When you run a medicinal office, your essential concern is likely to provide the best patient care to all those who visit your facility. However, just like any other business, a practice needs a constant flow of cash to keep the things up and running. Here is where a profoundly educated medical billing and coding organization can help you in smartly managing your practices income cycle, and increase the patient influx, with satisfactory and complete documentation.
With ICD-10 and other regulatory compliances coming to the fore in 2017, medical billing has become something of a nightmare for practitioners, patients, insurance companies and so forth. Unfortunately, having all of your billing requirements streamlined is important for tax purposes and creating your practice's financial plans.
Here are some smart ways physicians can improve their financial health
Concentrate on Specific Accounts for Collections
Gaining collections from past-due accounts can be precarious, as there seems to be a specific window in which you can even now connect with the patient and get a reaction. Commonly, with accounts that are one to three weeks past due, you can contact the patient and ask about their delayed payments. But, if you still struggle to get that payment, you ought to contact a professional billing company to concentrate on specific accounts for collections.
For patient accounts that are over 60-days delayed, you need to directly look for assistance from the billing experts or debt collectors. These accounts are not a lost cause essentially, but rather it may be harder to collect the payments. Rather than investing your profitable energy in attempting to track down payments from these accounts, it is best to hand it over to experts who have more knowledge to settle a claim.
Comprehend the ICD-10 Grace Period
Despite the fact that ICD-10 has been set up and running for various months now, the Centers for Medicare and Medicaid Services (CMS) has been sufficiently liberal to actualize a grace period for the new framework. Incorrect claims that have outdated billing and coding work are given a second chance to improve on the errors.
A substantial code is still required in order to completely handle a claim, but your practice will not have to see as much revenue loss due to coding mistakes. Utilize the CMS ICD-10 ombudsman in order to answer coding queries and learn from mistakes made, to further eliminate the potential for lost revenue.
Outsourcing Your Medical Billing
When you outsource your medical billing requirements to a group of experts, your facility will increase and get valuable insights regarding Revenue Cycle Management, HIPPA and CMS compliances, plus all the procedures would be charged with pin-point accuracy and error free claims filing. Additionally, you won't require the services of someone to work in-house, which can be much less cost-effective than handing over the responsibility to a third party.
You likewise won't need to spend time away from the patients to manage monetary intricacies, and you won't need to assign a "go-to person" to try and figure out the mess of billing at the end of the year. If that wasn't enough, most medical billing solutions also help you with compliancy like EHR standards and practice management.
