How to Improve Your Physician Billing Collections

For any medical practice, maintaining a steady stream of revenue is crucial to stay afloat. One of the biggest sources of revenue for any practice is the physician billing collections. However, this can be a difficult area to navigate, especially for small practices or those with limited resources. We’ll explore some tips on how to improve your physician billing collections and keep your practice financially healthy.

1. Verify patient information

It may seem like an obvious step, but it’s important to verify patient information before providing any services. Ensure that patients provide accurate demographic and insurance information, and confirm coverage with the insurance provider before providing services. This can help reduce denied claims and save time on follow-up.

2. Train staff on billing and coding

Having staff who are well-versed in billing and coding can make a big difference in collections. Providing ongoing training to staff can help ensure accurate coding and billing, leading to fewer denied claims and quicker reimbursements.

3. Utilize technology

Technology can be a great asset in improving physician billing collections. Utilize software that can help automate billing and coding processes, track claims, and manage patient information. Electronic medical record (EMR) systems can also help streamline the billing process and reduce errors.

4. Stay up-to-date on regulations

Staying up-to-date on billing regulations and requirements is crucial to avoid any compliance issues. Keep up with changes in regulations, such as updates to the ICD-10 codes, to ensure that your billing practices are in compliance.

5. Offer multiple payment options

Offering multiple payment options can make it easier for patients to pay their bills, which can increase collections. Consider offering online bill pay, payment plans, and credit card payments to give patients more flexibility in how they pay.

6. Follow up on denied claims

Denied claims can be a major source of lost revenue. Be sure to follow up on denied claims and take steps to appeal any denials. Timely follow-up can also help identify and correct any billing errors.

7. Outsource billing and coding

Outsourcing billing and coding can be a great option for small practices or those with limited resources. Outsourcing can provide access to trained billing and coding specialists, which can help improve collections and reduce errors.

Improving physician billing collections is crucial to maintaining a healthy medical practice. By verifying patient information, training staff, utilizing technology, staying up-to-date on regulations, offering multiple payment options, following up on denied claims, and outsourcing billing and coding, medical practices can improve their collections and stay financially healthy.

Atlantic RCM is one of the leading multi-specialty medical billing companies in USA that serves 25+ major medical billing specialties. Our experts work across your practice in billing, collections and account receivables management, to help you succeed.

Get in touch with the leading medical billing outsourcing company to learn more. Call us at (469) 501-1500 or write to us Info@atlanticrcm.com