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Posts from 2018-09

5 Reasons to Outsource Your Medical Billing

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These days many medical practices are deciding to outsource their medical billing operations to specialists.  

However, it can be confusing to know whether it's best for your specific practice to keep billing in-house or ship it out to the experts. Which option will bring you more benefit?   For these reasons, we wanted to point out some things to keep in mind when making this important decision.

If the reasons below apply to you, it may be worth contacting a reputable medical billing service provider, like Billing Savi, to learn what they can do for you.   

1. Your Staff is Constantly Changing

 

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If your in-house billing employees are not typically around for the long-term, your revenue might be taking a significant hit.

Optimizing your billing process requires highly trained staff that are well-versed in the latest billing techniques as well as the unique day to day operations of your individual practice.  

If your organization has not yet found reliable, highly trained billing employees, your revenue and claims processing will likely experience a significant slowdown. In this situation, it is highly recommended to outsource billing to experts that can establish a consistent flow of cash and bring in money as quickly as possible.   

2. Your Office Isn't Exactly Tech Savvy

 

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 Do you consider your practice to be at the forefront of technological innovation?  

In order to keep billing operations in-house, your practice will need to stay on top of the latest billing technologies, technical problems, and software updates. Additionally, your staff will need to constantly be trained if you want to keep up with new innovations and improve your success with internal billing operations.   

Getting nervous just thinking about this process? Then you may want to dial in the experts to stay on top of any billing innovations and apply them to your practice as time goes by.   

3. Your Practice is Just Getting Off the Ground

 

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Did you just start your practice?  

If so, your days are likely full of many different tasks and processes that need to be established. New providers have so much on their plate and establishing successful internal billing operations can sometimes be too much for them to take on in the early days.  

By outsourcing medical billing operations during this time, practitioners can focus their energy on establishing other areas of their practice with full force. Hiring and training new employees to set up a brand new billing system can be particularly challenging in this regard.  

Take some stress off yourself by outsourcing billing operations in the early days of your practice. Once you experience the relief of having experts in charge of this critical area, you'll be glad you did.   

4. Focus on What You Do Best - Helping Patients

 

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Chances are you started your practice to fulfill your passion for helping patients improve their quality of life.

Unfortunately, many practitioners start to lose enthusiasm for their business once management responsibilities start to overshadow their passion.   Running a business is a job in itself, and managing operations like billing can take medical professionals away from their true love of helping others with their health.  

For this reason, it can be tremendously helpful to practitioners to outsource medical billing operations to experts like Billing Savi. Doing so allows practitioners to do more of what they love every single day.

For example, they can focus on learning about innovations that can help their patients instead of innovations in medical billing practices.   

5. Your Billing Process is Getting Worse

 

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Are you watching your collections get lower and lower as time goes on? Is your time to collect getting longer as well?   

When a practice has billing issues such as these, it obviously leads to a significant negative impact on total revenue. Eventually, an in-house medical billing team struggling with success will need help to turn things around. This is a great time to bring in medical billing experts that can identify what went wrong and make tweaks within your operations to streamline processes and improve collections.   

Although it can seem like paying an external medical billing provider will cost you more money, it can actually boost your total revenues significantly. By improving the collections process, outsourcing companies like Billing Savi are able to actually increase total collections for many different practices.

This combined with decreased stress and a renewed ability to focus on helping patients can make hiring billing experts a great decision. 

5 Biggest Medical Billing Errors and How to Avoid Them

Medical billing errors might seem like simple mistakes but they can cause major problems. Find out the biggest mistakes to look for and how to avoid them.

Keyword(s): medical billing errors

You're in the office when you notice there's a small error on a returned medical bill claim. You aren't too worried, of course; it's an honest mistake that can be fixed. Nothing to be afraid of...right?

Actually, having medical billing errors can be a big deal, and they're becoming a common problem. In fact, a 2014 study established that almost half of all Medicare claims filed that year were erroneous.

Depending on the size of the problem, it could add to your processing time, cost you money, and even put you at risk of losing your position.

The question is, how exactly do you avoid this from happening? What sort of steps must you take to make sure you create an honest and accurate billing statement?

It's good to know that you can take some measures so your statement reflects only the facts. We've put together a list of common medical billing errors to keep a close eye on, as well as ways to avoid them.

1. Incorrect Coding

As we all know, medical coding is a monster in its own right.

Each case that comes into the office has its own medical code. These codes are very specific, and are known to be written down to a decimal point.

For example, the codes "401.0" and "401.1" mean the difference between having benign and malignant hypertension.

With each number representing a particular medical condition (sometimes down to the hundredths place), it's important that the numbers be precise. Unfortunately, this doesn't always happen.

Mistakes like these are the fault of the practitioners, and it's up to us to correct them. Knowing about this problem early on in the statement will help to correct the statement faster.

2. Late Claims

This is a simple and honest mistake, but one that should be avoided nonetheless.

Of course, there are many different types of medical insurance providers out there. Each provider gives you a window of time to submit your medical claim to them.

For example, if your client has the ACA (Affordable Care Act) your window of time is only a year (12 months), whereas other companies are known to give anywhere from 15 to 27 months.

In any case, if you aren't aware of the time to submit your claim and it's past the date, you may very well be denied.

To keep this from happening, find out how much time you have to submit your claim, and then try to submit it as soon as you can to guarantee it will go through.

3. Duplicate Claims

When two claims have been submitted for the same exact encounter, they are known as duplicate claims.

This is not a dramatically serious issue, but still one that should be avoided as it can postpone processing for your client.

To keep such happenings to a minimum, make sure you train your staff to double check all the files they submit.

Carrying out this simple measure may seem to make things move slower, but the good thing is that you will make fewer mistakes, and it will help to make processing smoother as a whole.

4. Missing/Incorrect Client Information

Missing client information is another common medical billing error.

It's quite easy to add incorrect information about a client, especially when you are in a rushed medical environment where mistakes are all too prone to happen.

Missing information like the demographic code, the incorrect code for the plan, or even omitting the social security number are just a few things that could cause a patient's claim to be rejected by their insurance company.

Luckily, there is a way to keep this from happening. Before submitting any claim, make sure to read through all the information on the patient's file and see that it matches the information that you wrote down on the medical statement.

Again, although doing this "double check" method may seem to slow you down - and time is of the essence in the medical practice - it is better to check twice and be sure than to rush things and have to go through the rejection process.

5. A Denied vs A Rejected Claim

The difference between a denied claim and a rejected one is pretty important, as that is the difference between "just an error" and something more serious.

When a claim is rejected by the medical institution, it's almost always because of actual errors. Of course, these errors can happen on both sides of the field, between either the institution or the insurance company, or both.

In the case of a rejected claim, one can correct the errors and resubmit, and (hopefully) that's that.

When it comes to denied claims, it's something entirely different.

A denied claim is one that has been determined by the insurance company to be unpayable. Of course, this could also be the cause of errors, but more than likely it's because the insurance plan doesn't cover it.

Now, your client is stuck at a crossroads: Either they try to resubmit the request and hope for the best, or they have to find another means of paying for it - which could include pulling from their own funds.

This is why it is always a good thing for your client to read and understand exactly what their coverage offers them so that they can know what the policy limitations are.

We Will Help You Avoid These Medical Billing Errors

Even after learning about how to deal with medical billing errors, you may still be a bit worried about dealing with them on your own. The good news is, you don't have to.

Here at SAVI group, we make sure that your medical statements are processed fairly. We specialize in revenue cycle management, EMR management, denial management, and claims and payment processing.

Do you have any questions that you would like for us to answer? Simply give us a call. We'd be happy to handle any concerns you may have. 

5 Ways to Grow Medical Practice Revenue

Growing a successful medical practice can seem like a daunting task for many healthcare professionals. Thankfully, there are many ways to significantly boost your revenue and successfully grow your organization into the future. 

By following solid medical practice fundamentals, analyzing areas for improvement, and building a solid team, your practice will be on its way for long-term growth and prosperity. 

So what can you do to boost revenues and growth within your practice? Here are five great ways to get started:

1. Improve Staffing Efficiencies

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The biggest component of medical practice success is, of course, the people that run the organization. Take time to motivate your staff. Encourage them to challenge themselves and find ways to improve operations and revenues.

Instill a mindset within your team that is always on the lookout for new ways to save while also generating new income streams. Reward those that help the practice innovate in these ways, and always encourage a positive environment in which people are happy to come to work. 

2. Lower Cancellation Rates

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Medical practices can lose thousands of dollars every year due to cancellations and missed appointments. Thankfully, physicians do have options in which to address this issue. One great way to lower cancellations is to make sure all patients are aware of your cancellation policy.

By having a clear statement and guideline about what happens when an appointment is canceled, patients will be more likely to keep their original times. Another great way to lower cancelation rates is to offer flexible appointment options such as virtual or remote meetings with your clients whenever possible.

These days, patients have a lot on their schedules including work, family life, and demanding traffic routes. Offering flexible ways to meet can go a long way in boosting revenues. 

3. Outsource Medical Billing to Specialists

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Did you know that nearly 75% of physicians reported getting reimbursed on time and maintaining a healthy cash flow as the two greatest challenges they face in their medical practice? 

In fact, 20% of practice revenues originate from patient co-pays and yet physicians typically collect only 60% of what's due! 

Hiring medical billing specialists, like Billing Savi, can go a long way in boosting total revenue while establishing a consistent flow of cash for the practice. Most organizations simply do not have the level of billing expertise within their offices to do a great job of collecting all the revenue they possibly can.

For these reasons, hiring a medical billing outsourcer can be an incredible investment for physicians. 

4. Optimize Your Appointment Schedule

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Analyzing your appointment scheduling process is a great way to find additional opportunities to bring in revenue. Your goal should be to have a consistent flow of patients throughout the day by looking at ways to smooth out both slow and rush hours.

For example, what bottlenecks are causing long wait times for patients at certain hours? What can you do to boost business during slow periods in the day?

One option may be to allow for virtual appointments during lulls in patient visits. Work with your staff to encourage patients to book appointments that round out your schedule and avoid gaps throughout the day. 

5. Encourage Word of Mouth Through Patients

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Having a happy and satisfied patient is one of the best parts of running a medical practice.  One of the best ways to boost awareness of your practice and grow revenues is by encouraging those satisfied patients to spread the word. 

Offer patients incentives to refer their friends and family to your practice.

Ask some of your favorite patients if they'd be willing to give you a testimonial that you can share on your website.

Encourage happy patients to leave positive reviews about your practice on platforms such as Yelp

Great word of mouth and satisfied customers are some of the best ways to boost revenues and grow a successful practice. Making a difference in someone's health is highly rewarding and means so much to each and every patient. Be sure to leverage your success so other people can take benefit of your incredible services. 

Conclusion

There are so many ways to boost medical practice revenues and grow your organization well into the future.

If you have any further questions or would like to learn about more ways to grow revenue, please contact Billing Savi by clicking here