Do you want to make your medical practice more productive and streamlined? If so, you’re in the right place. The American Medical Association states that higher rates of errors in claims processing are resulting in the healthcare industry taking on unnecessary expenses. Since medical claims processing can get quite complicated, finding a means of reducing expenses isn’t easy.
Many unwanted expenses stem from claim denials and delays. Fortunately, you can lower the number of steps in medical claims processing and improve your ROI if you abide by a few best practices. Here is what you can do to make medical claims processing more successful for your medical practice.
Decide to Only Submit Electronic Claims
By submitting medical claims electronically, you don’t have to handle as much paperwork, and it tends to lower the number of errors you encounter. It will also take less time for you to get claims submitted.
After a claim is processed, you can check on its status virtually. Eligibility for members can also be checked, and you can even monitor and control your profile. Claims can be settled in almost no time at all, usually inside of an hour.
You also have the benefits of raising cash flow, lowering costs, and lowering the number of avoidable denials when you submit claims electronically.
Check and See if Any Information is Either Inadequate or Inaccurate
When medical claims are delayed, it can often be due to errors. Rejections will likely occur when information isn’t accurate, so you will have to confirm that all of the information on a claim is accurate before you send it off.
If you aren’t sure of how to check claims and ensure there aren’t errors, refer to whatever the original documents are. Also, you want to ask patients about any changes to their insurance information to make sure all of your information is current.
If you keep your patient data up-to-date at all times, it’s easier to spot errors and address them. This makes it easier to stay inside of the time limits needed to submit medical claims.
Collect Patient Balances, Deductibles, and Co-Payments
If payments don’t get collected prior to treatments beginning, patients might walk out and not pay at all. You want to be sure copays get collected. Reviewing your patients’ accounts is important so you can collect any prior balances.
In the event that there is a deductible, you can get a deposit from your patient and then settle the balance amount once treatment is completed. If your patient has reached their deductible already, you could send them a refund check via mail rather than have to follow up with them and write off any balances that can’t be collected. This is a cheaper way of handling the situation.
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