1. Create Patient-Friendly Medical Billing Statements

Although medical practices and hospitals are aware of the complexities of the medical billing process, patients are likely to be perplexed. Industry expectations have shifted in such a way that providers must now take a patient-centered approach to this process, so it’s more important than ever to educate yourself on how to remain accessible.

2. Maintain a clean claim rate of at least 95%.

The clean claim ratio of your medical practice is the average number of claims paid on the first submission. In an ideal world, every provider would like to achieve a percentage greater than 95 percent, but the meaning behind the number is what truly matters. The higher your clean claim rate, the less time your staff will spend attempting to identify denial reasons, coordinate payments, and re-submit claims.

3. Don’t Ignore Payer Reimbursements Analysis

Many medical practices place too much trust in payers to reimburse them in full for every claim they submit. Regrettably, this is not always the case. Underpayments are more common than you may believe. Devoting resources to analyzing payment accuracy will reduce revenue loss while providing valuable insight into your practice’s revenue management cycle data.

4. Take Control of Your Accounts Receivable

How frequently do you keep track of your receivables? Do you find yourself pressed for time to respond to a denied claim? Perhaps you should reconsider how you handle contracts and receivables. Coding changes occur quickly in the healthcare industry, and there is no better time to prepare for potential issues.

5. Return to the Fundamentals of Revenue Cycle Management

Are you brand new to revenue cycle management? The first step is to have a consistent cash flow. Even if you’re well-versed in the complexities of medical billing and coding, it’s always a good idea to review your basic best practices to ensure you haven’t deviated from the path.

6. Submit Complete and Accurate Claims

Making sure your medical billing is correct the first time you submit it can save you the time and effort of editing and resubmitting incorrect claims. It is estimated that up to 80% of medical bills contain errors, resulting in weeks of editing, resubmission, and provider’s not receiving payment. Filling out claims correctly and avoiding common errors, such as incorrect patient or insurance information and duplicate claims, can help your medical practice have an efficient medical billing process.

7. Maintain Knowledge of Medical Billing Rules and Regulations

It is critical to be aware of the current medical billing rules in order to ensure best practices in medical billing and coding. Because regulations are constantly changing, staying informed can result in a more efficient process that avoids rejections and medical billing edits. Failure to stay current on medical billing rules can have a direct impact on the cash flow of your medical practice.

8. Always look for opportunities to improve.

Finding ways to improve will continue to help your healthcare practice grow. Because the healthcare industry is constantly changing, looking for ways to optimize the medical billing process on a consistent basis will help to maximize revenue. Aside from staying up to date on current medical billing regulations, tracking performance is critical for identifying inefficiencies and optimizing efficiency. Key performance indicators (KPIs) can help measure the accuracy and efficiency of previous performances and identify areas for improvement.

5 Medical Billing Tips for Your Healthcare Practice

• File claims on a daily basis
• Collect copayments at the point of service.
• Verify and update the patient’s insurance
• Keep track of unpaid claims and follow up on them.
• Make EOBs your friends

When it comes to accounts receivable, how well do you know your cash flow? Many medical practices treat their accounts receivable (A/R) statistics as a black box of misinformation, when in reality, it’s one of the most crucial figures to comprehend when assessing your practice’s financial health.

Accounting for Accounts Receivables

Accounts receivable is a high-touch aspect of every medical office, as it is the money owed to your practice for services given and billed. It can be difficult to acquire a holistic understanding of how long it takes you to get paid if you have a big number of administrative personnel overseeing different patient accounts or specialties.

Why should you keep track of your accounts receivable turnover?

If patient visits are consistent, incoming cash should be as well – which is why it’s critical for medical practices to know how long it takes between bills being sent out and payments being received.

The accounts receivable (A/R) of a practice reflects how many payments have yet to be received, whether for insurance reimbursements or out-of-pocket expenses. The goal of a healthy medical practice is to streamline procedures in order to get paid faster, which could include minimizing billing and coding errors or improving claim follow-up. Keeping track of how long claims spend in A/R can help practices figure out which payers are delayed and why.

You can notice whether your team is late to submit claims to payers by knowing the average number of days between when you visit a patient and when you collect what you’re owed. You’ll also know how much money you need to retain in the bank – and for how long – to cover your running costs until refunds arrive.

Invoicing on time

Prepare and send your invoices as soon as possible after providing medical services on credit. The client’s name, account number, date of transaction, description of medical services given, any discounts granted, and total due amount should all appear on each invoice.

After transferring your accounts receivable to your sales journals and general ledger accounts, these facts are critical for tracking them. Invoices are also important in the event of future problems or disagreements, such as overcharges and undercharges. Make sure your clients have received their invoices by making follow-up calls.

Patients Should Be Informed

Most patients have only a hazy grasp of how healthcare practices collect payments from insurance companies, and they may be unaware of their financial responsibilities when they use medical services.

Providing all patients with a pamphlet or reference sheet outlining their position and duties in the payment process will help to clear up a lot of misconceptions. It’s also crucial to have someone on staff with financial knowledge who can answer any questions patients might have regarding the claims and payment process.

WWS has decades of coding and billing experience for a variety of healthcare practices. We recognize that each practice is distinct and deserves a tailored solution that supports its long-term objectives. That’s why we collaborate closely with our clients to help them set up medical billing services and solutions that are tailored to their individual needs and enable them to provide the best possible care.