The healthcare medical industry has a ruthless reimbursement system. The payment bodies such as the insurance companies have made harsh rules which the providers have to follow to make successful reimbursement payments. It is a time-consuming and challenging task to make claims for the payments. The medical billing services in the USA are aligned with different sets of rules and procedures which the billers have to follow to ignore the denials and underpayments. The following tips can help the medical providers run the medical billing tasks effectively to generate huge profits and revenues.
Create a Payment Collection Process
The providers should make a payment collection process to ensure a smooth revenue generating system. The providers should formulate a step by step approach which will enumerate the details of the payment procedure and make the reimbursement quick and efficient. The terms and conditions of the process should be expressed clearly. The experts should also verify the contact details of the patients to have the details of the payments whenever required. The payment collection process will make the payment collection procedure very easy to understand for the patients.
Manage Claims Properly
According to research, about 80% of the claims made by the billers get rejected or denied due to different problems. The insurance companies are stringent in submitting the correct bills for successful reimbursement payments. It is critical to making accurate, error-free and complete claims for the very first time of submission of the claims. A lot of time is consumed in the correction if the claims are rejected or denied. Some significant mistakes committed while managing the claims are as follows:
- Incorrect Patients’ information
- Incorrect Providers’ information
- Incorrect Insurance information
- Duplicate Billing
- Poor Documentation
- Missing Codes or Data
Reduce the Coding Mistakes
To make the claims easier for further processing, the medical coders explain the treatment services by the providers in the form of particular codes. The medical billing and coding experts use ICD-10-CM, CPT and HCPCS Level II Classification codes. Specific codes are provided for certain diseases. Hence, the experts can find a standardized method of coding in them. The experts code the diseases with great care and attention. Although the common coding errors found in the claims are as follows:
- Incorrect modifiers
- Nonspecific diagnosis codes
Prompt Action on Denied or Rejected Claims
If the claims get denied or rejected, the experts should try to take immediate action. the delays in taking required corrections can also make your payments get further delayed. Therefore, the experts should make corrections and changes in the denied claims to minimize the revenue loss. The rejection or denial of claims can negatively affect the revenue system of the medical practice. The providers can keep in touch with the representative of the payer to have the required information to correct the denials and the rejections.
Search for Ways of Improvement
The medical healthcare industry should always seek improvements to make the medical billing more effective and efficient for the providers. The revenue cycle of the medical practice greatly depends upon the medical billing services of the practitioners. Therefore the doctors should ensure optimum efficiency and accuracy of medical billing. For this reason, they can go for the following improvements:
- Stay updated with the changes related to coding and billing
- Look out for the pending accounts receivables
- Identify the problems and issues in the claims before submission to reduce denials