TOP 5 MEDICAL BILLING STRATEGIES TO INCREASE YOUR COLLECTIONS
1. Establish a Transparent Collection Process
A collection process which runs on trust and professionalism helps patients have a clear and realistic picture towards their medical expenses.
A step by step edification of patients towards their treatment expenses in addition to verifying their eligibility during every visit helps you to reduce unnecessary paperwork and improve collections.
2. Error-Free Claims Submission
Analytical data has proved that medical billing and coding errors are huge contributors to late payments so, an effective medical billing system is key.
Outsourcing Medical Billing is the latest trend today however, choosing the company which offers the best first pass claim ration is the best option.3. Denial Management
Having an effective Denial Management team helps in reducing errors but, a proactive denial management team helps in handling rejections and directly contacting the payer’s representative effectively eliminating resubmissions.4. Identify Problem Accounts
The best way to handling such problematic accounts which have obvious issues like late payments, declined payments and frequent contact information changes is to focus on them by sending additional reminders and if they still persist sending them over to the clear house is the best option.5. Stay Up-to-Date
Continuous training and educating staff staying in touch with the latest medical billing terminologies, updates and the technology with it helps to definitely stream line the medical billing process in the long run.
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