5 Strategies to Improve Your Medical Billing Process

Efficiency is the cornerstone of any healthcare setting. For you to succeed, you must employ innovative ways to deliver quality care and enhance patient experience while lowering your costs and avoiding mistakes.

An efficient medical billing system, therefore, is of paramount importance to achieve these goals. Without an experienced biller working for your practice, it is incredibly difficult to minimize errors, adhere to the latest regulations, and optimize the billing process. And a flawed system could mean not getting paid.

The medical billing process in the United States does not have to remain immensely challenging for both patients and healthcare providers. At Coronis Health, we make sure our partners are 100% compliant and able to receive patients and bill out-of or in-network. We go after the last dollar using our seasoned team of tireless and tough negotiators. We don’t just help you get money, but we help you financially grow. 

A sound medical billing process does not happen automatically, but we can help you get there. We help you employ the right practices to ensure that you reduce debt and unpaid bills while maximizing your profits. Below are five strategies you can use to help improve your billing workflow, helping you maintain financial independence and cultivate success.

#1 Diligently Follow Up With Inquiries

The billing department is in constant communication with various parties, such as insurance companies and patients. Even if bills are sent or emails are exchanged, it is still important to conduct follow-ups to keep track of all the parties’ inquiries and concerns quickly. Without a follow-up procedure, a claim may be denied or your income may be delayed. A successful follow-up procedure can:

• Help maintain a steady flow of revenue, contributing to your financial stability
• Help your practice recover overdue payments without any hassle
• Minimize the amount of time that accounts are allowed to remain outstanding
• Avoid missing claims, which is the biggest reason for delays in payments
• Help recover claims that are still pending due to additional information needed

At Coronis Health, we understand that your most important financial asset is your billed services and accounts receivable. We make sure that this asset is safeguarded, well-organized, tightly managed, and carefully maintained by a professional team possessing a perfectionist approach to execution, accuracy, follow-up, and timeliness. Our United States team works quickly to get billing and A/R follow-up running so you can start collecting and hitting and surpassing financial targets. 

#2 Accurately and Thoroughly Gather Patient Information

Whether you are billing an insurance provider or collecting payment from a patient, everything begins by having accurate information. When you gather all necessary patient information upfront, you’ll avoid a lot of mistakes along the way.

Accurately billing the patient is highly dependent on hiring a front desk staff that is meticulous, organized, and thorough. One way to help the front desk achieve an efficient system is by digitizing your process. Replace old-school questionnaires with tablets that patients can conveniently use to enter their information. By utilizing technology, you get to avoid discrepancies due to poor penmanship or misplaced files. To streamline all your processes, make sure all the financial information your medical billing department handles is easily accessible. Because by knowing where every file and report is, they will save on time and energy.

#3 Be Open About Your Costs

Being upfront about costs will not only inform patients about their financial responsibility, but it also allows the staff to easily ask for payment and to give providers a better understanding of the costs of the services they recommend. Besides, cost transparency will improve customer service and influence patient loyalty, too. This survey shows that patients are more likely to recommend their provider and/or pay a higher portion of the bill ahead of time if they are given an estimate of the cost in advance. It is therefore highly recommended for medical practices to provide patients with a cost estimate to the best of their knowledge.

#4 Dispute Denied Health Insurance Claims

Even when a claim has been coded and filed correctly, there is still a chance it will be denied. In order to get paid, the medical biller will need to follow up with the insurance provider to try and collect the payment. Experienced medical billers will know how to scrutinize a bill and break down each detail. By understanding the language used in the insurance industry, billers can effectively challenge the claim, facilitate an appeal, and negotiate substantial reductions.

Essentially, a medical biller’s job involves more than just issuing bills. They are problem solvers too. They will be in constant communication with patients and insurance providers, especially when payments are late or when something unexpected happens in the billing process. An experienced medical biller will also have the ability to notice any discrepancies in payment. If these payment discrepancies pile up, your practice can lose revenue.

#5 Hire a Medical Billing Professional

Without the assistance of a professional medical billing staff, you might be missing out on valuable income. Hiring the services of a medical billing company is an investment you can make for your practice. Medical billing professionals have years of experience and are specifically trained to understand the medical billing process. As a result, they are able to navigate through various issues that may arise during the medical billing process. Medical billing professionals also know what medical codes to use when filing claims. They can make billing quick, efficient, organized, and accurate. Since they will focus all their time and energy managing your billing, you can focus on providing quality patient care.

But of course, you will want to make sure you are choosing the best medical billing company for your needs–one that is hands-on, experienced, organized, HIPAA-compliant, and will suit your practice’s scale and specialty. 

At Coronis Health, we offer a personal, high-touch service. We have brought together the most innovative and thought-advancing leaders in medical billing and revenue cycle management to progress this industry into the modern, technological age. We seek a level of professionalism and analysis you won’t find elsewhere, helping you increase your revenue and streamline business operations while safeguarding patient relationships in every step of the billing process. We are also technological innovators. We are fully integrated with the latest technologies, helping to improve efficiency and your practice’s overall revenue performance.

Schedule a Medical Billing Consultation 

Coronis Health is comprised of the top medical billers in the United States, pooling their global resources to bring customers the best in medical billing and revenue cycle management. With more than 100 years of combined experience in various niches including hospitals of all sizes, we offer customers tailored solutions and high-touch relationships you won’t find at a “big box” medical billing company. We employ the latest software and techniques so we can input coding instantly, execute collections fast and efficiently, and get that “last dollar” in a cost-effective manner. Get your free financial check up by scheduling an assessment with us today.

To learn more about how you can achieve long-term financial success while providing top-notch patient care, contact Coronis Health today.

from
https://www.coronishealth.com/blog/5-strategies-to-improve-your-medical-billing-process/