Medical Billing Tune Up & the Nine Step 1st Medical Billing® Check List

Indicators that suggest problems with your billing include:

• A growing AR balance;

• Claim data is not entered daily;

• Patient statements not sent regularly;

• Payment posting in error.

In some cases, approximately one fourth of all medical practice income is lost due to: lack of follow-up; missed charges; or a consistent approach to billing medical claims. Is your practice among those receiving seventy-five percent of available billing revenue?

 

Here are nine ways to improve medical billing and maintaining financial health.

1) Patient Verification 

• Verify patient eligibility BEFORE filing a claim.

• Verify patient eligibility to avoid surprises and ensure claim payment.

• Check to see if a prior authorization or referral is required.

2) Collecting Copays, Coinsurance and Deductibles 

• The best time to collect is before services are rendered.

• Use payment systems with patient credit cards on file for installment balance billing.

• Use on line payment estimators for coinsurance and deductibles .

3) Correct Claim Coding 

• Poorly coded claims pay poorly.

• Use correct modifiers to ensure payment for bilateral procedures or multiple procedures.

• Patient’s seen during the global period may need additional modifiers.

4) Daily Claim Entry 

• Cash flow is vital. Enter claims daily for prompt payment.  It is really that simple.

• When claim entry is delayed, billing is delayed.

• Additional time is required to research billing information the later the claims are entered.

• The details about missing demographics or other claim data will not be fresher in a few days.

5) Daily Claim Filing 

• Claims entered need to be transmitted daily.

• The sooner claims are received by insurance companies; the sooner they will be paid.

• Clearinghouse claim rejections need to be resolved the same day they are received.

6) Daily Claim Denial Management  

• Some claims are denied by insurance shortly after filing.

• The issues vary and can be simple coding fixes, or patient eligibility issues.

• A denied claim is an unpaid claim.

7) Daily Payment Posting 

• Maintaining accurate billing data requires real time information.

• Many claims will require billing secondary insurance claims or patient billing.

• Patient billing can represent 10-20% of account receivables and until the primary payment is posted no additional balance billing can be sent.

8) Daily or Weekly Patient Billing 

• Practice management software system that support daily or weekly patient billing is a must.

• Billing all patients on the same day once a month is too infrequent. If all patient bills are sent today, a patient seen a week ago would not be billed for another four weeks.

• The sooner patient bills are sent the more likely they will be paid.

• Statements need to be prompt and accurate. If a patient doubts the accuracy of a statement it can delay payment.

9) Review Accounts Receivables (AR) Daily

• Yes daily. You can’t get paid if you don’t ask for your money.

• Not all claims will require action but having a system in place for frequent follow up on unpaid claims is key.

• The three keys to financial health of your business . . .AR, AR, AR!

The post Medical Billing Tune Up & the Nine Step 1st Medical Billing® Check List appeared first on 1st Medical Billing Company, Medical Billing Service in Austin, Dallas, Houston, & San Antonio.

How to Go Paperless With 1st Medical Billing®

Three Steps to Improve Collections and Save Time

Medical practices large and small, hospitals and other medical facilities waste tons of paper every year, but more importantly they waste time processing the paper.  Some estimates report that the healthcare industry reliance on paper cost $300 billion annually.  Physician’s cost of delivering healthcare to patients is expensive, so what can be done to help reduce administrative expenses?  Medical practices need to think outside of the box to eliminate nonessential labor expenses, like handling paperwork that adds little value.  The paper chase in a doctor’s office adds hours to payroll costs and produces marginal benefit to income.  Here are some key ways to save time and paper by implementing key measures to reduce reliance on physical paper.

 

1.)   Promote eStatements

If you are still printing and sending paper statements, stop the paper clutter by processing statements electronically.  Why print a paper statement, stamp the statement and send the bill by mail.  Estimates for manual processing of paper statements can be as high as two to three dollars per patient statement.  Most software vendors offer the option to process statements electronically.  Doctors can also sign up for online portals to receive payments by a credit card.  This reduces the need for processing a paper check with immediate funds availability, and it makes it easier for the patients to pay. With online portals, patients can have online access twenty four hours a day, and can pay their statement balance without the paper chase of writing a check.  Most people pay their bills online with their bank.  Join the crowd and encourage patients to pay online.

 

2.)   Offer Multiple Channels for Payments and Check Processing

Another way to entice patients to pay is to sign up for e-Payments.  This can enable them to pay online from any device virtually anywhere.  Some online portals also have the ability to offer payment plans that use predefined limits to charge the patient automatically over a series of payments.  Think about the patient that had an expensive surgery.  What would be better, receive the balance over four to six installments, or to have the patient sent to collection for non-payment.  The goal is to make it easy for the patient to pay.  The same portals that take credit cards can take ACH payments with a routing and bank account number to debit the patient’s checking account.  Ok, so maybe you are a mid to large size medical practice and you still receive a lot of paper checks.  Another way to start going paperless is to utilize a lockbox with your bank.  Think of the benefit of not worrying who is opening the mail, immediate funds availability with an electronic record of all deposits.

 

3.)   Eliminate Paper From the Equation with a Patient Portal

With well-designed online templates, it can be beneficial for medical practices and facilities to ask patients to fill out paperwork online.  They can fill out basic demographic information at their leisure and record a medical history before they show up in the office.  The benefit is the data is recorded electronically for use in billing and health record systems saving valuable labor to document the patient encounter.  This gives the staff more time to focus on clinical issues rather than on shuffling paper.  Patient eligibility can be verified in advance making for a smoother patient experience.  Having a portal can make the patient accustomed to viewing their patient record electronically.  An email can be sent to notify the patient of test results without having to call the office.

 

Summary

Patient populations are changing.  Most patients have grown up in a digital world and want access to billing and healthcare information.  It may seem daunting in the short-term to move to a paperless system, but it pays off in the long run in terms of time saved and better information.  Going paperless with medical billing payments and administrative paperwork may seem tough, but it is important to keep an eye on the benefits.  Consumers like it when businesses make payments simple to understand and easy to make. .  Medical practices and facilities usually see fewer patients forgetting to make a payment. Online portals can increase customer satisfaction and retention with better access to their information. They also make for a better informed patient.   Make a commitment to change to the way you handle paper in one system each quarter.  If you need help give us a call

How Professional Medical Billing & Coding Can Save Time For Ophthalmologists

Although ophthalmologists specialize in eye health, that doesn’t mean they only deal with one kind of issue in their practices.  Every patient visit requires expertise in ophthalmology billing and coding, but many ophthalmologists would prefer to see patients. Some of the many ailments and needs handled in their offices include:

• Cataracts
• Dry eyes
• Eye-related complications from diabetes
• Glaucoma
• Macular degeneration

Also, people who have eye infections also often have to visit ophthalmologist practices. Nearly a million eye infections per year are severe enough to warrant going to a doctor or hospital for treatment. Many of those cases are related to improper contact lens usage.

Clearly, these health professionals have a lot to do without having to focus on the intricacies of ophthalmology coding and bills. Hiring third-party billing and coding professionals to take care of those things allows for greater productivity every day.

 

Eye Doctors Can Stop Engaging With Insurance Companies

One thing that really slows doctors down in regards to seeking payments is that they have to communicate with representatives from insurance companies. A large percentage of the time spent doing that may involve being placed on hold or being transferred to different departments.  These realities reduce the overall time spent with patients.

However, because billing experts devote their workdays to only one thing, they can achieve better results while freeing up eye physicians to do what they do best. Also, due to the fact that billing experts spend so much of their time securing payments, they naturally know what to say and what kinds of information to have on hand to enjoy the best outcomes.

 

Reduced Struggles When Transitioning to Electronic Health Records

Health professionals representing all specialties are expected to switch over to electronic health records, or EHR. One major advantage of EHR is it’s easier to retrieve and send a patient’s records if that individual has gotten treatment in other places.

Companies that handle ophthalmology billing and coding frequently offer supplementary services that help practices understand how best to make the transition in ways that suit budgets and fit with other practical needs. For example, they may provide EHR consultations, plus assist with implementation of an electronic health records platform.

These services save time by helping ophthalmologists avoid common pitfalls and know what to expect before beginning to use a new system. The companies that provide them can also offer troubleshooting when needed, which reduces frustration.

 

Less Time Spent Seeking Late Payments

Getting outsourced help for ophthalmology medical billing is also essential when a facility is having trouble maintaining profitability because of a higher than average number of outstanding invoices. The collections process is very time-consuming and can take up even more minutes in a day than dealing with insurers.

Billing specialists stay committed to resolving collections-related issues. Then, eye specialists are more likely to be profitable, which in turn cuts down on the stress felt by everyone working there.

These are just a few of the many reasons why getting professional help for ophthalmology billing and coding is a genuine time saver. The investment it requires is usually well worth the money spent. It allows ophthalmologists to maximize patient care while minimizing paperwork.

How Does Outsourced Medical Billing Help Doctors?

It’s often hard to convince physicians that they should hire an outside company to handle medical billing and coding instead of taking care of it in-house. After all, doctors use the triage system to prioritize patients according to the severity of their needs. They are likely to use that way of thinking in other aspects of life, too. If there is not an existing and clearly identified problem associated with that part of their practice, they probably won’t feel very compelled to take action.

However, there are numerous reasons that getting assistance with medical billing and coding is very advantageous to people who practice medicine. When health professionals are more aware of the reasons why that’s the case, they’ll be more likely to hire help before it’s too late.

A Shorter Medical Billing Cycle

According to data from the National Center for Health Statistics collected in 2015, 83.6% of adults and 93% of kids polled said they went to visit a doctor within the past year. Skilled doctors are constantly in demand, but even those who are very busy may have difficulty remaining profitable if they consistently deal with lengthy billing cycles.

Third-party companies that handle medical billing services can speed up collections and help maintain a shorter overall billing cycle. That’s one of the reasons why physicians who are initially reluctant to outsource for medical billing and coding because they view it as an extra expense realize that doing so is actually well worth the money.

A Reduced Number of Rejected Medical Billing Claims

People who have even a small level of familiarity with the medical billing industry know it requires communicating with insurance companies and submitting the proper paperwork. Otherwise, claims could get rejected, increasing the amount of time before doctors see payments for the work they do.

A doctor’s practice characterized by a high percentage of rejected claims could begin operating at a loss. If that’s the case and the problem persists for too long, busy practices may have to close.

However, companies that specialize in physician billing services have a commitment to getting payment for each claim. The representatives who work for those entities know the elements that are necessary for claims to get paid quickly and will do what they can to achieve ongoing success.

Less Medical Billing & Coding Paperwork for Doctors and Support Staff

While in medical school, most doctors probably didn’t think about the amount of paperwork involved with being a physician. Medical billing and coding probably was not something they planned for in their future typical workdays, because they were just thinking about treating patients.

Hiring a specialty company to handle that side of the career represents a substantial benefit for doctors who want to be more productive. Furthermore, it reduces the burden on support staff members who may be tasked with handling the bills but could be more useful if taking care of other responsibilities.

As you can see from this short but relevant list, getting outside help with medical billing and coding is a good move for doctors. That’s especially true for medical professionals who want to focus on patient care instead of talking to insurance representatives and filing paperwork.

Dermatology Billing and Coding Expert

1st Medical Billing is aware of the fact that for the smooth running of any medical practice, it is essential for a healthcare professional to be equally financially strong and satisfied by the total reimbursement he gets from the patients for the medical services he delivers. To ensure that the each and every Dermatologist gets fairly paid for the services he delivers, the 1st Medical Billing has introduced a specialized Dermatology billing system which is often known as Dermatology Billing and Coding system.

Dermatology Billing and Coding Services of 1st Medical Billing

1st Medical Billing is a trusted medical billing and coding company. The Dermatology Billing systems of 1st Medical Billing are prepared by the medical billing experts and professionals who has an expertise knowledge of almost all medical related terms and dermatology based key phrases.

With an aim of simplifying the daily work of Dermatologists and reducing the pressure of estimating the patient claims or facing the payment related worries the easy and convenient to use Dermatology medical billing systems of 1st Medical Billing are made.  Through real evidence and experiences, it is found that by adopting Dermatology medical billing system Dermatologists has started working with more peace of mind and achieved a better growth rate with time as well.    

The Benefits of Dermatology Billing and Coding Services 

·   Increase in income at a reduced cost

·   Clean claims with fewer days in AR

·   Get detailed Financial Reports

·   More focus on the growth of medical practice and patient care

·   Reduction in daily stress and more accelerated payments.

·   Reduces paperwork.

·   Saves time and money. 

Get Maximum Reimbursement with Dermatology Practice Management Solution

Under Dermatology medical billing system 1st Medical Billing provides computer system and software designed specifically for the dermatology practice. 1st Medical Billing offers a wide collection of practice management services which are practically proven in increasing the dermatologist's revenues by at least ten percent in the first full year.

The foremost benefit of adopting a Dermatology billing system is that it results in claims spending fewer days in accounts receivable (AR) status. 

Medical Billing for Dermatology Practice

Now, there is no need for the Dermatology practitioners to take care of the billings or to take stress over client's payments as the Dermatology Billing and Coding Services can make their practice less challenging  by reducing the daily paper works, decreasing the stress over irregular payments by patients and helping in getting fair compensation for their services as well.

In short adopting a Dermatology Billing and Coding Services could help in making the medical practice more stress-free and relaxing affair for the dermatology practitioners and professionals.  

''1st Medical Billing is the only medical billing and coding expert in Texas which can really provide the best professional dermatology billing services as per the latest medical codes, regulations, and rules.'' 

The Features of Dermatology Billing Services are:

·   Use of latest technology

·   Fast and efficient service

·   Makes all the services billed as per the applicable laws, regulations, and contracts.

(Apart from Dermatology medical billing, physicians can also be benefited from various other services like coding analysis, electronic health records, physician credentialing and lots more.)  

Dermatology - Specific Services 

1st Medical Billing offers dermatology-specific Electronic Medical Record (EMR) software which can help in making the clinical documentation easier and effective as well.

The Dermatology billing and coding services of 1st Medical Billing could make the dermatology claims much easier and make the practice growing faster.

For making the process of charging patient's claims and payments more transparent and easy going it is vital to adopt a sound Dermatology billing services of an experienced billing and coding services company only.

Services by Some of the Top Medical Billing Companies in Texas

Every medical practitioner struggles a lot in getting a fair or maximum reimbursement for​ ​the services ​it provide. For making the medical​ ​practice ​more profitable, a healthcare professional or a practitioner can opt for reliable medical billing and coding services easily.

1st Medical Billing with an aim of solving all the medical billing and​ ​patients insurance claims errors and difficulties, it provides the most affordable medical billing and coding services in Texas.

1st Medical Billing is one of the most trusted medical billing companies in Texas.

Medical billing and coding services​ ​it offers are:

• Account Receivable Management
• Coding & Coding Analysis
• Comprehensive Claim Follow-Up
• EHR Consulting
• EHR Implementation
• Individual Account Executive
• Patient Balance Billing
• Payment Posting
• Management of Collections
• Resolving Past Due Claims
• Provider Credentialing

The medical billing and coding systems of 1st Medical Billing helps in lowering the billing costs.

Major other specialties it covers are:

• Dermatology                                     
• Gastroenterology
• Internal Medicine
• Ophthalmology
• Primary Care
• Pulmonology
• Radiology
• Urgent care

For getting detailed information about the medical billing and coding services of 1st Medical Billing visit at our website or call us at (866) 701-1716.