One of the most important areas of the Healthcare System is Medical Billing and Collections. With new rules and the need for documentation, medical providers face a lot of difficulty in collecting payments from both the insurers and patients. At present the unrealized medical bills are increasing day by day with Account Receivables moving to 90+ bucket, medical providers should really work towards maximizing their collections. An experienced Revenue Cycle Management Company can help to narrow this gap by increasing their collections with its expertise and focused services.
Check below the 5 strategies to maximize your medical billing collections:
Transparency in Collection- Transparency in patient-physician relationships plays a very important role in collections. The patients should be well informed about the expenses involved in treatment beforehand. A step-by-step process explaining treatment charges must be made available to the patients so as to be aware of their financial responsibility. There should be a mechanism to regularly verify the patient’s information on each visit to reduce cases of claim denials. Also, they should be informed about the payment options available to them. In short, patients should be well aware of all the costs involved beforehand.
An error in Submission- One of the main causes of claim denials is an error in medical claim submission. As per a report, it is found that 80% of medical claims contain errors and are not clean claims at the first go. Today, all insurance companies use strict medical coding and billing practices and that is why claim denials are increasing. (Can add good infographic about research done by some third party to show above claim)
Rejected or Denial Claim Management- Now if you claim is rejected or denied; project management of such claims should be done so as to appeal or reapply. For this, it is important to understand the reasons behind the rejection or denial of any claim and to check appealed in a timely manner as insurance companies have sunset clauses after a certain number of days claims get expired like 90 days or 120 days.
Stay up to date and track performance- Since the rules related to medical billing are changing rapidly, it is important that you stay updated with the latest rules being followed. You should also keep tracking problems in any accounts, track pending payments so as to be updated with the revenue cycle of the patient.
Are you looking for a Medical Billing Company in NJ? If yes, we at Aurus Medical would be glad to assist you with your medical billing and coding services.
With our expertise of more than 10 years, we are in a position to provide cost-effective quality services in areas of Clean Claim Submissions, Insurance Eligibility Verification, Benefit Verification, AR Cleanup and Followups, appeals at all levels, management of accounts to collections, 1-on-1 monthly review of your account, and working with most of the EMRs like EPIC. Aurus medical has a powerful denial and appeal management process to efficiently check the reasons for the denial and appeal within the time limit to rectify the situation.
Contact us at 201-834-7577 today for the best medical billing and revenue cycle management services.