Is your practice’s cash flow slow because you’re waiting for payment from insurance companies? Insurance companies are holding on to their funds longer than ever and the reimbursement per visit is dropping, so getting every dollar that you can is important for the health of your business. When you are paid, how do you know if insurance companies are paying your practice correctly? Effective collection starts internally with your practice.
Know your data
Disorganized and out-of-reach data is perilous for your practice. Ensure that you, along with the appropriate staff, know and understand your numbers. Access to requested information should be simple to find and easy to explain, if asked by insurance companies, patients, or partners.
Find common ground with the payer
Your practice and the third-party payer both have goals to accomplish. If you are experiencing lengthy delays, it’s essential that you understand what is needed to get the claim pushed through on their end.
Find ways to manage complex patients
There wouldn’t be as many payment issues if all patients were direct and uniform cases. Find ways that your practice can better manage complex patients and let technology work for you. Focus on recurring problems so that you can find streamlined solutions.
Change policies that affect your practice
Are there ineffective policies in place that stand in the way of quick billing? Sometimes it all goes back to procedures and processes and deciding whether they help or harm your payment system. Keep your practice current so that you’re not held back by outdated policies.
Reduce administrative hassles
The errors are in the details. Take care of your people, give them the resources they need, and invest in the proper training so that they are equipped to do their best work. Gather feedback to ensure that you are not overlooking beneficial ways to enhance productivity.
Outsource your billing processes
Allowing an outsourced company to come in and take the billing off your hands can be an inexpensive change that makes all of the difference. Their experience can let you focus on the patients while they speed up the billing system.
Run and use your reports
Running and analyzing the reports that you have access to is an easy way to find inconsistencies and discover how to make your practice more agile. As an example, an aged patient accounts receivable report can tell you if one insurance plan is becoming more difficult to work with than others.
Do you know if insurance companies are paying you correctly? If your billing has gotten out of control or if you need help streamlining your processes and updating your procedures, don’t be afraid to outsource your needs. While insurance companies can often be a hindrance in your plan, starting internally, and ensuring that you have the best foundation to begin with, will make a huge difference.