At first glance, billing for healthcare seems like a relatively straightforward process. After all, every medical practice and facility in the world goes through some sort of process to make sure their billing audits are complete, and cash flow properly watched over every day. Even those outside of the billing department, such as physicians, counselors, and nurses, often have some idea of how these processes work to some degree. However, there comes a time when every healthcare billing department comes to the conclusion that their processes could be improved upon. Luckily, implementing some of the best practices in the industry can help you get on top of the curve and stay there.
By partnering with RevWerx, our highly-trained team can help you with every single part of the billing process, including billing audits and reporting. Working with us to identify revenue leaks, hiccups in RCM operations, and ways your department can become more efficient can revolutionize the way your medical facility or practice operates. To learn more about what RevWerx can do for you, contact us online or call us at 833.309.0138.
4 Best Practices in Billing for Healthcare
1. Look into Patterns of Insurance Claim Rejection
A claim rejection from an insurance company can really throw a wrench into the necessary processes of billing for healthcare. However, taking note of when claims are rejected can actually help lower the rates of rejection by quite a bit. When multiple rejections are coming from the same company or for the same types of claims, it can signify a separate issue. Hidden errors in pre-authorization paperwork or coding could be the culprit, and so could filing a claim during the wrong part of the billing cycle. A billing audit through an RCM service such as RevWerx can identify these errors and eliminate them without fuss, allowing your facility or practice to decrease the rate of insurance claim denials.
2. Clearly Define Financial Responsibility to Patients
Make sure that your staff is completely trained in communicating financial information and responsibility to its patients or clients. It’s important to make sure that those coming into your facility or practice have a crystal-clear understanding of what payments they will be responsible for and when. Your front-line staff, working the intake desk or manning the phones, should know to confirm insurance information or intended payment methods at a couple of points throughout the scheduling process. Ensure that:
- Co-pays and insurance information are collected at the time of service
- Proper signage regarding payment expectations, posted clearly in a visible area, can help
- Ensuring there are no surprises
3. Keep Updated and Accurate Records
One of the first things to check on when investigating high rates of late or unpaid payments should be your record-keeping processes. If a facility or practice isn’t keeping complete and up-to-date records, it can become more difficult to recognize when a patient is behind on payments. Train front desk staff properly in keeping track of which patients are paying for services up front, which patients are falling behind, and which bills are going unpaid altogether. A simple check-up on your own records can cut down on healthcare billing errors and past-due payments.
4. Partner with RevWerx for Healthcare Billing Audits
Identifying and implementing the best practices in healthcare billing can seem like a daunting task, especially for smaller practices and facilities. Luckily, RevWerx can help make it easier. Our team provides full-service billing audits and reporting services, which can apply some of these best practices in billing and find revenue leaks that could be costing you tens, hundreds, or even thousands of dollars.
Contact RevWerx for Your Healthcare Billing Audits and Reporting
If you’re interested in making RevWerx your ally in the billing process, contact us through our convenient and secure online form, or call us at 833.309.0138. Our team of experts will act as your billing department, not your billing company. Reach out to us today.