Medical billing can be a complex and time-consuming process and is one of the most critical tasks in every practice, in fact, several studies show that administrative expenses, including medical billing and coding, account for approximately 20% of the total national healthcare expenditure every year. According to the Centers for Medicare & Medicaid Services, healthcare spending as a whole grew by 9.7% in 2020, reaching approximately $4.1 trillion or $12,530 per person.
Due to ever-changing regulations and complex laws, it is also one of the most challenging and complicated tasks. By streamlining your billing process, you can save valuable time and money. There are several ways that you can simplify your practice’s billing process. So if you’re looking to take your medical billing process to the next level, read on!
Understand Denials
Denied claims are medical claims that were received and processed by the payer, usually the insurance company, but have been marked as un-payable. This is usually due to some sort of mistake or error. There is always a reason for denied claims. Educating your billing staff on how to handle denied claims will increase your on-time collection rates and give them the ability to promptly help patients with future denials. Be sure to keep track of any active denied claims. Staying organized is key to streamlining your medical billing process.
To reduce the number of denials, take a look at the average amount of denied claims you receive in a month and the average amount of time it takes to rectify those denied claims. Set realistic goals for improvement based on this data and check in at the end of every month.
Have Patients Sign the Right Documents at the Right Time
One of the most common reasons for denied or rejected claims is not having the proper paperwork on file. Have a standardized process in place for your front office staff to get all the necessary patient signatures right away. You can also require patients to use an online check-in process which would collect their signatures on several important forms before they get to your office.
Create a Standardized Process for Handling Delinquent Claims
Rejected or unpaid claims can tank your cash flow. The longer it takes a bill to get paid, the less likely that it will get paid. Implement a standard process for handling these types of claims to save money and get paid on time. Establish clear terms with patients and notify new patients about any payment responsibilities. Try investing in software that will send scheduled reminders to patients regarding outstanding bills.
Keep Patient Data Up to Date
Keeping patient data up to date is the best practice in general. Patient data is more complicated today than ever before. Patient data no longer just includes name, birthdate, and insurance provider. Having email addresses, preferred times and methods of contact, and preferred appointment days and times can boost patient-physician relationships and improve your delinquent claims rate. Check-in with patients at every appointment to update their information to streamline your medical billing. Make sure that you are always compliant with HIPAA regulations regarding patient confidentiality
Outsource Your Medical Billing Process
Outsourcing your medical billing process is one of the best ways to streamline medical billing. Outsourcing will give you more time to spend on patient care. Billing experts are knowledgeable, fast, and reliable. They will make fewer errors, which leads to fewer rejected claims. They can devote all of their uninterrupted time to the medical billing and coding processes.
Outsourcing your billing and coding can be a huge time-saver, and it can also help you avoid costly mistakes. If you’re looking for a medical billing company that can help you streamline your process, reach out to Medbillytics. We have the experience and expertise necessary to help you streamline your billing process and improve your bottom line.
How Can Medbillytics Help You?
You may have been recommended to us by one of our many satisfied customers, or you may have searched online for “medical billing services near me.” However you found us, we’re happy to welcome you. Let Medbillytics help with your healthcare practice’s credibility and reputation. Reach out to learn more about all our services today!