. Ensure your claims have all the basics
If you handle medical billing in-house, rejected claims could multiply from days to months until you resubmit. This perpetuates the loss of cash flow. Claim rejection results from simple errors could be easily avoided only at the beginning phase. Before filing a claim, ensure that the patient’s demographics and insurance information are accurate.
4. Double Check coding
A significant contributor to claim rejections is incorrect medical coding. Few five or six-digit codes for medical services can probably be misprinted, miswritten or misinterpreted, which can lead to denials. However, humans are not pros at pinpointing errors; automated software or tools, third-party medical billing services, and clearing houses are optimal solutions for it. They will flag any mismatches and avoid rejection in the early stages.
5. Determine how you will handle rejected and denied claims
Denials are part of the process! They are inevitable! Usually, when denials occur, payers need to provide you and the patient with EOBs. However, payers often forget to include EOBs, leaving you to guesswork.
Don’t be in a dilemma, don’t leave yourself dumbfounded, and get help from a third party or outsourced Medical billing company that includes denial management services.
6. Streamline Revenue Cycle Management
The most important step for boosting revenue is your practice to optimize the revenue cycle. Reducing operational costs and increasing cash flow ensures the revenue cycle management is well. To streamline the revenue cycle in your practice, be keen on eye billing details, accounts re, and well and late payers.
Optimization with third-party resources like Akshar MediSolutions can increase revenue and ensure better flow. To identify possible lags and enhance performance, you can contact our professionals. They are elite in their task and aware of handling billing processes.