5 Strategies to Maximize Your Medical Billing Collections

Medical Billing Collections are a key part of the health care system. Everyday providers face challenges while collecting payments from insurers and patients, thanks to the rising need for documentation and patients who opt for co-payment. To make it easier for providers to keep their earnings, here are some of the effective strategies to maximize collections.

 

Strategies to maximize Medical Billing Collections

 

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Transparent Collection process should be Established

A transparent collection process ensures that patients are aware of the treatment expense beforehand. Establishing a clear collection process and educate patients about the treatment charges step-by-step is important. One should verify patient’s eligibility during every visit to reduce the claim denial ratio. Make sure to collect co-pays upfront in order to avoid unnecessary and tiresome paperwork, or needing to chase down payments at a later date.

 

 

Denial Management

Speaking of Denials, a stringent claim checking process can help you to minimize the claim errors so you get paid in the shortest amount of time. If certain errors do occur, be sure to have an efficient denial management system in place to handle such rejections as quickly as possible.

Denial management team should directly contact the representative of the payer to know the exact error in the original claim so the editing process takes little time and it will help you to reduce the number of resubmissions.

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Error-Free Claims Submission

Errors in coding and medical billing are one of the major reasons behind claim denials and late payments. Approximately 80% of medical claims contain errors and as we know insurance companies follow a strict coding practice so they have to deny such claims. To issue this problem, you should have an efficient billing system in place.

You can also outsource your medical billing to get these things off your plate. Remember to choose the medical billing company that offers the highest first pass claim ratio, like Park Medical Billing.

 

Identify Problem Accounts

Establish an efficient system to track problematic accounts on the basis of different factors including but not limited to: late payments, regularly declined payment, or frequent changes in contact information. Sort out these accounts to better target them with additional reminders. After that, if there are still problematic accounts remaining on the list, then you could forward them to a clearinghouse so you get what is missing or overdue.

 

Stay Up-to-Date

Medical billing rules are constantly changing and in order to keep up with these changes, you should offer and support continued education and training for your staff. It would also be wise to embrace modern technology trends that offer the potential to streamline your billing processes. All these efforts are less costly in the long run when compared to repeatedly dealing with claim resubmissions.

 

These strategies may seem easy when you read it but it’s actually complicated when put into practice. Let Park Medical Billing put you in a less stressful situation by handling all these.

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