How Can Healthcare Professionals Keep Physician Billing Services in the Shape

August 27, 2021, bestturtlebeach

Physicians, particularly in the United States, have to encounter unplanned expenditures to fight against the viral pandemic. While at the same time, they have to shift their attention from their non medical obligations i.e. physician billing services to the patients care. That results in less focus on RCM tasks and eventually a high rate of claim denials as well as revenue loss.

Moreover, it has been estimated that in 2020, healthcare providers lost around 323.1 billion dollar. The reason is obvious. Failure to keep the medical billing and coding precise is the main reason behind the loss of such a considerable sum!  Additionally, the ongoing pandemic has caused high financial strain among physicians across the US.

However, in order to cope with the current situation. Medical care providers should implement advanced physician billing solutions to keep their medical payments in top shape. Choosing the right billing and coding strategies can help healthcare practitioners to survive and thrive in the economic downturn.

Here are the following out of the box ideas that can turn the table for your medical practice.

Establish Transparent & Written Financial Policy

A concise and transparent financial policy. That clearly describes the best possible payment methods, terms and conditions are extremely crucial to saving a healthcare practice from financial troubles.

For instance, circulating the financial policies among your patients can actually increase the copays and deductible collections. That plays an important role in streamlining the physician billing services and revenue collections as well.  Once you have a written policy in hand, and front desk staff have a complete understanding of this policy too.

The next step is a patient responsibility agreement. Don’t forget to make sure that your existing and new patients sign this agreement before they receive healthcare services. In this way, your patients will become legally bound to pay their medical bills without delays.

Navigate Advanced Technology

Technological advancements continue to transform the entire healthcare industry drastically. However, physician billing solutions, backed by innovative billing tools can help you in the following ways:

Implementation of Advanced EHR systems can make the front desk tasks easier and error-free. It can increase the efficiency of the patients’ scheduling, prior authorization and keeping the patients' medical history in digital form. Which decreases the chances of claim denials, occur due to using outdated methods and streamlines the physician billing services.

Upgrading the claims management from manual techniques to electronic processing can drive positive outcomes in terms of fewer billing errors, reduced administrative burden and a high rate of clean medical claims. One of the biggest advantages of electronic claims submissions is the hassle-free follow-up with the insurance companies. Because advanced billing software enables billing and coding teams to track the current status of the submitted claims easily.

Moreover, using advanced scrubbing tools set the medical claims free from potential errors. That can later result in denied/rejected claims.

Hire Professional Physician Billing Company

One can’t deny the fact that the ongoing pandemic has changed the work schedules of healthcare providers, leaving little to no time for managing the physician medical billing service. Therefore, the trend of hiring competent physician billing companies has witnessed a surge. Outsourced billing and coding experts help you in the following ways:

Utilize automated tools for workflow management that takes your physician billing system to the highest level of accuracy and efficiency.

Ensure the regular submission of medical claims with accurate patient information, precise medical coding and valid insurance information.

Reduce the claims backlog by implementing smart denial management solutions and provide customized physician billing solutions to prevent such occurrences in the future.

Ensure 30 to 40 percent reduction in capital costs associated with the in-house physician billing services.

Hence an outsourced physician billing company helps you to manage the entire medical billing system effortlessly and effectively.

If you are struggling with the high rate of claim denials, then you should adopt the above-mentioned strategies to stay financially fit.
 

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