Statistics in the medical billing industry are very alarming in regard to monitoring and settling the claims of patients. Let’s have a look at the following statistics:
- On average, 70% to 80% of patients owe a minimum of $500 to their healthcare companies.
- More than 45% of the patients owe $1000 to their healthcare service provider.
These statistics show why medical billing is the necessity of the hour and how healthcare companies are losing revenue.
Why does this happen?
- Errors occurring during the claim settlement.
- Employees tasked with performing this activity being potentially unaware of the latest rules and regulations.
We at Rely Services Inc. help our clients to minimize these errors and help them to increase their revenue in due time.
Here are four effective ways to enhance medical billing process
1. Implement a transparent billing & collection procedure:
Implementation of a transparent billing & collection procedure decreases the time spent for the claim settlement. This leads to efficient revenue cycle management. To achieve robust revenue cycle management, you need to ensure the following things:
- Make sure to be on the same page as each patient for all sorts of terms and conditions. Offer all options available in regards to settling their claim by providing them with billing updates and timely reminders for ensuring that they know about the co-pays, deductibles and giving them all types of payment options to speed up the process.
- Ensure that you have all the essential data regarding the patient. This will be useful to pass on to a collection agency if needed. This information has to be thoroughly verified by cross-checking it with valid identification so that it’s easier to reach out to them afterward.
- Sequential reminders about the payment due help in increasing the claim settlement. This will help patients be more informed about their due dates, etc
2. Focus on minute details & improvement in claim settlement:
The majority of healthcare firms agree that their claim settlements have errors. These errors occur mainly due to longer revenue cycles where information flows freely. This flow includes various steps in the claim settlement, such as frequently updated information and continuous submission into the system. The claim settlement goes smoothly if we verify the information appropriately for the following parameters:
- Data and records submitted by the patients.
- Latest information about standard medical codes.
- Duplicate copies of bills submitted.
- Service provider details.
- Information provided by insurance companies.
- Cross-checking of documents that are submitted.
3. Track Accounts Payable which are pending:
A persistent approach is key to settling the claims with patients whose accounts are payable. Keep a system to log reminder calls and messages regularly. Since this is a tedious and time-consuming task, it’s better to outsource this to a claim collection agency. This will not only save your time and effort but will also increase your revenue.
4. Track unpaid problem accounts:
Identifying the problem is a key aspect of resolving the issues in claim settlements. If you know the problem, then you are one step closer to finding the solution. Identifying and resolving the issues of the patient helps you through the process while increasing revenue.
About Rely Services:
Rely Services, a leading Healthcare Billing Services can quickly remedy a “sickly” billing process. We have helped our reputed clients to increase their revenue and smoothly manage their claim settlement process. For a no-cost evaluation of your healthcare process and tips on how we can make you more profitable, contact us and see what a difference we can make for you!
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