Is your medical practice losing revenue? If so, it might be time to improve your medical billing process.
With 51% of people in the United States saying they have less than 3 months’ worth of emergency savings, paying medical bills is not easy for patients. However, it’s also difficult for providers who need to collect medical payments.
If you run a medical practice, you need to get serious about billing. Here are some medical billing tips you can use to improve business finances.
Ensure Cost Transparency
One of the top things that you can do to improve the medical billing process is to make sure that you’re being clear and transparent about your costs.
Everything from the cost of services to the billing and collection procedures should be laid out clearly in a way that anyone can understand. You should use cost estimation tools to provide cost estimates to patients before their visits so that they’ll know exactly what to expect.
Improve Payment Collection
Another way that you can improve medical billing is to change how you collect payments.
It’s a good idea to collect payments upfront, at the time of a visit. Waiting to collect a payment can lead to increased inefficiency and will make it less likely that you’ll get it in a timely manner.
On the other hand, however, you may want to offer more payment options. Allowing for a wider variety of payment methods and offering flexible payment plans can help make it easier for patients to pay.
Stay On Top of Pending Payments
It’s also important to track accounts payable closely and to make sure to stay on top of pending payments. You should have a system in place to send reminder messages and make calls to patients who haven’t paid.
While this can be time-consuming to stay on top of pending payments, it can be well worth it. However, you may also want to consider outsourcing payments collection to take some of the weight off of your shoulders.
Dispute Denied Claims
If any health insurance claims are denied, you should be sure that you have a process in place to dispute them.
Medical billers should be in contact with insurance providers and with patients and should work to get any issues resolved as quickly as possible. Billers need to look closely at the details of each bill and should challenge denied health insurance claims to collect payments.
Hire a Professional
If you don’t have access to trained medical billing staff in your medical practice, then it’s important that you change that. You don’t necessarily need to hire full-time medical billing staff, however. Outsourcing can be helpful as well.
There are many reasons why outsource medical billing professionals can help. A professional medical billing company can help facilitate payments and improve the claims process. They’ll have the knowledge and skills needed to improve finances for your practice.
Using These Tips to Improve Medical Business Finances
If you want to improve business finances for your medical practice, make sure that you keep the above tips in mind. By becoming more transparent about billing, offering more payment options, and keeping track of pending payments, you’ll reduce instances of lost revenue.
Need more helpful financial tips for your medical practice? Start browsing our blog now to find more useful financial management articles and guides.