Three Tips to Grow Medical Practice Collections

Three Tips to Grow Medical Practice Collections

We face challenges in every field of life! Now one of the biggest challenges many doctors face is to find ways to grow medical practice collections.

In most businesses, collecting payment before delivering the service is quite logical. In medicine this is the opposite. The doctor looks at the patient first, and then the payment is collected as the patient leaves.

Hence many physicians find themselves under constant pressure to get paid for their work. Finding ways to grow medical-practice collections has become a real tedious thing.

Then was created the Affordable Care Act in 2010 (also known popularly as Obamacare) which shifted reimbursement models from the fee-for-service models to value-based payment modules. With these changes there might be a shift again in new directions.

However these changes remain to be visible.

Dr Sudip Bose said that it appears that the intention of the government to incentivize efficiency is great. Though it often leads doctors on a wild-goose chase for reimbursement.�

Here we enlist three tips that can grow medical practice collections: 1) Ensure Medical Claim Precisely With more frequent denials of medical insurance claim, it is important to ensure correct information. Denials take many hours to deal with, which leads to increased time, cost, and frustrations for the physicians and the patient. To make sure about medical

claim accuracy, you must do the following: 1) Ensure correct spelling of a patient’s name compared with the insurance records.

2) Check whether patient’s health insurance coverage has lapsed, and obtained proof of new insurance.

3) Ensure that the insurance claim is not missing a modifier, or that the modifier is invalid.

4) Avoid any mismatch between the diagnosis and the service performed 5) Check and see if the service is covered under the benefits of the insurance plan.

6) Make sure that the claim is not missing prior authorization or missing the actual period of time.

2) Go out of network, or fee for service Another effective way is to grow in this field is to leave behind insurance altogether. Some doctors have discovered that by opting out of accepting insurance, they avoid the problems and changes resulting from the healthcare reform.

These fee-for-service doctors thinks that in order to best help their patients, they needs the freedom to spend more time and do all the test that will help them find out underlying causes.

A fee-for-service model will be wonderful if every doctor can follow it. The reality for some is that their entire patient base might not have the means to pay out of pocket. Hence a combination of fee for service and insurance claims might be a middle way options to help grow medical practice collections.

3) Telemedicine Visits as an income source By adding Telemedicine services as a part of medical practice, doctors can provide the option to virtually treat fee for service patients.

A Teleremedy medical patient will pay for the said time, saving the convenience of a virtual visit. In a sense they would pay extra to avoid a trip to the doctor’s office. Telemedicine platforms allow doctors to keep the entire payment.

Instead of choosing complete avoidance of insurance, telemedicine permits flexibility of setting full or limited availability.

To conclude, being able to grow medical practice collections is the key to long term business related to health care. Sorting these methods and customizing them to suit the medical office is a key to your long term existence and success.

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