Tips to Maximize your Medical Billing and Collections for Hospital
A reap the benefits of a successful and profitable medical practice is not possible without efficient medical billing and collection processes. However, every year it becomes more challenging to collect payment from both patients and insurance companies. This is mainly because of rising documentation requirements and an increasing amount of patients that are responsible for a portion of their medical bills. Health systems leave uncollected revenue on the table every day due to process errors in billing and collections – no surprise, since the process is arduous and complex. Requirement complexity is on the rise, new reimbursement models are introduced every year, and biller productivity is difficult to measure and manage. Medical billing companies are facing big challenges and a growing number of denied claims. How to maximize medical billing and collection for hospital is a growing concern. Here are tips to maximize the same: Establishing the Clear Collection Process One of the easiest ways to improve your cash flow is to collect as much as possible from each patient at the time of his or her service. You can keep the patient informed by checking patient eligibility prior to each appointment, handling any services that require pre-authorization in advance and setting expectations with each patient by notifying them of the co-pays that are due at the time of service. Posting signs throughout the office letting patients know that payment must be collected upfront will help as well. Purchase an Efficient Medical Billing Management Software System Medical billing software can streamline your collections process by tracking past due bills, automating late fees, and identifying patients who are behind. Although purchasing medical billing software come with a
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price tag, it could save you a significant amount on internal billing resources and boost your payment collections rate. Train Your In-house Staff for the Follow-ups Provide your staff with scripts on how to deal with overdue accounts. Even though staff might be frustrated by repeated attempts to contact the patient, they should always be courteous and respectful. Make sure all front office staff knows when to prompt patients about unpaid bills, and can provide patients with information on practice rates and methods of payment. Attract Them with the Option of Various Payment Plans Payment plans can be a good option if your patient population is motivated to pay, but just can’t pay the whole bill upfront. Consider offering this option to patients who are receiving larger bills and say they’re unable to pay the full amount right away. Contact Your “Slow Payers” Frequently Re-think how often you contact your patients for unpaid amount. If your staff can manage the task, try doing a follow-up once a week instead of the standard once a month. Consistent, regular contact can demonstrate your persistence and convince patients it’s time to pay up. However, do call or contact during business hours only and always be courteous. You want to be persistent without harassing the patient. Medical specialties like radiology or pathology may need to change certain parts of this process to better suit their business, primarily because they’re less likely to see a patient face-to-face to discuss billing responsibilities. In this case, procedures must focus more on new-patient orientation, validation, and notification rather than discussion. Have a Routine Meeting to Review Your Finances You can’t drive improvement in your payment collections unless you track and manage your results. Make reviewing your payment collections a standard part of your regular financial meeting. Analyze your progress and determine which strategies are working, and which aren’t. Repeat this process at least monthly.
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