Slide Share: 5 Tips to Getting Billing Right
Medical billing is often a baffling, time-consuming and expensive process if your organization does not have the right tools and workflows in place. Luckily, there are solutions. In the next few slides, you’ll learn five best practices and tips about how better processes, technologies and partnerships can help improve billing results.
Oftentimes, billing problems originate at the very beginning—front-end office processes. Many organizations only focus on following up on errors, but starting at the front-end by providing staff with necessary training and technology sets them up for success, streamlining the rest of your billing process to gets better results.
Even with the best processes, errors are inevitable. Identifying inconsistency and mistakes in the process helps improve sluggish cash flow and lost revenue. Errors can occur in many places, from taking the wrong information from the patient on the front end or to improperly coding a claim on the back end. Fortunately, with the right technology (e.g. patient payment solutions, claims management solutions) and staff training, you can easily make improvements.
There are many technology options to consider when cultivating a fine-tuned, successful billing process, such as:
Clearinghouse partnership: To help get claims out electronically and provide daily reports to help fix rejected claims.
Outsourcing: To work with billing companies that have experience and can stay in touch throughout the entire process.
Revenue cycle management (RCM) products: To help with everything from patient registration to eligibility to authorization to coding and improve the overall combination of all the technology and processes.
Revenue cycle management is really all about marshalling your resources, and thinking about some of them in new ways. A few more strategies to help improve your billing cycle include:
Cost analysis: Make sure you know the true cost of your operation and the age of your technology systems, so you can look objectively at the costs and analyze areas for improvement.
Implementation: Be willing to evaluate current processes and procedures, and be willing to commit to making a change.
The key—good billing staff: There’s real value in having the right person in the job.
Innovation in process and technology is the name of the game for better collections. Not sure where to start? Here are some tips to get you started:
Review your billing processes. Where do breakdowns occur? What can improve?
Make data-driven decisions by leveraging your technology and clearinghouse partnership.
Determine your cost to collect and then determine what your overall organizational goal is for improvement