What Standards for Medical Billing Should Your Medium-Size Practice Follow?

With the environment of healthcare changing at a rapid pace, it has become important to small and medium-size practices to increase their revenue stream. There are ways to do this without incurring large expenses. In fact, some of the methods that are most effective may save your practice a considerable amount of time and money such as outsourced medical billing services.

However, hiring a medical billing company is just one of many methods at your disposal. Here are some other ways to save money and increase revenue for your small to medium-size practice.

Appointments

Prioritize your appointment schedule so that the most urgent cases are treated quickly while those with regularly scheduled checkups are given a lower priority. For medium-size practices, you can also double-book patients for the same time slot, increasing the chances that at least one will show up. This means that you can increase your revenues, although you will need a backup plan in case both patients show up at the same time.

Patient Collections

This means that from the time the patient walks in the door, your staff should be gearing their efforts towards ensuring that the patient can pay their bill. This means that all co-pays, deductibles, and insurance coverage is present. Plus, you will need to inform the patient of any issues before they get their treatment. Naturally, any patient who owes money needs to pay first. For patients who are not covered or cannot pay the full amount, you can put in a payment plan or take a percentage for each subsequent visit.

This also includes modes of payment which means expanding how a patient can pay their bill. It helps to improve your POS collection system so that different strategies can be used to get the money the patient owes to your practice.

Refill Prescriptions

Instead of renewing all prescriptions over the phone, you can instead schedule an appointment on the day they run out. This will help bring more patients into your practice, so you can checkup and treat them instead of missing out on revenue opportunities by renewing using the phone.

Other Ways to Streamline Your Practice

The goal is to reduce costs while not affecting service or the results that you normally receive when expending your resources. Marketing for example is traditionally performed on radio, TV, newspapers, and the phone book. However, shifting more of your focus towards the internet may help you pick up new patients.

Working to reduce billing errors can also put more money into the practice. By identifying potential issues before the claims are rejected, you can avert many instances of having money denied due to simple errors that could’ve been corrected before the billing was sent in.

Keep in mind that outsourced medical billing services means that a big part of your staff’s efforts can be redirected towards the collection process. And, hiring an outside company to handle your medical billing services means keeping more money as well.

CrystalVoxx is a leading medical billing services company providing medical billing services at affordable rates..