Three Ways to Optimize Medical Billing Services
Revenue cycle management — a subject that we touch every time while considering new strategies to streamline medical billing and coding services!
Believe it or not, each step taken, each system constructed, and new strategies adopted by the medical billing services influence revenue management. They can either make it or break it. Claim acceptance rate, reimbursement rate, it all depends upon how we compile claims and how we perform.
P3Care, a well-renowned name in the healthcare industry, as a professional medical billing company, has been delivering billing services for years now. We know what it takes to compile a claim that is compliant with the payer’s policies.
It’s only in the perfect world that everything goes normal, and outsourcing medical billing services don’t have to worry about the status of sent claims. It happens rarely. Often, there come issues that hinder the speedy compilation of claims or their processing.
We might not always ensure a hundred percent efficiency of the medical billing and coding process. However, we can manage to overcome some common issues that result in denied claims.
Here are the top three obstacles to overcome. We guarantee better results and improved revenue cycle management if you cater to the respective issues.
Educate Patients about their Financial Responsibilities
As per the West survey report, up to one-third of the healthcare providers do not educate or inform patients about their financial responsibilities.
It results in poor reimbursement rates, and the patient-physician relationship takes a hit.
To avoid the financial complication and reduce the rate of accounts receivables (AR), clinicians and medical billing services should consider sharing what the patient has to pay out of his pocket prior to the treatment.
An effective approach is to adopt price transparency strategies and device lists for low-budget services, medium-budget services, and high-budget services. It will help patients to be aware of their responsibilities beforehand. Thus, healthcare services will be rendered with lesser frustration afterward, and patients will receive services with a clear mind about expenses.
Say Goodbye to Manual Medical Billing Services
Manual medical billing and coding might have resulted in high reimbursements in the past. However, times have changed, and technology has taken over.
We are not saying to prioritize technology over human power. But, technology can minimize can human errors and process work with double efficiency. Studies suggest that since 2016, many physicians have upgraded their regular systems for claim submission, claim status inquiry, eligibility and benefit verification, and remittance advice.
The results are astonishing in terms of efficiency and precision. Manual billing services delay the processing whereas technology speeds up the process. Manual help would still be required to monitor and regular the use of technology.
Thus, billions of dollars can be saved if we choose to adopt technology as Electronic Healthcare Records (EHRs) to compile claims.
Automate the Physician Query Processes
In a traditional physician query process, when a coder from the medical billing services has a query, he sends it to the medical record specialist. They, then print the query for the physician. This time-taking process only adds load to the administrative work. It also does not always result in a satisfied query.
Therefore, automating the physician query process is the best option. Smartphones can be used for this purpose because they are easily manageable, and it is easy for physicians to respond to the query.
The easier it is to manage the administrative load, the easier it is to streamline the process.
These three issues can be solved with efficient planning and technology incorporation. Along the way, you can use different strategies to raise your mark as a medical billing company.
