The importance of the medical billing process can be summed up in a few words: inefficient process means you're losing money. So a streamlined medical billing process is vital for your practice's cash flow.
But the pain points of medical billing can hardly be overlooked. From the tedious paperwork to patients’ declining ability to independently pay their medical bills, it can be a challenge all around.
A simpler medical billing process benefits everyone; from the patients involved to the healthcare and insurance providers.
Here are 3 ways to make your medical billing process more efficient:
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1. Submit Insurance Claims Electronically
The medical billing process is tedious and time-consuming in its own right. But some practices make it harder on themselves by sending insurance claims manually on paper.
Physical paper is notoriously difficult to keep organized in any business. And sending your practice's insurance claims by paper also requires extra time to handle shipping and delivery. Sending claims electronically eliminates these issues.
There are many ways to send claims electronically. These include using a Clearinghouse or one of the available billing software. AdvancedMD, DrChrono EHR, Cerner, Homecare Homebase and Kareo Billing are examples of popular medical billing software available.
2. Improve Eligibility Verification
To make the medical billing process easier, it is necessary to learn who is responsible for paying bills; whether it's the patients or insurance companies. The lack of knowledge in this area increases the time it takes to complete billing for each patient.
Not knowing for sure what insurance covers can also lead to errors in billing. This oftentimes results in nonpayment by patients or denials by insurance companies.
To get rid of or minimize these issues, your healthcare staff can take some time upfront to get familiar with each insurance company your practice accepts and learn what medical conditions each one covers.
3. Handle Rejected or Denied Claims Promptly
Rejected claims are often caused by errors in the billing process. In such cases, the payer will return the claim to you, the biller. Rejected claims increase the time taken to complete the medical billing process.
Ideally, all your submitted claims would be error-free, and this would get rid of rejection. Sadly, nothing is entirely ideal. The best thing to do in the case of a rejected claim is to get in touch with the payer as soon as possible and fix existing errors.
Allowing rejected claims to go unattended for long periods increases the time to be paid, if ever.
How Outsourcing can Help
Your medical practice is about providing health services to patients. But it's so easy to get bogged down with administrative tasks like medical billing.
When you outsource your medical billing, your in-house staff is able to focus on what really matters: providing the best service to patients.
Outsourcing companies take on the hassle of many of the RCM tasks including benefits verification, claims submission, and denial management.
Proven benefits to your practice:
- Lowers your operational costs
- Improves cash flow to your practice
- Removes the hassle of hiring and managing staff
- Independently manage to specific metrics
The medical billing process is known for being tedious and time-consuming. But there are ways to make the process much simpler. Outsourcing your medical billing process is one thing to consider.
Infinit-O especially is a trusted healthcare outsourcing partner who can help you build and operate a dedicated team of well-trained healthcare professionals, especially for you and your unique needs. When it comes to healthcare, Infinit-O can meet your goals, whether they be growth, better productivity or simply bottom-line cost savings. With our access to highly-skilled healthcare experts who use cutting-edge technology, we provide some of the best strategic solutions for your business. We are ISO-certified, HIPAA- and GDPR-compliant, so your company’s and patients’ data are safe with us.
When you’re ready to grow, think Infinit-O!
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