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Posts from 2018-11

Easy Ways to Maximize Your Medical Billing Revenue

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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

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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  

Person Writing on White Book

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   

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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

 

Common Myths About Medical Billing Outsourcing

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Medical billing outsourcing solutions are revolutionizing the way healthcare professionals work. Thanks to amazing providers, like Billing Savi, medical practices are able to focus on the work they love, outsource the things they don't, and build profitable organizations that genuinely help patients improve their lives.   

Unfortunately, many medical professionals encounter myths about medical billing outsourcing when considering whether or not to take advantage of these incredible services. We wanted to take some time to clear up these myths and get to the truth behind the wonderful benefits of utilizing a great medical billing outsourcer.   

Myth #1: Billing Outsourcing is Just Another Unnecessary Expense

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Many owners of medical practices think that outsourcing their medical billing is just a 'nice to have' service. They think it will just leave a bigger dent in their wallet and would rather put in the elbow grease required to get the work done in-house.   

This couldn't be further from the truth!   

Great medical billing outsourcers typically save their clients money by turning their organization's revenue cycle into a well-oiled machine.

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.  

By outsourcing medical billing processes, medical practices are able to submit claims much faster, helping speed up the payments they receive.     Additionally, medical billing outsourcing professionals have the expertise to reduce errors and detect denials which can be reworked and submitted for payment as well.    

Myth #2: In-House Staff Can Handle Billing Tasks Just as Well

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Medical practices also tend to believe that in-house staff can do just a good job of managing revenues and billing as an outsourcing company. Although staff may be familiar with many billing tasks, it is highly unlikely that they have the capabilities to handle billing operations as well as the specialists.   

The medical billing industry is constantly changing and it takes specialists to be able to keep up with the innovations and alterations that regularly take place. Additionally, new software and technology requirements are always hitting the market, requiring billing professionals to upgrade over and over again.   

For these reasons, it makes sense to let billing professionals handle these important revenue based tasks. A great medical billing outsourcer will know of the latest and greatest ways to handle billing procedures and also be stocked with the latest software and technologies that are needed.   

Myth #3: Only Established Medical Practices Should Outsource

Two Person Doing Surgery Inside Room

New medical practice owners tend to think that they should outsource billing operations after they have been established for a while. In reality, new medical practices have a ton to gain from outsourcing their revenue management in the early days when they're getting started.   

A new medical practice requires the coordination of hundreds of tasks and the establishment of countless procedures and business systems. Trying to figure out how to properly handle and execute on billing and revenue management during this time can cause a lot of friction and bottleneck issues.   

By outsourcing these complicated tasks, new medical practices can focus on more important tasks while starting their organization, such as taking care of their patients and establishing a stellar reputation.   

Outsourcing medical billing makes sense for so many reasons. By allowing specialists to handle billing processes, healthcare practitioners can focus on their crafts and ensure their revenues are being managed by professionals. 

To learn more about how medical billing outsourcing can benefit you, please contact Billing Savi by clicking here. 

Why Medical Practices Should be Outsourcing

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Although it may sound counter-intuitive to some, outsourcing can have a tremendously positive impact on the operations of a medical practice.   

The benefits are numerous. From cutting down on costs to freeing up resources for core business activities, outsourcing menial tasks can provide medical practitioners the support they need to build a successful organization. 

The benefits are numerous. From cutting down on costs to freeing up resources for core business activities, outsourcing menial tasks can provide medical practitioners the support they need to build a successful organization. 

  In 2016, Deloitte released a survey which revealed that 59% of participants were outsourcing to save money, and 57% wanted to dedicate their time to their core business activities. Additionally, over 50% of respondents found outsourcing helped add value through various business development and strategic activities.   

In fact, almost 80% of participants felt great about their decision to outsource and their outsource partners. When considering outsourcing options for a medical practice—especially medical billing processes—the benefits can be substantial.   

Doing so can give employees the ability to focus on other more important responsibilities while simultaneously helping build a consistent revenue stream for your practice.   

Boosting Medical Practice Revenues 

Want to get paid faster? Then focus your attention on cash flow! How much time you spend in revenue cycle time has a huge impact on your profitability.   

Grey Metal Case of Hundred Dollar Bills  

By outsourcing your medical billing processes, your practice can submit claims much faster, helping speed up payments you receive.  

Additionally, the medical billing outsource professionals you hire have the expertise to reduce errors and detect denials which can be reworked and submitted for payment as well.  

Outsource the Boring

Running a business means that a number of responsibilities will need to be taken care of by your staff, whether they want to do them or not. Tasking staff members with things that don't apply to their skill set can lower the quality of service at your practice. 

Free stock photo of people, coffee, working, writing  

Thankfully, outsourcing menial tasks can help employees refocus on what they do best, like providing incredible care and attention to patients.   

Outsourcing projects that could be handled by those that specialize in those tasks can free up your staff to focus on things that really matter and make a difference to your practice.    

Save Money by Spending It 

By outsourcing, your medical practice can actually save money as the years go by. By outsourcing to specialists, practices can save thousands in yearly salaries and benefits for in house staff.   

You also won't have to buy a bunch of different software, maintenance services or annual upgrades for these additional requirements.   

 Black and Gray Laptop  

When staff doesn't have to worry about menial responsibilities, their stress levels go down and workplace satisfaction goes up.   As you can see, these changes also have a positive effect on employee turnover. These savings can really spike up profit margins while making both your staff and patients happier at the same time!    

In Conclusion 

Although you may think that outsourcing is the last thing your practice needs, you will definitely see and understand the benefits once you start making the investment.  

Hire skilled staff members and let them focus on what they're really good at - not repetitive menial tasks they don't understand. Outsource the things your practice doesn't specialize in and focus your energy on satisfying your patients instead.   

 

To learn more about how Billing Savi can help you save on your medical billing process, contact us by clicking here.