The key to flourish as a Urology practitioner is collecting your hard earned money for treating patients. A faster rate of collection is invariably augmented by one critical factor, which is a specialized Urology medical billing and coding company.
The majority of the urology practices have an average collection rate of around 75%. This implies that you are passing up a big chunk of 25% of the finances owed to you. The insurance agencies absolutely don't make it simple to collect each penny, yet that doesn't mean it's impractical. We have seen a few workplaces with collection rates in the 50-60% region, which means all those profit which you earned and deserve, are still in the insurance company account. Thus, augmenting your Urology collection rate is a must.
As a Urologist you ought to have a point by point matrix demonstrating effective dates, supplier numbers, connected demographics and convenient billing and coding and documenting rules for each of your supplier's and payers. Without this data, it is hard to assess why you are getting denials or what you must do about it. Insurance agencies are always including new plans or changing policies and charge plans that influence the way you conduct the direct business.
Since you have your credentialing matrix refined, it's now time to record/document every payer's rules with regards to authorization. Prior and proper Authorizations denotes an Achilles heel for most Urology practices and education plus knowledge is the only way to ensure this denial category is empty. Your in-house staff or offshore billing company must be acutely aware of how each payer handles authorizations and for what services you actually need one.
Collection of patient claims or rather the scarcity in that department; represent a big chunk of urology practice's aggregate AR. This is large because of doctor's facility or outpatient surgeries, where the patient doesn't deal with their responsibilities before being dealt with. Clearly, you can't tell a patient in the ER that they need to pay you $1,000 before you'll take care of them yet that doesn't mean you can't be more proactive about collection for your administrations.
While most Urologists believe strongly in an aggressive and thoughtful patient collection strategy, they also know that collecting for a service once they leave your office can be incredibly difficult. Keep in mind to collect now or kick yourself later.
This truly appears like common sense yet you'd be astounded by the number of practices that do have an insurance follow-up procedure. Ask your billers how regularly they're approaching claims in each aging bucket? If they don't know then that is an indication that you're leaving not less than 10% of your cash on the table. Remember that failure to follow-up positively means that you could be facing a timely-filing limit by the time you actually find out that you need to resubmit the claim.
Reporting from the outset may seem to be a boring work undertaking for the Urology billing staff, however that couldn't possibly be more off-base. Notwithstanding the essential aging information, you ought to likewise understand to what extent every payer takes to pay a claim, what your denial rate is by plan and what your return on time or per patient is for each arrangement.
Other items that should be included in your monthly report are: drug costs/profits, UDS costs/profits, imaging costs/profits and anything else that has a fixed cost associated with it being provided. Today, it is alarming to see so many Urologists losing money every month on services or products that used to be profitable. It's easy to end up losing money without proper reporting as drug prices and reimbursement change quarterly. To summarize the above write-up, do remember that there are many other ways to speed up your collection rate, but start with the above mentioned points and you are sure to see a dramatic improvement.
It's as a rule the case that the arrangements with the most astounding rate of disavowals additionally have the least profit for your time on the grounds that their agreements are poor or individuals are destitute. Different things that ought to be incorporated into your month to month report are: medication costs/benefits, UDS costs/benefits, imaging costs/benefits and whatever else that have a settled cost related with it being given. It's disturbing to us to see such a variety of works on losing cash each month on administrations or items that used to be gainful. Medicate costs and repayment change quarterly, which means it's anything but difficult to wind up losing cash without appropriate revealing.
There are numerous different keys to enhancing your accumulation rate however beginning with these and you're certain to see a sensational change.