At Bonded Business Services, we specialize in helping our clients with full-service billing and debt recovery programs.
We can help you increase your recovery rates, but we can also help you improve the current billing system in your practice so that you can rely on collections agencies like ours less and less in the future. With the rising costs of healthcare, it’s more important than ever before for practices to find more efficient and effective processes for medical billing and collections. And, luckily, the professionals at Bonded Business Services are here to help. Here is a list of our top tips for better billing in your practice:
#1. Be upfront and honest about your rates.
Often, medical bills go unpaid because people don’t expect them, and so they don’t budget for them. When you make all of the client’s costs clear to them from the get-go, it prevents them from being blindsided by unexpected bills. It’s also important to check on a patient’s coverage before you explain their costs to them. That way, you’ll have all of the information you need to provide them with a final, out-of-pocket cost before their appointment even begins.
#2. Get your staff involved in the collections process.
The more people in your office that are involved in the collections process, the less likely missed payments or underpayments will fall through the cracks. This doesn’t mean that every member of your staff should harass your patients on the phone about unpaid bills, but it does mean that your front desk staff should ask for the payment at the time of the visit. It’s also smart to train your staff to remind patients about unpaid balances when they call to confirm appointments. Additionally, make your payment policies clear from the moment patients walk through your door by hanging signs stating your policies.
#3. Make it easier for your patients to make payments.
You’ll have a lot more unpaid balances if you make your patients jump through hoops to pay them off. In this day and age, people are used to speed and convenience in everything they do, and paying their bills is no exception. If you haven’t already taken advantage of online bill pay, now is the time. Making it possible for your patients to pay their bills online is one of the most important things you can do to increase your recovery rates. As a bonus, making online bill pay accessible to your patients will also encourage them to use the patient portal on your website, helping you meet use requirements.
#4. Use the right medical billing software.
Medical billing software has become more essential today than it has ever been before, and if you’re using the wrong software — or you’re not using medical billing software at all — the process is likely to be much harder than it has to be. The right medical billing software can revolutionize the way you handle billing and collections in your practice by automating late fees, tracking bills that are past due, identifying patients with unpaid balances and more. And, keep in mind that, though the right medical billing software may be an investment, it’s an investment that will save you in time, money and energy down the road.
#5. Keep your billing staff motivated.
Imagine having to call patients and ask them to pay their unpaid balances day in and day out. Billing and collecting isn’t the easiest job, and it’s important for practices to recognize that, and take steps to keep their billing staff motivated. Make it a point to always show your staff how much you appreciate them. For a little added motivation, you can even incentivize them.
#6. Make sure your billing and coding staff is properly and continually trained.
Did you know that over 20 percent of a typical practice’s revenue will end up getting lost because of mistakes and loopholes throughout the medical billing process? Whether your staff accidentally chose the wrong CPT code or they didn’t assign the correct diagnosis code, it’s the only thing the insurance company needs to give them the right to deny the claim. The Centers for Medicare and Medicaid Services (CMS) guidelines change often, and it’s essential to make sure that your staff is always trained on the latest guidelines. Don’t let preventable errors cause you to miss out on revenue in your practice. Make sure that your billing and coding staff is properly and continually trained for accuracy and efficiency.
These are just a few of the many things you can do to improve your recovery rates and revolutionize your billing and collections process. To learn more tips, make sure that you stay tuned for our next blog. And, in the meantime, turn to Colorado’s premier collections agency for all of your billing and collections needs. We’ve been in the business since 1952, and we are dedicated to your success!