Accurate and effective medical billing is essential in order for your healthcare practice to be financially stable.
If you want to reduce late payments and simultaneously increase patient satisfaction, you must do everything you can to take your billing practices to the next level. Implementing the following suggestions can help streamline your operations and enhance efficiency.
Assess your current billing processes.
Take a look at the procedures you are using now to determine areas for automation or simplification. Then, incorporate specialized systems and technologies to expedite and streamline billing.
Before you make sweeping changes, take a close look at the systems and practices that you already have in place.
Focus on areas that can be improved or automated, and consult with your healthcare payment services provider about obtaining updated practice management software and electronic health record (EHR) systems.
These tools will make tasks such as payment posting, patient scheduling, and claims submission much easier, leading to more efficiency throughout the payment experience and a better chance that you will receive the funds to which you are entitled on time.
Harness the power of billing technology.
Modern claims submission systems, optical character recognition (OCR) software, and secure patient portals work together to optimize the entire payment process.
Automation truly is the secret to a smoother and more streamlined payment experience for your staff and patients. In addition to automated coding software that reduces manual entry errors and promotes accuracy, you should also use electronic systems to submit claims, expedite reimbursements, and minimize denials.
You can now obtain software that verifies patient eligibility in real time, thus minimizing claim rejections that stem from inaccurate insurance details.
Historically, many errors occur when information is incorrectly read or transferred into your billing systems. Optical character recognition (OCR) technology can make these manual mistakes a thing of the past by automatically extracting the details you need and inputting them into your payment processing for healthcare providers’ software.
While these measures take place in your office and involve your staff mastering automated systems and programs, setting up a patient portal puts the power in the hands of your clients.
With this technology at their disposal, it is easy for them to make appointments, leave messages, request prescription refills, pay bills, and conduct all other types of business with various members of your staff.
Along with the added patient satisfaction that this system is sure to bring, you will also soon discover that your administrative burden is significantly lightened.
Make accurate patient information your goal.
Ensuring that patient details are accurate and updated helps to prevent billing errors that often lead to late payments. This can be done by implementing systems that conduct electronic eligibility verification and check for duplicate records.
If details about the clients you serve are outdated or incorrect, you cannot possibly expect your billing to be smooth or error-free. Once again, modern technology comes to the rescue to increase the likelihood that your details are correct.
This comes in the form of real-time eligibility verification tools that assess whether a patient can be covered by their insurance to receive the services they are requesting.
Whereas it may have taken days or weeks to learn these details in the past, modern systems give you the answer before an expensive treatment modality is provided, giving the patient the true picture of what their financial responsibilities will be.
Additionally, software can now scan for duplicate records. When you regularly review your roster to ensure that there are none of these, you can reduce the chances of costly billing errors that lead to delayed payments and mounting frustration on all sides.
Provide payment choices.
Allowing patients to resolve their bills using their preferred payment method heightens client satisfaction while increasing the likelihood that you will receive your funds on time.
Most systems that furnish payment processing for healthcare providers are now capable of taking more than just credit or debit cards when clients visit your office in person. In fact, today’s specialized solutions can accept online payments before an in-person or virtual visit even takes place.
Alternatively, recurring invoices can be sent to assist clients in paying bills over time that have proven to be too large to resolve all at once.
Just as has become common in the traditional retail space, healthcare payment systems can now take additional forms of payment, including via digital wallets using apps such as PayPal, Apple Pay, and Google Pay. Contactless card readers allow clients to wave their smartphone or watch near your NFC-equipped reader, creating a fast and hygienic payment experience.
In the end, offering a full array of payment options to your patients increases the chance that they will find the modality that best suits their preferences, increasing the chance that you will get what you are owed on time and according to the arrangements you have made.
Make regulatory compliance a priority.
Adhering to billing regulations helps to ensure that you are not slapped with penalties and fosters a positive reputation for your practice.
By setting up and regularly conducting a robust compliance regimen that includes appointing a compliance officer, conducting regular audits, and providing routine staff training, you can ensure that you are in compliance with requirements such as the Health Insurance Portability and Accountability Act (HIPAA).
It makes sense to invest in software that automates compliance-related tasks such as monitoring coding, tracking regulatory changes, and creating reports that you can reference to make improvements and mitigate any risks that you identify.
When your medical billing is streamlined and accurate, claim denials can be reduced, reimbursement can be accelerated, and cash flow can be improved. This will ultimately lead to payments that come in faster, reducing your administrative burden and allowing you and your staff to devote more of your time to caring for your patients.
In the end, this enables you to live out your mission of providing the comprehensive, high-quality medical interventions your patients deserve.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
