Five tips for improving collections
If you’re seeking to improve your financial performance, adding another provider or payer isn’t the only option; optimizing claims and collections could work just as well if not better. Here are five ways to do that.
Review your fee schedule. Believe it or not, some practices aren’t capturing all of the revenue to which they’re entitled. Compare your fee schedule to your insurance contracts to ensure that you’re charging the maximum allowable amounts.
Check patient eligibility in advance. Looking into patient eligibility, including changes of insurance, prior to the office visit will decrease claim denials and subsequent follow-up work, which can be costly in terms of administrative staff’s time.
Take co-payments at the time of service. Billing patients for co-payments can delay revenue collection. Instead, take co-payments at the time of service. In addition to increasing daily revenues, this reduces the number of statements sent out, which reduces administrative staff time and the cost of office supplies and postage.
Collect past-due balances at time of service. While this may not always be possible, it will work in some cases, which will, again, increase your daily revenue and reduce the number of statements sent out, thereby reducing the time administrative staff spends on this activity and the cost of office supplies and postage.
Transfer balances quickly. Once an insurer has paid, you’ll need to transfer the balance due to the patient. Any delays in this process delay your revenue intake. Check your process and automate it wherever possible.
Many of these steps require new procedures (such as notifying patients that they have outstanding balances and that they will be asked to make payment at their next visit). Many also require open communication between staff members who schedule appointments and those who handle billing. Technology, however, can help, and the payoff can be tremendous.
If you are looking for an effective way to increase your billings, please contact us today.