Every medical practice generates medical claims to get paid for services. The better the billing processes, the more efficient and streamlined that process becomes. And a more effective billing flow leads to a higher profit margin.
However, it’s not always easy to determine what specific claims billing technique will work best for your office. Each patient’s file is different, and the best practice is to take a trial-and-error approach.
Some companies utilize advanced technology, such as Therapy Practice Document software, to assist their medical billing method. With a simple tweak in the routine, you may experience productivity improvements.
Of course, when you have the right technology, it would be best to combine these eight cost-saving tips to aid your medical claims billing procedures.
- Organize Your Files Thoroughly
One of the top causes for delayed claims is disorganization. To streamline your medical claims billing flow, take extra time to organize daily tasks. This method may seem trivial, but it can have a significant impact on your overall productivity.
For instance, if files are missing from the billing department, this will affect how quickly claims get paid. And the entire process starts with careful file organization from start to finish.
Categorize your files by date, payer, and type of service. Also, it’s a good idea to use different file folders for each patient. This way, it’s easy for everyone to locate all the necessary information.
- Know The Different Medical Codes
There are so many codes to keep track of in the medical billing field. It’s essential to have a firm grasp of the most commonly used codes. That way, you can ensure that all your claims are coded correctly.
If you’re unsure of some codes, don’t hesitate to ask your coding specialist for clarification. Incorrectly coded claims can lead to rejected payments and longer processing times.
For example, if a patient has a previous diagnosis of heart disease, you must use specific ICD codes, which stands for International Classification Diseases. Otherwise, the claim may get denied for incorrect coding.
ICD is a numerical label that describes injuries, diseases, and causes of death. It’ll determine the appropriate reimbursement amount from the medical insurance company. It’s important to make sure your office is up-to-date with coding requirements.
- Update Patient’s Files
Aside from being organized on your documents, it’s crucial to keep your patient’s files updated. This update includes changes in demographics, such as name, address, and insurance information.
If there are any changes in the patient’s file, update their information in your system. This way, you can avoid submitting outdated claims that payers may deny due to obsolete data.
Having an organized patient chart for medical billing makes it much easier to find information quickly when needed.
- Submit Claims In Promptly
Once you have all the necessary information, submit your insurance claims as quickly as possible. Waiting too long to submit a claim can lead to delayed payments.
In most cases, you should aim to submit your claims within 30 days of the service date. This gives your office plenty of time to gather all the required details without having to rush.
Additionally, it also allows you to track the status of each claim and follow up with insurance companies if needed.
- Track Denied Claims
Denied claims can be a headache for any medical billing office. This scenario is inevitable in some cases. However, it’s crucial to have a plan in place to settle denied claims.
If you receive a billing claim rejection, take action immediately. Call your payer to verify the refusal and get more information on what’s needed to correct the problem.
Correcting denied claims can be time-consuming. For this reason, it’s important to quickly resolve these concerns so you can move on to the subsequent claims.
To prevent this situation, double-check all submitted claims for any errors before sending them. Even the most minor of mistakes can lead to denial, which wastes valuable time and resources.
- Outsource Your Most Complex Collections
Most medical practices are at ease handling medical claims billing in-house. However, some collections can be too complex to manage.
The high volume of denials and unpaid claims may be challenging to resolve. For this reason, you may want to consider outsourcing these cases for better results.
Outsourcing is a convenient solution for accounts that are considered high risk. It can help free up time so you can focus on other areas of the business.
- Enhance Quality Control
Quality control is essential for any medical billing office. This process ensures that all claims are accurate and meet the requirements of the payer.
A more efficient solution is to implement a standard protocol for all employees involved with the billing process. This way, you’ll have better assurance that your office adheres to all coding standards and payer requirements.
The standard protocol should outline the responsibilities of each staff member, including who’s responsible for that specific task. It’ll help your office remain consistent with quality control while minimizing possible errors.
- Employ Training Programs
The best way to improve your medical billing process is through education and training. A properly trained medical staff can handle claims more efficiently.
Educating your staff also helps to ensure that everyone is on the same page and understands the billing procedures. This system can help everyone to be up to date on the latest changes.
Moreover, a team member training program is an excellent way to address concerns early on. With this training, you can prevent common errors that can delay the billing process.
Optimizing your medical claims billing process can save you time and money. It may seem like a daunting task, but with the right tips in place, you can make the process smoother. Implement these tips into your office and see how they can help improve your billing process.
Moreover, investing in medical billing software can also help you automate many of the tasks involved in the billing process. But, more importantly, stay focused on your core mission: speed up collection time and maximize revenue.