Top Tips to Improve Medical Billing Process & Revenue Generation

top tips to improve medical billing

Organizations and institutions falling under the healthcare segment, especially those who are in the growing stage must be able to maintain healthy finances in order to acquire patient satisfaction and repeated business.

Having efficient and adequate management of a medical practice’s Revenue Cycle operations is the key to keep its financial numbers in a feasible condition where a lot of factors influence its smooth running.

It’s estimated that approx 20% of a healthcare institute’s revenue ends up being lost due to inaccuracies, billing errors, and holes in paperwork. Thus, here we bring you some tips for the improvement of the financial health of your practice that drives substantial revenue gains for your clinical business.

 

Top Tips to Improve Medical Billing Process & Revenue Generation

Organizations and institutions falling under the healthcare segment, especially those who are in the growing stage must be able to maintain healthy finances in order to acquire patient satisfaction and repeated business.

Having efficient and adequate management of a medical practice’s Revenue Cycle operations is the key to keep its financial numbers in a feasible condition where a lot of factors influence its smooth running.

It’s estimated that approx 20% of a healthcare institute’s revenue ends up being lost due to inaccuracies, billing errors, and holes in paperwork. Thus, here we bring you some tips for the improvement of the financial health of your practice that drives substantial revenue gains for your clinical business.

Top Tips & Tricks to Leverage your Medical Billing and RCM

#Get Highly Trained Billing & Coding Staff

Employing less-experienced professionals and coding staff for executing medical billing processes isn’t going to add any value to your income. 

“Accurately billing the patient is highly dependent on hiring a front desk staff that is meticulous, organized, and thorough.”

Healthcare organizations must concentrate on hiring an experienced and skilled workforce that is well versed and acquainted with processing CPT codes, claims, follow-ups, resubmissions, handling ARs, etc.

Any negligence at the early stage (say wrong diagnosis, improper modifiers, incorrect CPT code entries, etc.) is prone to cause high risks of claim denials by the insurance companies. Thus, to avoid inconvenience and such pitfalls, a service provider must hire talented billers and periodically train them on new updates and guidelines issued by the medical authorities. 

#Collect Correct & Complete Patient Information

“Accurate Data forms the real basis of correct billing.”

A medical billing agency can surely increase its efficiency and accelerate its financial gains by making sure to record complete and accurate patient information. 

All the patient demographics and necessary data including full name, address, contact number, work details, etc. form a crucial part of the data collection process that is further used by the payor companies and ultimately triggers timely reimbursements.

With advancements in technology, such tasks can now be automated using EHR (Electronic Health Recor) systems that reduce the chances of manual errors to a great extent. Even though automated systems work faster and better than humans, nevertheless, patients and medical billers both carry the responsibility of sharing and collecting correct data, equally and respectively.

[Prefer Reading: [2021] Top Trends In Medical Billing & Coding]

#Follow-Up Quickly & Regularly with the Inquiries

The Revenue Cycle Management procedures aren’t way too easy to execute rather it’s a hard nut to crack. Any part of the medical billing process you come across involves great concentration and efforts to produce effective results, that are further to be shared with the dependent departments.

A great deal to handle is with the Follow-Up department who is in conversation with patients, third parties, payors, and their in-house team as well. The staff might be in generating and sending bills/reports but they can’t afford to miss conducting regular follow-ups to keep track of all the inquiries incurred.

Undoubtedly, without adhering to a stipulated Follow-Up procedure, one cannot expect to acquire speedy revenue returns. Timely follow-ups are necessary and can help you:

  • Maintain a steady and consistent revenue stream, encouraging financial stability
  • Recover pending claims due to deficient information
  • Avoid missing claims and further denial in claims
  • Recover overdue payments, seamlessly
  • Minimize AR days and keep clean patient accounts

#Use Technology at its Best

 

 

 

 

 

 

 

 

 

 

 

 

Technology has stretched its arms industry-wide and has proved advantageous in all work spheres where implemented. The Healthcare industry is no exception.

Medical practices that strive for effectiveness and efficiency must look upon advancements in technology that can revolutionize their billing workflows and procedures, rendering as expected revenue results.

Electronic software and automated bots can simplify the complex billing tasks and automate all the necessary manual activities, eliminating the risk of errors in any of the RCM processes.

With robust algorithms and programs being implemented in the EHR systems, healthcare institutes can get clear visibility over the claims to be accepted or denied, offering full transparency and control over data processing, AR management, and revenue generation.

[Prefer Reading: Alleviate your Medical Practice’s Operational Challenges via RPA Implementation]

#Use Business Intelligence to Identify Areas of Improvement

Again, technology has a significant roleplay in transforming the paradigms of billing and RCM structures by the provision of data mining. As we have realized the importance of data earlier, accurate data mining can drastically improve the level of service, collection, and patient experience a medical practice desire to deliver.

Guided business intelligence can assist in making data-driven decisions while converting raw medical data into meaningful information that resultantly provides vital insights in the form of reports and analytics.

Such real-time reports support in making sapient decisions on medical billing and revenue cycle management that outputs high productivity, less revenue leakage, more data accuracy and transparency, improved payment collections, and faster reimbursements.

[Prefer Reading: Shore Up Financial Health & Resiliency with Modern RCM Strategies]

#Communicate Wisely with the Patients

It’s inevitable to deliver clear visibility to the patients regarding the terms of payments that further keeps no confusion about billing practices of the medical service.

The posting of all the billing information at a central place offers sheer transparency to the patients as well as staff managing the payment lifecycle of a patient’s account. 

Data including upfront payments, billing procedures, insurance requirements, demographic details, copayments, etc. must be synched well into the system, providing e-access to the patients as well.

#Hire a Reliable Medical Billing Outsourcing Partner

Facing inefficiencies within your in-house team may lead you to miss out on valuable income. This calls for making a wise decision of outsourcing your healthcare organization’s administrative tasks and choosing to make a worthy investment in a reliable partner. 

One would of course pick a firm that best suits your business requirements and one that is hands-on, experienced, organized, HIPAA-compliant, and will suit your practice’s scale and specialty. 

NetSet Digital is one of the leading names in providing Revenue Cycle Management Services with offshore facilities that are highly powered by technologies of Artificial Intelligence and Robotic Process Automation. 

Navigating through the various issues that arise during processing a patient’s billing, NetSet professionals can make billing quick, efficient, organized, and accurate, thus focusing their time and energy, orchestrating your billing activities. 

Looking to Schedule a Medical Billing Consultation..?

NetSet Digital is a technology-enabled outsourcing company that and is among the most innovative thought-advancing leaders that aims to go the extra mile to fulfill your custom-based RCM and medical billing requirements.

Our end-to-end RCM and technology-driven solutions rendered to the healthcare segment aims to revolutionize patient experience to the next level, acquire substantial revenue benefits as you always envisioned.

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