1 in 10 U.S. adults owes at least $250 dollars in medical debt.
Unpaid medical debt isn't just frustrating for patients - it can seriously strain medical providers who haven't been paid for their services.
So is there anything you can do to collect more from patients and insurance companies? Keep reading for our top tips for improving your medical billing practices.
Collect Full Information
One of the simplest but most important medical billing tips that can improve your business is to always make sure the information you collect from patients is complete and accurate. This information is used to bill insurance and collect outstanding payments from the patient directly.
Be sure to get social security numbers in case the account needs to be turned over to collections down the road.
Be Transparent with Patients
Healthcare organizations can help medical billing staff by being transparent about billing patients' insurance and how patients can pay their balances.
For example, healthcare practices can post billing company information in patient check-in areas. Make the terms of payment for healthcare services clear and visible throughout the process of caring for the patient.
Be sure to include information about insurance requirements, payments due at the time of service, co-payments, and other medical billing procedures.
Use Technology to Your Advantage
All businesses should use take advantage of the latest developments in technology and medical billing is no exception.
Using the latest medical billing software can help you stay up to date with changes in billing rules with various insurance plans including Medicare and Medicaid. This type of software automatically updates and can help you identify potential claim denial reasons and increase the amount you can collect from patients' insurance.
Have a Contract in Place
Medling billing companies should have a contract in place with other relevant parties including medical facilities, physicians, and other providers of healthcare services. This contract should specify who is responsible for which tasks and how payments will be made.
This contract should protect each party and include terms for ending the contract as well.
Identify Areas for Improvement Using Data
One of the greatest assets medical billing organizations have on their hands is their own data. Data mining is transforming the way we do business in every industry, including medical billing.
Data can be used to improve not just returns on claims but customer service and other business practices. Medical billing software can help you generate reports that provide invaluable information to help you make business decisions.
These customizable reports can help you improve productivity, see where changes need to be made with staff, and identify errors with payments.
Successful Medical Billing Is Just One Aspect of an Efficient Healthcare Practice
Medical billing and collecting payments from patients is easier when they've had a good experience with your healthcare organization. If you want to offer the best healthcare to your patients, you could benefit from transcription services.
Click here to learn more about our services or contact us today.