Medical billing in the Fort Lauderdale industry has been plagued with an increase in revenue loss and an increase in cost to stay competitive. The reason behind these trends is the increasing number of health care providers and patients enrolled in insurance plans that are not paying their bills on time, if at all. Here is how you can reduce your revenue losses by using medical billing and management services in Fort Lauderdale.
1. Proper Coding
The first step to reducing medical billing revenue losses is properly coding your bills. To do this, you must clearly understand the specific codes and modifiers that apply to each type of service. This can be a complex process, but it is essential to ensure that your claims are correctly coded.
2. Resolve Claim Denials
Claim denials occur when a patient is denied coverage for a medical service based on the type of service performed, medical necessity, or cost-related criteria. They can be costly for both patients and hospitals because they influence reimbursements and affect their reputation with insurance carriers that have already paid out on claims adjudicated as valid. Hospitals should use tools such as claim status reporting tools to identify claims that have been denied so they can take steps to resolve them before they result in additional costs and penalties.
3. Eliminate Payment Delays
Another step to reducing medical billing revenue losses is to eliminate payment delays. If a patient is late with their bill, the provider may need to use collection services or may even lose the ability to bill. You can reduce your overall medical billing in Fort Lauderdale revenue losses by eliminating this source of revenue loss.
4. Outsource Your Billing
If you’re paying close attention to your customer’s financials, you’ll notice that they often have multiple bills coming in from different providers. This can lead to substantial revenue losses because you may decline some payments due to improper coding or other issues on your customer’s end. To avoid this problem, consider using an accounting firm specializing in healthcare billing services. They’ll be able to review all the information at once and ensure everything is accurate before submitting any claims or payments.
5. Implement a Workflow Process to Manage Accounts Receivable
Processes need to be implemented to help reduce revenue cycle management medical billing loss due to uncollectible accounts receivable. A good workflow process should include:
- Properly coding all services rendered.
- Balancing trade receivables by customer type and financial position (i.e., patient or provider account).
- Notifying customers when their accounts are past due.
Notifying customers when payment is received but not deposited into the bank account.
6. Implement a Proactive Denial Management Process
Another action in reducing medical billing revenue losses is implementing a proactive denial management process. This process allows providers to track and manage denials before they become an issue for the practice and its patients. As soon as a patient denies service, the practice should be notified immediately to take necessary steps to resolve the issue before it becomes an issue for patients who are paying their bills on time. This proactive denial management process will allow practices to monitor their performance against established standards and trends to improve their processes over time.
7. Prior Authorization
Prior authorization is a process that allows patients to have their medical bills paid before being submitted for payment. Patients who have received prior authorization do not need to pay anything out-of-pocket because their insurance will cover any charges above their deductible. This action will help to prevent a lack of payments.
By using medical billing and management services in Fort Lauderdale, you can make small changes in the way you do your billing. The changes will aid your billing efficiency and help you to prevent revenue losses. Discover great revenue cycle management medical billing ways by contacting J3 Revenue Cycle Management today.