Running Effortless Billing for Your Healthcare Debt Collection Practice
Healthcare firms have a significant responsibility. But, healthy cash flow is an integral part of the business. A professional healthcare debt collection agency can help you with your revenue flow. Not only can these companies help you improve the current billing system in your practice, but you can also rely on collection agencies as they offer seamless service. Remember, with the rising costs; healthcare firms must find more efficient and effective processes when it comes to medical billing and collections.
Here’s a list of things revenue cycle management companies recommend for running an effortless billing for the healthcare debt collection process.
Be upfront and honest
Medical bills may go unpaid as people don’t expect them, so they don’t have a budget for them. When you clear all of the client’s costs to them from the get-go, this prevents them from being blindsided due to unexpected bills.
Checking on a patient’s coverage before explaining their costs to them is essential. That way, you need the information to provide them with a final, out-of-pocket cost before their appointment begins.
Getting staff involved
When more people in your office are involved in the collection process, it is less likely that missed payments or underpayments will fall through the cracks. Of course, this doesn’t mean that every staff member should harass the patients on the phone about unpaid bills. However, it does mean that the front desk staff should ask for the payment at the time of the visit.
You can train staff and remind patients about unpaid balances when they call to confirm appointments. Additionally, it is more about making payment policies clear from the moment patients walk through the door when it comes to hanging signs stating the policies.
When you make the patient jump through hoops to pay them off, there will be many more unpaid balances. At this moment, people are used to speeding and convenience in everything they do, and paying their bills is no exception.
Now is the time when you have yet to take advantage of online bill payments. Making it possible for patients to pay their bills online is essential. You can do this to enhance your recovery rates. As a bonus, making online bill pay accessible to the patients will encourage them to use the patient portal on the website, helping you meet user requirements.
Right medical billing software
Medical billing software has become more essential today than before. It has ever been before, and if you’re using the wrong software or not using medical billing software at all. The process is likely to be much more complicated than it has to be.
The right medical billing software revolutionizes how you handle billing and collections in practice by automating late fees, tracking past due bills, identifying patients with unpaid balances, and more. It would help if you kept in mind that any leading healthcare debt collection agency will utilize the right medical billing software. Moreover, it’s an investment that’ll help save you time, money, and energy.
Keeping staff motivated
When you need to call patients, it’s best to ask them to pay their unpaid balances daily. One of the most challenging tasks is billing and collection. Moreover, its essential that practice recognizes it. You must take steps and let your staff know how much they appreciate them. Also, you should incentivize them.
Comprehensive training facility
There can be mistakes and loopholes, and you may need help throughout the medical billing process. This can be either the staff accidentally chose the wrong CPT code or didn’t assign the correct diagnosis; it’s the only thing the insurance company needs to deny a claim. Besides, there’s always a change in guidelines, and it’s equally essential to ensure that the staff is continuously trained on the latest subjects.
Revenue cycle management companies don’t let preventable errors cause you to miss out on revenue in your practice. It is more about ensuring that the billing and coding staff is properly and continually trained for accuracy and efficiency.
Provide alternative payment options
It is safe to say that the vast majority of the patients- if not all of your patients, want to pay their balance in full. However, the problem is that not all of them have the means to do it. Therefore, for patients who have large, outstanding balances and for patients who can’t pay their balances, sometimes, the best way to recover the funds is by offering them an alternative payment option.
You can always consider working with the patients when providing payment plans, deferrals, interest-only payments, and other out-of-the-box payment options. Not only will it help recover more of the revenue, but it also helps you take a little stress off the patient’s shoulder.
Follow up on payments
Just because a payment is yet to be completed doesn’t mean it was completed correctly. People make mistakes, and insurance companies and patients can make mistakes with payments. Revenue cycle management companies ensure every bill gets paid in full, and underpayments and missed payments will fall through the cracks; however, if you don’t find underpayments, it’s best to follow up with the payer until they’ve cleared the balance.
Follow up on denied claims.
Not only is it essential to follow up on completed payments, but a healthcare debt collection agency will also follow up on denied claims. When the claims are accurately coded, you must have a slim chance of getting denied. Moreover, there’s an even higher risk when mistakes or issues are made. In some cases, claims get denied when they shouldn’t be. This is the best way to know for sure if a mistake has been made in a denial is to follow up.
It’s best not to assume that the insurance company is correct. You must make following up on denials a regular part of the billing and collection process. Also, you must keep following up on denials until they’ve been paid.
You must never accept the first denial from an insurance company and leave it at that. It’s more about just focusing on appealing. Here, payers are sometimes willing to give you a little wiggle room when it comes to coding guidelines; however, you need to provide them with documentation as to why they should make an exception in your case and why the claim must be paid.
You must also know that appeals may not help you successfully recoup 100 percent of cases; it gives you a better chance of getting the balance paid than if you need something else.
USPS address service
If patients relocate, practices may only sometimes get updated about the mailing address. This can make it almost impossible to pay the unpaid balance, especially if you’re trying to do so without relying on a healthcare debt collection company. On an affordable fee, you may always get ‘address service requested’ added to every bill you mail out. The post office will update you with the patient’s updated mailing address.
Tracking the billing and collections process
It’s essential to know the billing and collection process. Moreover, it must be updated or enhanced unless you keep close track of it. Therefore, keeping a good eye on what’s going on in the billing procedure can be essential. You must make it a point to review the processes regularly and thoroughly. Besides, it’s essential to get and listen to feedback from the billing staff about which parts of the process are working.
Reduce revenue cycle management errors
When it comes to debt collection, transitioning medical records and documents can make great strides. Besides, there are the patients, medical professionals, office staff, and insurance companies. The latest upgrade in technology has decreased the risk of errors and streamlined claims when preventing claims denials.
With a proper revenue cycle in place, you may earn revenue. In addition to errors in the patient’s information, there are other circumstances. A smooth revenue cycle management system only makes things much better. The process is where it streamlines labor-intensive tasks, including initial intake paperwork, coding, balancing finances, filing claims, and billing. With the help of a revenue cycle management company, you can gain more precise control over tasks ensuring increased productivity and profitability.
These are just a few things you can do in order to enhance the recovery rate. Moreover, a professional firm will revolutionize the billing and collection process. These tips will help you reduce the revenue lost through your practice’s inadequate billing and collections processes.
If any unpaid balances are troubling you, it’s best to contact us. We can help you sort out issues seamlessly.