Easy Ways to Maximize Your Medical Billing Revenue

Easy Ways to Maximize Your Medical Billing Revenue

As you can imagine, running a medical practice isn’t easy. On top of that, it is becoming harder to collect and maximize the revenues healthcare organization collect. The American healthcare system frequently changes rules and regulations in regards to billing and consistently brings in more complex compensation models.   

Unfortunately, medical billing providers lose out on billions of dollars in uncollected revenues every year because of their inability to keep up with these constant changes. To make things worse, rising healthcare costs such as deductibles and out of pocket expenses are making it even more difficult for patients to afford care and pay their medical bills.    

So what can be done to mitigate these risks? The best thing a medical practice can do is to take a proactive approach and increase their chances of overcoming future hurdles. With that in mind, here are a few ways to build a smooth billing system within your company.   

Outsource When You Need To

Take a look at your practice. Do you have multiple fires to put out? If there is a lot on your plate, you may want to ease your billing burden by outsourcing the task to specialists, such as Billing Savi. Getting professional help can save you a ton of headaches and time while helping ensure your billing operations get off to a solid start. Freeing up your practice through outsourcing can have many benefits such as helping to increase focus on patients and giving a much-needed boost to claim submissions.   

Reduce Potential Coding Errors

It’s a good practice to always check your codes multiple times before submitting a claim. There are also certain errors that are common and can be useful to be aware of, such as:  

  • Upcoding: Whether done intentionally or by mistake, upcoding happens when codes are switched out for more expensive medical procedures. This is a very common coding error and one that is also illegal. Make sure your practice isn’t adding in or exchanging codes to boost revenues falsely.   
  • Undercoding: Unlike upcoding, undercoding happens when a medical practice leaves out or switches codes for less expensive procedures. To avoid this from happening, make sure communication lines are clear and no funny business is happening within your billing staff.   

Set Up a Clear Collections System 

Collections are at the core of a medical practice’s operations. To ensure success, work with your staff to make sure they are clear on the important steps that need to be taken to ensure a smoothly running system.   

It is also important to make sure patients are aware of the expectations your practice has when it comes to collecting payment from them. Here are a few important things to establish with patients to improve collections:  

  • Clearly communicate to patients about their bills and remind them repeatedly about upcoming deadlines and amounts that are outstanding. Doing so ensures you have done your part to boost awareness and reduce the likelihood of patients forgetting about what’s due. 
  • Make sure to collect their most recent contact information so your practice can reach them when needed. Ensuring correct addresses and phone numbers lowers wasted time spent trying to reach customers that simply don’t live at their previous address or have a new contact number. 

In general, taking steps to establish clear and consistent communication channels between your practice and its patients is a good idea. The more they know about what’s due, the easier it will be to collect revenues and keep your organization running smoothly.   

Along the same lines, having your staff be aware of common mistakes can help them avoid these errors in the future. Additionally, if your practice is overloaded and needs some help getting billing operations in order, outsourcing to professionals like Billing Savi can be a lifesaver.   

To learn more about great medical billing practices, please contact us by clicking here