Revenue collection is an important aspect of managing a medical practice. Efficient revenue collection requires having a denial management process handy. This will ensure that your revenue cycle runs smoothly with less future claims denials to keep your patients happy. It is very important to focus your energy and time on offering quality patient care.
Since you are running a business, you also have to pay special attention to the revenue cycle. Keep in mind that denials usually show up during the cycle. Therefore, it is very important to have a strong denial management process handy. This will ensure that you eliminate claims denials in your revenue cycle management process. Additionally, you will lessen chances of future denials while all your patients will be happy with your service.
Tips to revamping the denial management process
Understand the cause of denials
This is the first step to enhancing your revenue cycle management. You have to take steps to discover why your claims are denied. Keep in mind that this might have perplexed your patients already. It is very important to make an effort at discovering the possible reasons for claims denials. Understanding this makes you in a better position to give your patients an explanation. This is likely to give patients a positive experience to encourage loyalty towards your practice.
Rely on professionals
The smartest solution to enhancing your revenue collection is outsourcing one of the best medical billing companies in Houston . A professional company will have highly experienced billers who will increase revenue in your practice. These will work diligently to ensure that your billing process is free from errors. This lessens chances of claims denials leading to timely reimbursements in your practice.
Outsourced medical billing gives your staff ample time to offer quality care to patients. This significantly improves customer experience leading to recommendations and referrals. Additionally patients who feel they received services that exceeded their expectations are likely to write good reviews about your practice. This encourages more patients to come to your practice with a subsequent increase in revenue and an improvement in your bottom line.
Promoting organization in your practice is best done by adopting technology to substitute use of paper. Having to deal with huge loads of documents and files is confusing. It is very hard to locate files and storage becomes a big problem. Organizing processes in our practice requires digitalizing most of your processes. It becomes easier to search for a file on a computer than in a file cabinet. Additionally, electronic records make it easier to detect errors before claims submission to limit denials.
Set up a timeliness policy
After going paperless , you will find tracking of all processes easier. This allows viewing pending, paid, and denied claims in your billing cycle more easily. Ensure to have a timeliness policy that allows handling issues in a particular timeframe. This is likely to enhance patient experience resulting from correct billing. Additionally, timely handling of billing processes will save your practice from losing money through late denial appeal.
It is very important to track all claims to allow noticing successful and non-successful claims. Tracking allows detecting a consistent problem in your submission process causing denials. You will be in a better position to address the issues to realize positive outcomes. Additionally, tracking allows noticing the trend in denials. Some of the common causes of claims denials include:
- Misspelled names
- Wrong birth dates
- Coordination of benefits
- Issues with accident details
- Errors in the social security number
Tracking allows detecting the commonest causes of claims denials to allow finding a solution to address the issue.
Schedule chart audits
It is very important to maintain the utmost accuracy in your billing process. With assistance from your professional billing team, schedule comprehensive chart audits to verify this. This ensures the maximization of returns while reducing accounts receivables. The team of professional billers will ensure appropriate coding and compliance with industry regulations and insurance providers’ requirements. This will significantly limit the chances of claims denials and late reimbursements.
Keeping at par with industry regulations and codes requires regular training . Ongoing training allows for streamlining workflow and maximizing productivity. Outsourced medical billers are an extension of your staff to allow in-house staff to focus on patient care. Compliance to industry standards will save your practice from fines and lawsuits that might damage the reputation of your practice. With a team of experienced and professional billers, you will not have to spend on staff ongoing training.
Managing a medical practice involves handling various tasks including revenue collection. This should be free from errors to avoid claims denials and late reimbursements. Fortunately, you can consider ideas like outsourcing a team of professional billers. These come with industry experience and appropriate training to understand all coding updates while complying with industry standards.