November 04, 2015
The Ear Nose and Throat (ENT), the field of Otolaryngology, is a very specific practice and requires specific medical knowledge. For this, a good understanding of the medical billing process is essential, given that the Otolaryngology practices bill not just for office visits, but also for surgical procedures conducted, which adds to the billing complexity and thereby can cause revenue loss for minor errors
Here are some strategies that can improve your revenues
The Purchasing power:
Convince patients to purchase hearing aids or other medical products from inside your consultation rather than from external resources. For example, given that approximately 48.1 million people in the US report some degree of hearing loss, it has been noted that less than 10 percent of consumers report purchasing hearing aids from an ear doctor. This is a critical component to capitalize on.
Review your net and gross collection rates: If you find that your gross collection rates drop over time and your net collection rates are stable, then you need to look at payer-specific information on accounts receivable. You should keep your net days receivable outstanding at 35 or fewer days. If your Accounts Receivable is older than 120+ days, it makes it the hardest to collect. So either streamline or give that job to an external collection agency.
Check your contracts with payers: Often people in health plan contract department negotiate new rates but the operational people continue to play old rates- such payment errors can cost you money. So keep regular checks on the terms of contracts and re-negotiate, if necessary.
Staff Satisfaction: Having a solid compensation structure for your team of physicians’ results in fewer turnovers and a satisfied staff generating better quality performance for your patients and more walk-ins.
Patient Relationship: Collect demographic and insurance information of patient before the visit to verify insurance eligibility. In case of any mismatch, always get your front desk to confirm with the patient before scheduling an appointment
Maintain Transparent Policies: Always discuss your organization policies with patients and staff so as to reduce friction and payment problems later on.
ENT Coding and Billing practices: Knowledge of and integration of otolaryngology-specific codes can help code otolaryngology and ENT diagnosis and procedures efficient and accurate coding and billing reducing denial claims. Improper code for modifiers and mishandling of improper denial claims, especially for CPT codes which require properly filed appeals and medical documentation, can be a costly affair losing your practice some revenue.
Streamlining your practice, innovative ways to enhance revenues, Payer monitoring, coding & billing knowledge, and Staff and Patient Satisfaction, are the areas that need effective enhancements, which in time will improve your revenues.