Every medical practice has to worry about their billing and collecting strategies, it’s simply a part of the industry that a lot of professionals don’t like talking about but must adequately face no matter where they are throughout the country. In Connecticut, there’s no denying the underlying issues that come with medical billing and how practices throughout the state struggle with conducting their billing strategies as effectively as possible.
We’re very proud to have partnered up with some reputable medical billing companies to help us compile this list of 5 tips pertaining to medical billing strategies, and the experts at CPA Medical Billing are great people to talk to in terms of this industry issue.
Here are the 5 tips in terms of improving your practice’s billing strategies:
1. Verify insurance information with each visit: This means ensuring that all of your patients are bringing in insurance cards and/or copies of these cards and verifiable information. This also pertains to ensuring that your patients are keeping their current address up to date with their insurance provider. No practice wants to be reaching out to the wrong insurance provider, because this will ultimately lead to delays. Verifying information like Social Security numbers is also a very important aspect of medical billing, which is very important just in case you need to utilize a collection agency to recover any kind of late or delinquent payments.
2. Copay and fee transparency: Every medical practice needs to be as transparent as possible when it comes to verifying any copays and fees off a patient’s deductibles when they check in for any given appointment. You should always be collecting copays upfront because it will ultimately leave no room for avoiding these types of minor payments. No one wants to be billed for $20 or less, and the odds of receiving these payments are slim to none in many cases. Make sure you’re getting these payments prior to a patient leaving your office.
3. Consider “three strikes and you’re out”: If you reach out to a patient more than three times about collecting a bill total to no avail, then it’s definitely time to turn the fee amount over to a professional collection agency. Making sure the delinquent patients know their bills are “past due” and “for collections action” can sometimes bring people to do the right thing and pay their medical bills.
4. Be timely with follow-ups: Any type of delays in your follow-ups can lead to patients denying your claims or missing deadlines that you set, so it’s important to make sure you’re following up with everyone on their medical bills as quickly as possible. Claims can get confusing on both ends after a certain amount of time, so it’s important to call each patient about a week after their bill is due and make sure they still remember that they owe you!
5. Utilize Electronic Health Records: Going paperless is the future of the medical industry, and it’s crucial that your practice enter the 21st century and begin utilizing technology to collect medical bills. It’s important to make it as easy as possible for your patients to pay their bills, and going paperless is the best way to do so.
Reach out to the experts at CPA Medical Billing for more information via the link at the top of the article!