Top Medical Billing Tips That Can Increase Your Revenue

Healthcare providers know the fact that streamlined cash flow is essential for maintaining the financial well-being of their medical practices as well as ensuring that physicians in their healthcare facility are compensated properly. Therefore, you should always look for smart solutions to increase your revenue. 

There are several factors that go into maintaining a revenue cycle management including:

• Patients’ Appointment Scheduling. 
• Collection of patients’ demographic information. 
• Verification of insurance eligibility/ prior authorization.  
• Up-front payment collection (copayments and deductibles). 
• Medical coding. 
• Claims management. 

Medical practitioners cannot afford any negligence in all these processes. Because any inefficiency in these parts can lead to disruptions in the healthcare revenue cycle management. Which is not a good thing for the financial success of your healthcare facility. 

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As we all know that, in this increasingly competitive healthcare environment, with even strict regulatory and compliance checks in place, an error-free medical billing process is not an easy task. Particularly for those practitioners who have patients’ responsibilities on their shoulders. 

The best solution to maintain a balance between managing your revenue cycle management and providing quality care to the patients is outsourcing medical billing services to a reliable billing company. 

Because without acquiring the assistance of well-experienced medical billers and coders, it is difficult to streamline the revenue collections management. Outsourced medical billing experts manage the process of billing efficiently and communicate properly with insurance companies.

However, no matters whether you choose in-house or outsource medical billing services, you should adopt the following strategies to increase your revenue. 

• Accurate Information Collection is Key

Collecting accurate clients’ information is the first step towards streamlining the revenue cycle management. Therefore, your front desk staff should carefully collect the patients’ demographic information including: 

• Patients’ information: Name, date of birth, gender, phone number, address 
• Insurance information: Insurance ID number, Policy number, address, electronic payer ID, etc.

Medical billers use this information to prepare and submit the insurance claims. A slight error in this information could lead to claim denials.  Therefore, you should hire well-experienced registration staff and conduct regular training sessions for them. So they can realize their responsibility and the consequences of their negligence in this process and play their part to increase your revenue.

Moreover, you should invest in the automation of documents. Because the chances of incorrect information collection increase in the manual methods to collect and process the information. 

For example, by using voice recognition software, medical staff don’t need to write each and everything during your patients’ visits. They can keep the patients’ records in electronic transcriptions.   

In addition to this, it is also the responsibility of your registration staff to check the patient’s insurance eligibility, coverage, and active benefits with the insurance company. 

They should ask patients to bring their active insurance cards at every visit. So you can get information on whether their insurance coverage has changed. 

If the patient has a new plan, the office has to obtain the summary of benefits and understand what services are covered under their new plan. If you process the medical claims with incorrect or outdated insurance information, your claim gets denied.  

• Accurate Medical Coding 

Medical coding is considered as a major factor to increase your revenue. Because when a claim is coded accurately, it lets the insurance companies know the diagnoses, procedures, medical services, and medical equipment.  

Incorrect medical codes not only lead to claim denials but also medical practitioners can face dire consequences. Because some coding errors can cause medical frauds and abuse. 

For example, upcoding is a coding error that occurs when medical coders intentionally list a code for a service that wasn’t actually rendered or entering a code for a more expensive procedure than the patient received. If your healthcare facility is continuously involved in this malpractice, you can face penalties, heavy fines, and even imprisonment. 

So, in order to avoid this fraudulent activity, you should hire certified medical coders who are specially-trained to interpret physician’s notes from patient charts. And identify the appropriate code for the services or procedures provided. This not only creates a record of medical services rendered but helps you to increase your revenue. 

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• Keep a Close Eye on Claims 

Medical claims play a crucial role in the optimization of healthcare revenue cycle management. You must understand the fact, without the help of well-experienced medical coders, you cannot keep your claims process on the right track. 

So, in order to improve the payment collections, billing staff should submit error-free claims in a given time frame. Another important initiative they should take is setting up a system for reviewing all claims to ensure accuracy before submission. 

By adopting such techniques, you can increase the clean claims rate. Which ultimately streamlines the revenue collections management. Moreover, medical billers should use advanced software to track the claims. This will keep you informed about the current status of your claims. Did you know that physicians lose millions of dollars due to faulty RCM processes? But an efficient medical billing process could potentially increase your payment collections and you can achieve your financial goals effortlessly. 

In case of delayed or non-payments, you should contact the payers to investigate the reason so that you can fix it quickly.  Managing the medical claims efficiently can be a time-consuming process for some medical practitioners. 

The best solution to drive maximum revenue for your medical practice is outsourcing medical billing services. Off-shore billing experts, having extensive industry knowledge submit the claims according to industry standards. 

They are well aware of the payers’ guidelines and the latest trends in medical billing. They keep themselves updated with the industry norms and help physicians to survive in this fast-pacing healthcare industry. 

Are you thinking about outsourcing your medical billing services? Medcare MSO is the best choice for your medical practice. Seek custom-tailored medical billing solutions to increase your revenue. Get in touch with us today to make the best deal for your healthcare facility.  

Healthcare facilities play a crucial role in providing medical care and services to individuals and communities. These facilities include hospitals, clinics, nursing homes, rehabilitation centers, and other medical establishments. The importance of healthcare facilities cannot be overstated, as they are essential for maintaining and improving the health and well-being of people.