November 25, 2022
Taking steps to maximize collections is just one aspect of successful revenue cycle management. If practices fail to carry out this essential process, they risk losing the money they are already providing services for. It’s imperative for practices to incorporate collection processes to avoid payment delay and non-payments.
Despite the return of in-person visits, a lot of practices are struggling with a decrease in in-patient numbers and the consequent decline in revenue for the practice.
The fear of patients not visiting practices is a vital factor resulting in low patient volumes. A report shows that at least 29% of adult patients are delayed seeking medical attention because of COVID-19 concerns. The practice's revenue is still not up to the mark, but an enhanced process for patient experience and collections could help improve cash flow.
The front desk staff must collect all the relevant information if a patient calls to schedule an appointment. It is recommended that the patient portal and online scheduling tool should include fields that allow updating or collecting data.
The correct information about insurance and contact details will enable staff to confirm the coverage and to contact the patients quickly during the entire treatment and collection process.
Insurance eligibility will help providers confirm the coverage with payers, assisting in clarifying payer rules.
These steps can help to identify any collections adjustments that could have occurred, which portion of the charges for the anticipated treatment will be covered, and other related factors.
Increase the chance of collecting balances during check-in by providing fast, secure, and multiple options such as cash, credit/debit cards, or a check. A simple and convenient online payment option will increase patient payments, resulting in enhanced cash flow.
For practices with a larger balance, creating payment plans and educating staff to describe these options and follow them appropriately. Offering flexible payment plans will assist healthcare facilities in increasing collection and also give patients the peace of mind that they will be able to pay for the treatment they require.
Perseverance is essential to maximize collections. Create a plan of action to contact patients who fail to pay on time and develop an outline for employees to follow. Staff must be trained to provide all payment-related details – request the total amount, discuss payment methods, and offer the option to pay in installments if required.
Maintaining a healthy financial position in the midst of a tense regulatory climate isn't a simple job. Having knowledge of how to get paid for the services is crucial. Many services partner with revenue cycle management experts to enhance profitability. The following are some of the reasons for hiring a professional billing company.
Posting payments is crucial in medical billing because errors in posting payments can affect accurate accounts receivable (A/R) reports and cause distrust in patients who receive incorrect statements. Utilizing an expert in medical billing to process payments will provide practices with better results and confidence that any possible issues will be identified and addressed.
When a claim is denied, the medical billing service can mark the claim with a follow-up or denial code, make necessary corrections, and submit the correct claim as per the guidelines for payers. A revenue cycle specialist can help medical facilities with healthcare claims management - by reducing claims rejections that affect reimbursements.
A professional biller will help with duplicate claims, eligibility checks, payer IDs, diagnosis codes, and much more. Once the cause of the problem is identified, billing representatives can help in creating best practices that will help in getting fewer denied claims. Moreover, they also assist in improving the clean claims ratio.
When the claims are correctly submitted at the front end, a medical billing service can assist practices in receiving quicker reimbursement. Getting professional help will provide a lot of benefits as they are trained in handling all kinds of claims. Moreover, they are equipped with proper resources that will benefit practices to achieve their revenue goals.
Through training sessions, medical billing companies can share knowledge on all related topics, such as the eligibility of referrals, their management, and the posting of patient payments. Regular reports can also be sent to stay up-to-date with the practice's KPIs.
In this article, we have briefly discussed the things to reconsider when the practices are struggling with collections. We have also discussed the significant challenges practices are facing and shared some of the top tips to address them to increase patient experience management.