The healthcare industry has undergone tremendous changes in the past. These healthcare organizations are constantly looking for measures to boost revenue and improve the financial health of their facilities. With advancement comes trouble for both providers and patients. To successfully manage these new challenges and maximize revenue, the adoption of proactive medical billing tips is very essential. This guide will help you understand the strategies that can help streamline the medical billing process and achieve financial success.
Also Read: Medical billing company selection criteria
How to Maximize Your Revenue?
Here are some proactive Medical Billing tips to maximize your Revenue cycle management and help your practice to grow financially.
Billers should Avoid Coding Errors
Coding errors lead to claim denials and delayed reimbursement. This directly affects the financial status of the healthcare provider. Billers have the responsibility of assigning accurate diagnostic and procedural codes, which helps minimize the margin of error. Coders should have an up-to-date knowledge about coding guidelines. They must double-check the codes before submission and should ask the provider multiple times if the descriptions are not clear.
Transparency in Collection Process
A transparent collection process acts as fuel for the revenue cycle management and boosts the financial health of a healthcare facility. A clear collection process involves the clarification of patients about healthcare expenses, verification of insurance coverage, a concise patient statement, effective follow-ups, sending reminders, and the collection of upfront payments. This step-by-step approach helps patients understand their financial responsibilities. Thus, maximizing revenue.
Billers should gather copays and coinsurance prior to an appointment.
An effective technique that is a win-win situation for both patients and providers is the collection of copays and coinsurance prior to appointment. There are greater chances that the patient might miss the bill or simply forget it. This results in creating tension for both providers and patients. A prior appointment can avoid the confusion, help the patient have a transparent financial status, reduce the administrative burden, streamline revenue, and allow providers to focus on the patient’s health and treatment only.
Proper Claim Management
Proper claim management involves correct patient information, insurance coverage, accurate coding, and timely submission of claims. The whole billing process takes months to complete. If the claims are not properly submitted, there is an additional month of waiting. So managing claims is not only a financial success but also saves valuable time for the providers. Billers must double-check before submission, make use of effective billing software, and monitor all paid and unpaid claims.
Effective handling of Denied and Rejected Claims
Before understanding the importance of this tip, one must know the difference between claim denial and claim rejection. Denied claims are those that are filed properly but still do not match the criteria of insurance companies, and thus payments are not received. On the contrary, rejected claims are those that are not filed according to the rules and terms of insurance companies. The reason could be any mistake or error in the claim submission process. Avoid claims first hand. If it occurs, respond to it as early as possible. Communicate with the payer to boost the editing process.
Consider Outsourcing
Healthcare providers need to focus on their patients’ treatment. They need to have current information regarding coding rules and guidelines. Along with this, they also have to manage the medical and billing staff. So, handling the medical billing and coding process can be an extra burden for them. There are higher chances that, under the umbrella of all these worries, one might skip the small details of the billing process. There are chances of errors in claim submission as well. Considering all this, many healthcare facilities outsource billing. This allows providers to focus on patients’ health only and proves to be an effective way to generate maximum revenue.
Choose Medheave as your Billing Partner
Outsource your medical billing and coding to Medheave, your reliable partner in this journey. Medheave is a leading medical billing company that gives consistent results to its clients. Their team of professionals understands the complexities of the billing process. Thus, optimize your revenue and improve your financial health. Contact us now for further details.
