With the modifications in the insurance of private insurance companies, Medicare, regulations, and new necessities chiropractic billing has become more complex. With changing, scenarios chiropractors require to update their billing workflows and revenue generation technologies in order to lower claim denial ratio, submit transparent claims, and get reimbursed.
Following are some of the chiropractic billing tips in order to enhance the revenue cycle:
Optimization and Examination of Account Receivable (A/R)
For physicians account receivable is one of the important elements as far as reimbursements are concerned. Moreover, they advised keeping your A/R between 0 to 30 days category. In A/R, days indicate the average time taken to collect the payments owing to practice. Generally, days and payments are directly proportional to each other. More the number of days, delays in obtaining payment. Calculating A/R will help you to find out whether the revenue management cycle processes of your practice are effective as well as efficient or not and also point out any problems that occurred in the time to time payments.
The following are some methods for how to optimize and examine account receivable (A/R), which will help you to have a positive impact on your revenue cycle:
• Differentiate patient accounts receivable and insurance
• Maintaining relationships with payers
• Evaluate and understand payer-refund patterns to define, determine, and prioritize risks
• Understanding particular guidelines by payers that could affect your account receivable management
• Enforce stringent collection policies for patient accounts
According to the CMS report on improper payment stated that in chiropractic services, lab tests, and imaging there were about 90% errors mainly because of insufficient documentation in the year 2013. Moreover, the most common reason for improper payment during 2013 was a lack of documentation. Hence, it is required to have proper documentation for each and every patient in order to enhance the revenue and proof for offered services. Apart from this, the major types of documentation errors are incorrect coding, insufficient documentation, no documentation, and lack of medical necessity.
Teach patients about insurance terminologies and chiropractic medical billing
Patients are witnessing more co-pays and deductibles than ever because of a lack of knowledge about these factors and other insurance terminologies and chiropractic medical billing. It has been observed that healthcare awareness is risings day by day and patients are becoming more sensitive towards healthcare expenditure. It is important to start communicating with them about cash.
According to the study of JAMA Internal Medicine, hospitals which are capable to provide consumers price estimate raised from 14% in 2012 to 44% in 2018. The patient should possess knowledge about the cost of chiropractic services, insurance covers, and their financial responsibilities. Patients should understand the costs involved with chiropractic care, their insurance covers, and financial responsibilities. Apart from this, the patient should be offered a catalog or booklet, which contains thorough and clear information about necessary billing requirements.
Examine insurance contracts
In order to notice any changes between the insurance contracts with respect to the previous year, practices require to take a thorough review of their contracts with payers. This will help them to build an action plan for changes in the workflow, processes, and staff retention if required. Additionally, providers should be mindful of filing deadlines for the coming year.
These are some of the chiropractic billing tips, which expected not only to have a positive impression on the revenue cycle but also to accelerate the revenue collection.