How To Improve Medical Billing Process In Your Practice?
Posted by Shrikant Guthe on November 10th, 2020
Statistics in the medical billing industry are very alarming in regard to monitoring and settling the claims of patients. Let's have a look at the following statistics:
These statistics show why medical billing is the necessity of the hour and how healthcare companies are losing revenue.
Why does this happen?
We at Rely Services Inc. help our clients to minimize these errors and help them to increase their revenue in due time.
Here are four effective ways to enhance medical billing process
1. Implement a transparent billing & collection procedure:
Implementation of a transparent billing & collection procedure decreases the time spent for the claim settlement. This leads to efficient revenue cycle management. To achieve robust revenue cycle management, you need to ensure the following things:
2. Focus on minute details & improvement in claim settlement:
The majority of healthcare firms agree that their claim settlements have errors. These errors occur mainly due to longer revenue cycles where information flows freely. This flow includes various steps in the claim settlement, such as frequently updated information and continuous submission into the system. The claim settlement goes smoothly if we verify the information appropriately for the following parameters:
3. Track Accounts Payable which are pending:
A persistent approach is key to settling the claims with patients whose accounts are payable. Keep a system to log reminder calls and messages regularly. Since this is a tedious and time-consuming task, it's better to outsource this to a claim collection agency. This will not only save your time and effort but will also increase your revenue.
4. Track unpaid problem accounts:
Identifying the problem is a key aspect of resolving the issues in claim settlements. If you know the problem, then you are one step closer to finding the solution. Identifying and resolving the issues of the patient helps you through the process while increasing revenue.
About Rely Services:
Rely Services, a leading Medical Billing Services firm can quickly remedy a "sickly" billing process. We have helped our reputed clients to increase their revenue and smoothly manage their claim settlement process. For a no-cost evaluation of your healthcare process and tips on how we can make you more profitable, contact us and see what a difference we can make for you!
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About the AuthorShrikant Guthe
Joined: May 20th, 2020
Articles Posted: 12
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