Smart Tips for Better Medical Billing

In the world of medical billing, shortening the revenue cycle is critical. Today’s medical billing companies can process more claims in less time than ever before by automating billing processes, creating built-in clearinghouses with approved practice management software, and incorporating artificial intelligence into workflows. However, not all companies are using all the technology at their disposal, so we’ve compiled this list of our top five suggestions for speeding up billing processes and reducing errors.

Improve your equipment

In any job, having the right tools is of the utmost importance. If a medical billing company is still using paper procedures in the modern era, it’s like a carpenter not using power tools. You can automate clerical activities and basic billing procedures with cloud-based practice management software and other medical billing software solutions, including radiology billing company, freeing up your employees’ time to focus on tasks that require true human involvement. Your PM software should be able to process CMS-1500 and UB-04 forms for both professional and institutional billing. Time will be saved, errors will be reduced, and the amount of reimbursement will increase.

Monitoring unpaid claims

Overdue claims turn into paid claims through consistent and recorded follow-up. Allocating a staff member to check invoices and identify which claims are not paid on time and why is definitely worth it. In addition, you may find recurring billing errors or communication problems that can be corrected so they don’t happen again. With effective processes in place, your team will be able to issue claims faster and more accurately, which will also help you reduce late payments. It may even be worth reviewing your entire billing cycle based on what you discover. Remember, reducing late payments leads to increased cash flow.

Prepare a proactive strategy in case partial or full payment is denied

Millions of dollars are not being paid as a result of more and more claims being denied. Surprisingly, however, many providers do little to recover this lost revenue; up to 65% of rejected claims are never resubmitted. Any billing department should make recovering this lost revenue a top priority, especially since the typical hospital has millions of dollars in unpaid claims. Ignoring these rejected claims is the same as throwing money away. Fortunately, smart PM software can schedule reminders to investigate rejected claims and recover lost money.

Require proper coding and submission of claims

Timely claims submission, requiring fast and accurate CPT coding, is a critical component of revenue cycle management. Effective coding procedures speed claims processing and reduce insurance company rejection rates. Because PM software can assist in entering codes and automatically verify that they are added correctly, it also plays an important role in this area. One of the easiest strategies to reduce claim denials and improve the revenue cycle is to double-check everything before submitting a claim.

Consistently track important statistics

Data is key these days, so medical billing companies must track KPIs and other important information to stay in business. Again, your PM software should simplify this task by offering a detailed and easy-to-use dashboard for viewing data. You should be able to view details such as application processing times, all rejected applications, their justifications, the number of pending applications, and more. You can become more successful and efficient by better understanding the data behind your activities.