Medical billing is vital for all healthcare providers, from small clinics to large hospitals. The proper medical billing practices can help ensure timely and accurate payment of claims, reducing the likelihood of denials and improving cash flow. Here are a few tips to get you started.
Use an Electronic Medical Billing System
Electronic medical billing software is one of the essential tools a provider can use to improve efficiency, reduce costs, and speed up collections. In addition to helping you file claims correctly with less chance for error, an electronic medical billing system will also enable you to provide excellent customer service by speeding up claim adjudication and providing you with real-time access to claim status – a valuable time-saver for providers and patients alike.
Use Electronic Health Records (EHR)
Electronic health records (EHR’s) help standardize patient care, help with revenue management, speed up claim adjudication and provide you with real-time patient information. CCHIT-certified EHR technology has been designed to meet Meaningful Use requirements by delivering providers with the tools they need for fast, efficient claims processing. Not only are claims processing costs reduced by as much as 90%, but providers can also expect to see a 5% increase in collections.
Bill Promptly
Providers should bill patients for services rendered within two weeks. Delaying the medical billing Miami process results in lost revenue and unpaid accounts payable, which can create cash flow issues, lead to late fees and damage your relationships with payers. Early submission of claims means you’re more likely to receive timely payment. If the delayed submission is inevitable, be sure that any necessary claim resubmissions are submitted in a timely fashion.
Follow-Up with Payers to Track Claims Status
To ensure payment, follow up promptly on all outstanding claims to validate that they were received and processed correctly. Prompt action can help avoid denials and reduce the need for further claim resubmissions. It’s also essential to track claim status regularly, which may require reporting tools built into your electronic medical billing system.
Optimize Your Billing Processes
Create standardized billing processes to reduce errors and speed up the payment of claims. For example, establish a standard procedure for verifying patient eligibility before submitting claims to ensure that providers are not asking patients to pay again for services previously covered.
Utilize Electronic Remittance Advice
Electronic remittance advice (ERA) enhances the claims collection process by electronically transmitting insurance eligibility, benefits, and coverage information. ERA ensures that providers receive complete and accurate payment information, reducing denials and ensuring faster cash flow while improving patient care and satisfaction through improved customer service. Using ERA, providers can reduce their administrative costs, maximize revenues, enhance cash flow and improve patient care.
The best medical billing Miami practices keep up with the latest changes in technology and help with revenue management and reimbursement. However, even if you’re not up to date on all of the changes, there are some basics that every medical office should be doing to make sure they get paid for their services. By following these simple tips, you can ensure your practice is getting reimbursed correctly and on time.
