Best Billing Strategies to Grow Revenue for Your Practice 

Best Billing Strategies to Grow Revenue for Your Practice 
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It is not easy to handle billing for an extensive physician practice. There is a lot of pressure from all sides, including providers, patients, payers, and government agencies. Sybrid MD is a leading medical billing company in the USA that takes care of billing for medical practices to focus its efforts on providing top-notch patient care services. You have to make sure that revenue is flowing and the business is getting the most out of its actions.

The US medical system is continually going through a change in the form of payer contracts and regulations. It makes coding and medical billing a time-consuming task for medical practitioners. One of these trends is a shift towards making patients financially responsible. It means a pileup of bad debt and revenue pressure on most medical practices. It is essential to stay ahead of these changes. Sybrid MD handles these procedures for practitioners from start to finish and makes sure the billing practices are up to date.

There are two main ways in which a practice can ensure good billing efficiency:

  1. Revamping front desk structure and strategies that affect your accounts receivable
  2. Reducing the number of days claims have to spend in the accounts receivable

Let’s look at some best billing strategies that can help you grow revenue for your practice:

Collect Payments Upfront 

It is more important now than ever as the medical system is making a shift towards patient responsibility. There are a few tips and tricks that can help you collect upfront payments from your patients. The first tactic is communication. Place signs across the facility and the front desk that let the patients know that payment will be collected upfront. It will aid your front-desk personnel as well when they ask for payment. Training your team to ask for payments effectively will also go a long way. You will also need to prepare your appointment schedulers to clarify each patient’s financial responsibility before they visit the practice to make sure you can collect the correct amount they owe for their co-insurance or copay. This includes evaluating your subordinates and ensuring that your front-desk personnel is comfortable with the idea of asking for money. Another way is to implement a credit card on the file system for the patients. It will allow the patients to opt-in payments through their credit card once a claim is in effect. Sybrid MD offers front desk process management to ensure the above strategies are implemented, and you are in the best position to collect payments upfront.

Automate Your Front Desk Processes 

Front desk operations can take up a massive chunk of time if not streamlined and managed. Most tasks begin at the front end, so you must use all tools at your disposal to automate these processes are much as possible. According to MGMA, the best medical practices allocate about 1.29-1.38 full-time resources for each physician for your front desk operations. One of these practices is to have a set process to make sure your patients have reliable insurance and are able to pay for your services. You can implement a policy that makes it mandatory for all patients to ensure insurance before they avail medical services at your practice. This verification needs to be run before appointments are scheduled.

Make sure you automate the pre-certification processes, so your front-desk team members know of such requirements beforehand. You can use your systems effectively here by making sure they are automated to flag a missing authorization.

Use text messages, calls, and emails to set up appointment reminders. Sybrid MD offers full front desk operations management services to take care of all the above for your practice. Outsourcing your front desk operations can reduce stress for you and also be very cost-effective for the business.

Watch that Denial Rate and Reduce It

The introduction of the ICD-10 has reduced the efforts that were made in reducing claim denials in the past recent years. The remedy for this is to have a fool-proof rule book that is ICD-10 compliant and runs a thorough check of the current terms, diagnosis, medically unlikely, duplicate charges, global surgery periods, commercial unbundling, etc. entirely or partially-unbilled services. It will help you to make sure that you have corrected the claims before they reach the payer.

You can begin doing the above after you have evaluated where your business stands. Identify Key Performance Indicators (KPIs) and compare yours to the market standards. Once you have this evaluation, you will be able to decide which areas of improvement are required and where you need to direct most of your efforts.

You can do all the above on your own, but the best option is to partially or entirely outsource these operations to a medical billing company like Sybrid MD. It will ensure you get the best services in the industry while also focusing on the most critical aspect of the business: patient care.

We hope this was an informative read for you. For more exciting and useful information, scroll through our website. 


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