Running a medical practice can be tricky – and it only seems to get trickier with time. In addition to ever-evolving medical treatments, privacy laws, and technology, you need to worry about getting paid by a variety of different insurers and patients. Today, we’re going to look at four ways you can help improve your bottom line and keep your practice running smoothly by increasing reimbursement.
1. Hire a medical billing specialist
The number one way to improve insurance reimbursement will always be to hire the right medical billing team for your business. As one source puts it, “Good medical billers boost company bottom line.” It’s that clear-cut. With the right claims team in place, such as the team offered by Advanced Reimbursement Solutions, you could actually stop the list here, because your billing partners will handle the rest in-house.
2. Use up-to-date software
Insurance codes are constantly changing, and so must you. In order to track patients, visits, and treatments, you need up-to-date software on both sides. Receptionists and medical professionals need software to tell them what patients have appointments for what purpose, and insurance companies need matching data using their in-house codes. Without the right software, billing – and getting reimbursement – will be that much more difficult.
3. Track charges for follow-up
Of course, billing is only half the work when it comes to getting paid. Even if you send the bill correctly, there’s no guarantee that you will be paid in a timely manner. Electronic files can get lost or misfiled in an insurer’s system. A timely email or phone call may be all you need to get that insurance reimbursement, but someone needs to know to make that call.
4. Keep necessary information secure but accessible
A critical component of insurance reimbursement includes sharing confidential information involving medical procedures. In order to receive payment without costly delays, you need a reliably secure system for sharing necessary information – and only this information – with a large number of insurers in a small amount of time.
In the healthcare industry, keeping patients healthy is your first priority. In order to do so, though, you need to be able to pay your bills – and that takes money. By hiring trained medical billers, you can stay focused on patient care without having to worry about the rest. Contact us today at Advanced Reimbursement Solutions to speak with one of our experts in Wilmington or Phoenix!