Practiced medical billing procedures have significant impact on the financial health of any medical practice. Here are six top billing tips aiding faster collections, reduced audit risks and maintaining billing staff’s efficiency.
1. Utilize Technology Maximally
Make sure you make the best use of the wide range of tools & technology of your billing system and clearinghouse(s). Tools such as automated phone and text reminders to minimize no-shows and cancelations, electronic insurance eligibility & benefit verification, claim status tracking, electronic remittance, instant denial reports, and comparison between contracted and paid amounts, and so much more is available to practices. Such tools reduce manual labor, expedite claims processing and collections, and increase your overall efficiency.
2. Utilize business intelligence to recognize areas for improvement
Accurate data mining is one of the best ways to improve the level of medical billing service and collection. With technology advancements and incorporation of Business Intelligence; specific custom reports can be generated to assist in decision making and implementing improvements. Such precise reports assist medical billing management with increasing staff productivity, correcting staffing needs as well as swiftly detecting payment errors.
3. Utilize Benchmark Reports
Monitoring the Vital 3 over time gives you a fair indication of problem areas and impending actions to take.
• Days in Accounts Receivable
• Net Collections Percentage
• Accounts Receivable Aging
A snapshot view of where you are and analyzing your progress over time, empowers the billing staff and managers with knowledge of the overall health of the operations resulting in increased timely collections.
4. Have a Policy & Procedures Manual in place
Both Front Desk and Billing Staff must have clear quickly referenceable guidelines to follow. Strongly recommended policies would be: adjustment and write-off rules, appeals process, and patient collections.
Giving front desk and billing staff a more cohesive understanding of expectations & targets will improve accounts receivable management and ensure compliance.
5. Know your Payer Contracts, Timely Filing Limits and Medical Coverage Policies
Know your contracts and hold your payers to them. Not only administrative but billing staff should have access to all payer contracts. Your billing staff should be familiar with advanced knowledge of individual payer medical coverage policies, filing limits, coding edits, global policies, etc.
6. Monitor Claim Denial Rates and Errors
Maintaining claim denial rates including denial reasons & their frequency is another key factor to increase your clean pass ratio. 90% of claim denials are preventable but still occur. Appealing denials costs provider money and time. Industry average is between 5 and 10%. This is an easy way to identify recurring denials and prevent them in the future.
OmniMD is a cloud-based Certified EHR and Revenue Cycle Management solution that has helped over 12,000 healthcare professionals and hundreds of medical practices transform their clinical operations, patient care, and financial health through technology and services since 2001.
Providers expect quicker collections, fewer denied claims, faster responses, and impeccable reliability. Additionally, they look for less paperwork and an easier way to record clinical charts and submit claim data.
OmniMD helps medical practices meet these needs by simplifying the workflow, reducing expenses, and improving operational efficiency with an integrated, Meaningful Use, ONC-ATCB, MACRA-enabled EHR system with an exceptional billing tool and outstanding service solutions.
Want to find out how you we can help your organization? Contact us today