Hospitals and independent practices always strive to keep their healthcare business up-to-date to meet the desired business goals. Medical billing services are the most important aspect in this regard as it contributes a lot to determine the future of a healthcare business.
Therefore, practitioners must adopt effective approaches to improve their revenue cycle management and stabilize their healthcare business. Many innovative ideas can help you revolutionize your billing services to have maximum yield. In this article, I have provided some productive strategies that would help you improve your billing services by minimizing miscalculations.
Strategies to improve Revenue Cycle Management
1. Implement advance medical billing software
While adapting and implementing advanced value-based billing software, you get a helping hand to enhance the credibility of your healthcare business and maximize the efficiency in medical billing services. For instance, when you practice advanced software, you escape claim denials because the software lessens the risk of billing errors.
Moreover, when you get access to updated software you get a two-fold advantage: First, you keep yourself notified regarding modifications in medical billing, second, you keep your medical billing error-free and maximize clean claims.
In this way, medical billing professionals work to enhance the capabilities of revenue cycle management.
2. Prior Authorization & Eligibility
Prior authorization is a process of inquiring patients’ eligibility to cover specific medical services. Normally insurance companies that authorize services assign an authorization number that medical billers need to include when they submit a claim for payment. Therefore, medical billing service providers must examine the eligibility of a patient before delivering a claim to the insurance company. These eligibility credentials include patients’ insurance card and health plan.
In medical billing, prior-authorization is vital because the absence can result in claim denials and reimbursement challenges. Therefore, to maximize efficacy, medical billers should have accurate and complete medical history to avoid future hurdles in claims and reimbursement. In addition to that, you can avoid miscalculations by verifying patient eligibility with every visit to ensure error-free billing and clean claims.
3. Provide cost estimate to patients – Offer flexible payment options
It has been analyzed that the procedure of determining healthcare costs is quite complicated. Since every entity in the healthcare business sets their prices individually. Therefore patients get stuck in figuring out what they have to pay.
To resolve this issue, provide a transparent cost estimate to the patients so that they can realize their financial responsibilities and have a clear understanding of their payments.
In addition to that, you can facilitate them by providing a flexible payment option such as online payments, payment plans and private ways to pay. This practice would improve your medical billing services and certify transparency.
4. Promptly Handle Denied Claims
A denied claim refers to an unpayable claim that contains errors. Such claims prevent insurance companies from reimbursing the services of a medical practitioner. In this case, the payer will return the claim to the biller with an explanation of the problem. These practices ultimately affect the revenue cycle management and slow down the overall process of medical billing.
However, you can cope with these issues by promptly handling the denied claims. For instance, when a denial occurs, quickly resolve the errors, provide information that is needed, and resubmit the claim on time. This practice can help expedite the claim editing process and minimize appeal and resubmission times.
5. Timely Delivery of Claims
Insurance companies strictly follow the deadlines and time limit given to a healthcare business to deliver their claims. It has been observed that many health practitioners have a long list of pending claims that can only be retrieved when professional medical billers follow up unpaid claims and timely appeal for them.
Since proceeding claims to an insurance company is the discretion of medical billers. Therefore, medical billing service providers should remain stick to the deadlines and ensure timely delivery of claims. In this way, you can ensure valuable proceedings of claims by having maximum billing staff in revenue cycle management. This practice would smoothly deliver claims to the payers in a timely manner.
Professional medical billers should prioritize the above strategies to ensure the accuracy of revenue cycle management. This can be done by implementing proactive billing procedures and bringing innovation to your medical billing services.
Revenue Cycle Management significantly contributes to the healthcare industry by providing valuable and proven insights. Medcare MSO is a US-based medical billing company that is providing a complete suite of medical billing services that are fit to your requirements. Visit our website to learn more about medical billing services.