Are you aware of your money status in your ophthalmology or optometry practice? It’s easy for money to get lost with more patients coming in with insurance. Did you know that, on average, around 25% of the practice revenue is lost because of poor revenue cycle management (RCM) and medical billing? 2021 might be the year when you must move your in-house billing to an end-to-end revenue cycle management service to reduce your lost percentage.
At 24/7 Medical Billing Services, we want you to get quick returns by streamlining the billing process for your medical facility, thereby increasing your revenues. To help you create an effective billing strategy, here are some best medical billing tips that you can use to maximize your cash flows.
Cash Flow Smart Tip #1: Submit the Claims Regularly
When it comes to the submission of claims, you have to ensure consistency. If you maintain a regular submission schedule, you will get paid daily. This is especially true when most medical insurance payers process the claims weekly or at the same time every week or month.
In fact, if you file your claims only once a week, it indicates the pilling of huge backlogs to work through. Therefore, this will leads to higher chances of errors in claim submissions. At 24/7 Medical Billing Services, our certified medical billers and coders work round the clock to submit the claims on the day of the patient appointment itself or within one business day.
Cash Flow Smart Tip #2: Post Remits as soon as you receive them
Delay in posting the remits not only leads to higher accounts receivable (AR), but you could be missing denials too. Think again if you feel that getting EFT payments means having sufficient time to post remits. Some payers have strict refiling rules, and they can limit the time in which you can appeal a claim from the remit date.
When you handle the remits within a day or two, you can move the balance to the secondary insurance and process the billing quickly. Or, you can also move the due balance from the patients to generate a statement. If the gap between the patient’s visit and the claim processing has become longer, it will become increasingly difficult for you to collect the payments.
The 24/7 Medical Billing Services team guarantees you uninterrupted and consistent services during your business hours. We ensure that the remits are posted as soon as you receive them.
Cash Flow Smart Tip #3: Scrub Claims for Denials Reduction
Are you planning to scrub those medical claims that don’t get approved? Save your time and reduce your AR significantly by sending the claims correctly and promptly right from the beginning. This is especially required if you have a pay-per-claim plan with your clearinghouse.
To increase your practice’s cash flow, review all denied or rejected claims and make necessary corrections. At 24/7 Medical Billing Services, we often see the claims that get rejected for numerous reasons such as invalid member ID numbers, invalid insurance information, invalid insured information, and ineligibility of the patient on the service date.
That’s why we ensure that all your claims are clean and free from any errors before the submission to have a positive cash flow to your business. We also analyse the unpaid claims and take necessary actions to recover the due amount.
Cash Flow Smart Tip #4: Always Look for Unpaid Claims
It can rather be a time-consuming process to research for the denied or the unpaid claims. It can take up from five minutes to an hour to end up with the result that the payment has already been received. Or worse, the claim was not filed at all and now can’t even be submitted as time has run out.
If your patients have any secondary insurance, you can chase after the timely filing denials. Many insurance payers allow you to bill them within 180 days or less once you receive the primary payment. Moreover, if you file claims through the clearinghouse, the rejections usually take up two to three business days to get reported. Don’t let these claims slip through the loopholes. Research the rejections received from the clearinghouse reports and denials on the remits regularly.
Reduce the hours that you spend each day on the phone with the insurance companies by outsourcing the services so that you can focus on seeing more patients. 24/7 Medical Billing Services experts review the aging accounts receivable claims daily to check for the reasons after outstanding open balances. We also verify the receipt of the claims with medical insurance providers.
Focus on the tips mentioned above and reduce the number of unpaid claims. Get started with 24/7 Medical Billing Services today to experience these smart tips yourself!