billing and collecting is fundamental to your profitability
We'd like to become your Partners and help you experience the greatest profit possible. In this economy, you’ve got to have a team dedicated to ensuring that your billing and collecting is managed accurately and timely. We’re here to help you be successful!
1. don't pay until you get paid
One of the best ways to ensure profitability is to avoid having out-of-pocket expenses before you receive the money you are owed. Staffing can be costly. Not only do you pay the up-front costs for salary and benefits, but there are a lot of hidden costs as well. Computers, phones, office space, supplies, and more can really add up. All of those expenses hit your bottom line before you receive a penny from insurance claims.
2. maintain up-to-date records
Record-keeping requirements continue to grow in patient care. Accurate and proper record keeping is essential for correct billing and maximizing profitability. It’s important for you to meet these requirements, maintain your records properly, keep your records current, and be able to access any information from your records quickly when necessary.
3. improve your billing accuracy
A recent report by the AMA indicates that one in five medical claims is processed inaccurately, leaving physicians shortchanged. It is very possible that you may be losing 25% or more of your income due to under pricing, under coding, missed charges or un-reimbursed claims.
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4. file claims quickly
Late submission of insurance claims can incur costly penalties, or even non-payment. In time, it can impact your bottom line significantly.
5. bill patients weekly instead of monthly
The sooner you get your money in the bank the more valuable it becomes. Billing patients weekly helps to maintain better cash flow and gives you more capital when you need it for employee payroll, managing expenses, and investing for an even greater return.
6. follow up with patients who haven't paid
This may seem obvious, but you’d be surprised how many practices do not simply take the time to contact patients and work with them to settle debts. It’s often hard to contact people directly who owe you money, and some billing services don’t even offer support.
7. focus your energy on the core of your practice
It takes a great deal of time to hire, train, and maintain billing and reimbursement staff. With the ever changing regulations and protocols in the healthcare industry, it is extremely difficult for a single office to keep up with it all. And it’s costly, too!