Managing your practice’s reimbursements may create so many obstacles that your cash flow may flow as slowly as water through a clogged drain. With so much bureaucracy behind the medical billing process, the revenue cycle is more complicated than before the health industry turned to software automation.

Issuers denied 17.4% of in-network claims out of 232.8 million claims received, prohibiting 40.4 million.

The main concern of many practitioners is getting paid on time and accurately. Practices are increasingly using electronic claims submission to make claim reimbursement easier. Transmitting insurance claims electronically increases health provider cash flow and streamlines billing operations for managed care firms.

Health providers must constantly review medical care routines despite the challenges associated with claim processing. As it turns out, there are many options health providers can use to improve their coding and billing processes, ultimately leading to faster submissions and increased approvals on the first attempt.

Follow these tips to ensure your electronic billing and insurance claims get paid faster.

• Update and Maintain Patient Insurance Coverage

At every patient visit, copy their insurance card to ensure you get the correct claims filing address and other information. Their details must correlate with the third-party payers’ reports. Moreover, this may take five minutes, but it is less than the additional ninety days that you would take to collect money from someone who had presented you with invalid insurance data. The good news is that PsychOnline has an easy-to-use system that allows you to check your benefits, file claims, and pay co-pays.

• Automate Basic Billing Tasks

Automating systems in your business motivates employees, enabling them to focus on more patient-centric and personalized service care. This also aids them in filing independent claims, creating and then issuing remittance reminders, and choosing the appropriate medical billing codes.

• Outsource the Most Problematic Collections

It is quite understandable that you may be wary of outsourcing work as a provider in a society offering many years of services. However, keeping an open mind is prudent, especially when revenue cycle efficiency is online. You can free up your staff by utilizing third-party revenue management firms.

Likewise, assign a staff member solely to billing by ensuring they are up to date on all the latest modifiers and codes.

• Establish a Monthly System for Checking Open Claims

Ensure you routinely review your list monthly and contact the insurance firms to track payments. Having a clear structure of checks and balances improves first-pass rates. 

In most cases, denials are common because a physician may not have been properly credentialed or have failed to provide sufficient support documentation. Claim payment practices require this information to be available to the public and state insurance regulations.

• Clearly Define the Collection Process Upfront

Ensure you communicate the responsibilities for paying for the services to the patients by including details in the paperwork they fill out. Likewise, placing a signpost in the reception will help clarify the payment system to new patients, resulting in fewer patient claims.

Make a copy of the clientele’s insurance card and photo ID on the day of billing for your files to support timely collection.

• Keep Track of Delinquent Claims

Does your practice have a waiting balance? The answer to the query gives you the delinquent claims number awaiting service. After thoroughly reviewing the receivable account, you may detect electrical medical billing. If your delinquency rate is high, there is probably something more serious. Consistently reviewing delinquent accounts to improve performance will help you get to the bottom of these problems as early as possible.

Streamline your electronic medical billing process and insurance claims today by signing up for a free trial or reaching us by email at info@psychonline.com.