5 Ways Your Medical Practice is Losing Money

Yes I know that I’ve talked about this before, but it is always good to keep information up-to-date. Due to the complexities of medical billing and coding there are several ways in which your practice could be losing money.

Here are 5 things to watch out for:

1. Not collecting co pays, co-insurance, and/or deductibles! This happens because sometimes the fact that these amounts are the patient’s responsibility at the time of service is overlooked (or forgotten). To avoid this make sure that filing claims and co-pays promptly are done promptly.

2. Having an Improper Fee Schedule. This might sound straight-forward, but you’d be surprised how big of this issue this is in practices. Without current coding codes and optimal pricing for your services, you most likely are being underpaid for your services. Make sure that you are on top of all the new codes, and that you’re actively researching what the “going rate” is for the services that you provide.

3. Not billing and following up on secondary billing! Under trained or overwhelmed staff will leave revenue uncollected – it’s not something that is done on purpose, it just happens. Usually I find that physicians prefer low overhead, but in the end the truth is that you get what you pay for. Instead of having one person wearing many different hats, the best call is to have a dedicated individual or company for the role.

4. Denial Management! This is a big one – if you don’t have an aggressive follow-up system in place it can cause you to lose out on thousands of dollars annually. One thing you can do to solve this is have experienced staff, and by having a good system to track your accounts receivable (A/R).

5. Correct coding and clean claim submission—the first time. Whoever assigns your codes should understand all of the “ins-and-outs” of coding, no ifs and’s or buts about it.

If you are currently experiencing any of the above issues it really is time for you to consider outsourcing to a medical billing and coding company. The bottom line is that you will end up saving money on costs and making more money through better submissions. Outsourcing is becoming more and more popular since outsource companies have a dedicated team that’s only job is to make sure that their clients submissions are done promptly, and right the first time. The fact of the matter is that even if you have someone on staff that does medical billing and coding the chances of them having to complete other tasks within the practice are high – which means that they are not 100% focused, allowing for more errors to occur.

Why not give us a call and talk about outsourcing your medical billing? Contact us today to set up a free live demo – I promise you won’t be sorry.

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