Treating patients is your job. So too is getting paid. Unless you belong to a large medical group, chances are that your staff is taking care of billing for you. Small practices are especially at risk of delayed payments for a variety of reasons.
Approximately 83% of physician practices with fewer than five practitioner states slow payments by high-deductible plan patients as one of their biggest reimbursement challenges. The next obstacle for small and independent practices is inadequate and timely communication with patients in regard to payment accountability.
Even more alarming, patient failure to pay medical bills is on the rise. In 2014, nearly 49% of patients failed to finalize medical bill obligations. In 2015 that number rose to 53% and in 2016 that rose to 68%. By 2020, estimates of patient failure to completely pay off medical bills is expected to reach a whopping 95%.
Tips to increase revenue and get you paid
Additionally, it’s no secret that a chunk of physician revenue falls through the cracks due to mistakes and loopholes in billing processes. Why?
The majority of denials are due to lack of knowledge of up-to-date billing guidelines of the Centers for Medicare and Medicaid Cervices (CMS).
Tip #1: Staff responsible for billing processes must be knowledgeable and familiar with claims submissions processes outlined by CMS and other third-party payers.
Unfortunately, if that staff member isn’t appropriately trained and credentialed, mistakes, delays, and poor revenue cycle management often result. Turning over your billing processes to a professional medical billing company reduces the risk of mistakes that delay or deny payments.
Failure to promptly follow up with additional requests for information or denials results in missed payments or denials.
Tip #2: File on time, verify accuracy of information on the claim, and ensure eligibility before claims are submitted.
These are just a few important aspects of accurate and professional billing practices. Professional billers are aware of time limitations for claims submissions and follow up on accounts receivable (AR) on a regular and timely basis.
Tip #3: Timely responses to denials are essential for payment.
Approximately 4% of claims are denied in spite of correct coding. However, when timely follow-ups to requests for additional information or correction of mistakes aren’t addressed promptly, that percentage can rise to 25%.
Don’t take chances with your revenue. Contact Precision Medical Billing to learn more about our services and resources so you can spend your valuable time taking care of your patients.