Many practices make common billing mistakes that negatively affect practice profits. The following tips will help your practice establish billing practices that can result in healthier profits!
- Verify the patient’s insurance eligibility and demographic information prior to or at the time of service.
- Collect the proper copays and deductibles at the time of service.
- Avoid incorrect charge posting, such as wrong diagnosis, lack of proper modifiers, etc.
- Have appropriate systems or technology in place to ensure all patient encounters are billed properly (Boost Productivity with Protocols).
- Maintain timeliness in posting charges or payments.
- Edit claims before daily submission to payors.
- Be sure to properly load current payor fee schedules into your billing system so the system and staff can immediately identify underpayments.
- Give appropriate attention to denied or improperly paid claims; get it right the first time.
- Exercise timely follow-up on Accounts Receivable, including the tracking of all denied claims.
- Monitor the performance of your billing department against key benchmarks such as collections %, days in A/R, or % of A/R over 90 days.
Have you reviewed your billing practices lately?
Read more about our medical practice revenue cycle management solutions or contact us via email or call 800-635-4040 with your questions about medical practice billing procedures.
