Is your medical billing causing you a headache? Looking for ways to streamline the process? Here are 7 essential medical billing tips that you need to know about…
Start at the beginning!
Step back and take a big picture look of your current situation. Take the time to analyze whether your current billing system is working, or whether it’s taking up too much time and manpower. Once you have a full understanding of how things are working, or not working, you will be in a better position to make improvements.
Review your billing staff
Take some time to review your billing staff, and correct any weak workflow links that could be affecting your bottom line. Patients get a better standard of care when billing is handled correctly.
Review your most common denials
Analyze a random sample of EOBs, hopefully in your practice management system or at the very least on paper, and determine which denials are causing the most trouble. Take the time to research the root cause of the denials and determine if there is anything that can be done in the future to avoid them altogether. A lot of times there is a simple and systematic fix to avoid the “this is how we have always done it” style of billing.
Make sure your superbills are accurate
Your superbills won’t need to include every single code that your physicians might report, but they should be accurate enough to provide you with an overview of the most common codes used in your medical practice. This includes your EMR. EMRs are filled with information but sometimes that information is hard to find. Figures out ways to quickly access the information that you use most often.
Review your month end reports
Review your month end reports and ask yourself whether they are showing you the information that you are really interested in. What is important to you? Are you more concerned with the amount that your practice is collecting or the amount that your practice is NOT collecting. Decide what information is most beneficial and then make sure that you can get at it. If you can’t find what you are looking for ask your software vendor for suggestions or consider reaching out to a 3rd party billing company.
Set short and long term goals for your billing
Have a clear idea of what you want your practice to look like in 3 months, 6 months, etc. and then set measurable short term goals to get you there. Explain these goals with your team and set expectations about what you will need from them to make it happen.
After six months review your progress. If things look good, go back to step 1 and do it all over again. If not, you might want to consider moving on to step 7.
Outsourcing Medical Billing
Remember – you might be having problems in your billing department if your collections have dropped. Outsourcing your medical billing to a third-party service has a number of benefits. These benefits include: reducing claims rejections, speeding up the claims process and ultimately increasing your bottom line.
What does billing at your practice look like?
Is your billing process inefficient? If so, it could be time to consider outsourcing to a third-party. It’s a lot less expensive than you might think and will allow you to concentrate on other areas of the practice without having to worry about collecting payments. You can also save money on expensive computer programs and hiring additional staff to handle the workload. Enlisting the services of a third-party company to handle your medical billing can definitely be beneficial. If you struggle with the business side of running a medical practice, it may be time to talk to a medical billing expert.
At Applied Medical Systems, we provide quality medical billing services to practices and medical facilities around the country. We also work with physicians to implement practice management software into their current workflow. To learn more about our process and service options, contact us today.