Getting paid for the services is one of the most complex parts of most practices. Many practices state that it takes them a month to get the payments for their services. The payment cycle becomes complicated due to the factors like errors in the medical billing processes and unclear communication. The communication between the patient, practice, and insurance company sometimes worsens the situation. Medical providers need to establish a better medical billing system in order to get repaid efficiently and legally. Many companies tend towards outsourcing medical billing services in order to streamline their revenue cycle.
In this article, we will provide you with some strategies to improve billing and collections in healthcare practices.
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Collect patient contact and insurance information accurately.
The front desk has to collect the patient’s information when they get a call from them in order to make an appointment. The front desk staff collects the patients’ data, including address, contact, and insurance plan. To get the correct data, a good practice can ask their patient to email their complete details.
It is crucial that the information of the patient is up-to-date and 100% correct. If the patient records are correct, the staff can verify their insurance coverage and follow up with them over the treatment and collection period.
When one outsources medical billing services, the medical billing company takes care of everything, including collecting patient contact and insurance information accurately.
Clarify the collections process upfront
Medical claim billing becomes more effortless when you have transparent communication with patients. It is essential to communicate with patients regarding their obligation to pay for the services they get. One can add the details in the paperwork patients have to fill in when they visit your practice.
To clarify the collection process to the patient, practices can have a sign posted in the reception area. This will also eliminate the chance of patients claiming that they did not know about the policy. If you want your payments on time, collect all the billing information from the patient, including their photo ID and copies of their insurance card.
Offer various payment options.
The collection rate can also be improved if a practice provides its patients with various payment options. Instead of traditional payment methods via checks, debit cards, cash, allow your patients to pay via smartphone applications, website, or credit card on file.
Set up payment plans
Medical practice can also set up payment plans to collect payment from the patient who wants to pay their bills in installments. This payment plan can have a criterion for the selection of the patients. There should be a written document that the patient must sign. The document or the agreement should have a clause for what will happen if the patient fails to pay. The plan should not exceed five to six months.
Implement the right payment policy
In order to collect payments from the patients, one can require patients to take care of the copays at the time they Check-in. To create awareness of the patients, one can make a medical practice payment policy. This policy should provide clear terms and conditions regarding the collections to the patient and staff. In this policy, add a patient responsibility agreement and ensure that the patient signs it. Additionally, it is better to send patients some automated appointment reminders containing what needs to be paid at the time of service. When a person opts to outsource medical billing services, the medical billing company takes care of the remainder.
Go with the best medical billing software.
Having the medical billing software helps in improving patient collections. This is because this software tracks all of the payment details. This includes automating late fees, due bills, and identifying patients behind. Medical billing software is not free and needs to be bought, but if you decide on outsourcing medical billing services, you can save this expense and have a cost-saving approach that will boost the rate of your payment collections.
Outsource medical billing services
Outsourcing medical billing services from a medical billing company can help a lot. Outsourcing medical billing from UControl Billing helps generate revenue, provides greater control of the billing process, increases collection rates, lowers your cost of operations, and improves patient satisfaction. They have a professional team that includes expert medical billers and coders. These experts provide your practice with high-quality support. They take care of everything, including medical billing, coding, customer/patient services, and other tasks. For more information on their medical billing services, please feel free to visit their website!