There’s hardly a profession that suffers from more billing and accounts receivable complications than the medical industry. Claim form submissions, service coding processes, and even the “simple” act of collecting outstanding accounts are fraught with the potential for errors, with significant consequences.
Medical billing and receivables can be complex due to the intricate nature of healthcare services, insurance claims, and individual patient circumstances. However, there are strategies that healthcare organizations can implement to streamline this process, reduce complications, and improve their revenue cycle management:
- Utilize Electronic Health Records (EHR) Systems: Using EHR systems can improve billing accuracy by ensuring that all services provided are correctly documented and billed.
- Invest in Medical Billing Software: Advanced software can handle complex billing codes, submit claims electronically, and identify any errors or inconsistencies before claims are submitted, reducing the time and effort spent on manual reviews.
- Regular Staff Training: Regular training can ensure that your staff is up to date on the latest billing codes, insurance policies, and regulations. This can help reduce errors and improve the accuracy of your billing.
- Patient Verification: Ensure that patient information is accurate and up-to-date. This includes verifying insurance coverage before services are rendered.
- Outsource Medical Billing: For some organizations, especially smaller ones, outsourcing medical billing to specialized companies can be an effective strategy. These companies have the expertise to handle complex billing situations, stay up-to-date with regulations, and work efficiently to ensure timely and accurate billing.
- Implement a Clear Patient Communication Strategy: Clear communication about medical costs and billing procedures can help avoid confusion and disputes. This includes explaining patients’ financial responsibilities and the billing process at the start of care.
- Offer Multiple Payment Options: Providing options for online payment, payment plans, or financial assistance can help increase the chances of payment, reduce the time to payment, and improve patient satisfaction.
- Follow-Up on Unpaid Claims: Have a systematic approach to following up on unpaid claims. The sooner you follow up, the better your chances of resolving any issues and receiving payment.
- Regular Auditing: Regularly audit your billing processes to identify any areas of weakness or common errors. This can help you make necessary improvements and reduce complications in the future.
Be Thorough and Be Consistent
To really make a difference in your billing and AR management you need to make a commitment to your practice and to your patients, to be rigorous in your application of the strategies listed above. Automate them and make them a part of your normal processes so that they require little thought and happen with every patient visit. You’ll be amazed at how much simpler the billing end of your practice will be as a result.
Hire a Debt Collection Agency
Accounts receivables that fall behind over 90 days despite regular follow-ups of your in-house staff require the intervention of experts. Waiting any longer or thinking that you will magically get paid in the next few days is too much wishful thinking. Most collection agencies work to preserve your business relationship with customers. Collection Agencies work with your debtor rather than threatening them for payments. Cut your losses and hire a collection agency.