Smart Medical Billing Tips

Do you know the smartest medical billing tips? Some are not so obvious – and they can increase your cash flow, reduce your accounts receivables and end insurance company bounce-backs. As I wrote before, whether you use an in-house biller or an outsourced medical billing company, here are three quick tips that can make a huge difference on your bottom line.

Smart Medical Billing Tips

Have a Ring Binder With Coding and Procedures

COVID-19 has made your team vulnerable. If a billing associate called in sick, could someone in your office, including you, easily access a procedures handbook that outlines step-by-step your billing process? Keep it up to date. Ask yourself, “How much crucial knowledge about my practice is currently held only in someone’s head?” If you don’t have your processes written down, regularly updated and followed, I can guarantee that you will lose track of your cash flow, often within days.

Cross-Check Open Claims Against Scheduled Appointments

Your billing team must make sure an exam has been documented and a claim created for each patient on the schedule. Reviewing the schedule of the previous day should be the first task each morning. Don’t let a “no show” become a “never show.” All the “no show’s” should be contacted for rescheduling their appointments.

Solve Non-Pay and Rejected Claims the Day They Come in

Every unpaid claim runs the risk of never getting paid. Each lost payment benefits the insurance company and drags your practice in the red. When you build your billing procedure manual, the second item on the daily work flow should be addressing and resolving unpaid claims.

Build this into your practice culture. Almost all of your outstanding accounts receivables are the result of bad habits or mistakes in your office, not at the insurance company. Stay on top of your billing and your bank account will thank you.

If you’d like to know more, drop me a note and I’ll be happy to respond.

Portions of this blog originally appeared in the AAO Practice Express

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