4 (Medical Billing) Techniques that Can Assist Your Practice

Medical Billing Techniques that Can Be Installed to Help Your Medical Practice

Health care providers should periodically review their financials and revenue cycle, so that they can take corrective measures at the earliest if required. A great deal of medical offices / health care providers find that a medical billing service is one area which could be drastically improved. Using the latest medical billing techniques, a provider’s efficiency and efficacy rates will increase. Data shows, there’s been an exponential increase in medical costs over the last few years. Hence, patients expect health care providers to be more transparent while calculating payment(s). Additionally, patients want more options for making payment(s). Therefore, the medical service provider has to consider multiple factors while billing. Fortunately, there are some new medical billing trends which simplify the process of collecting patient payments.

Automation

Many healthcare providers prefer automation, since it helps reduce costs and it’s more convenient for the patient. Using an automated billing system reduces effort, saves time and eliminates many human errors. Additionally, it’s easier for the patient to understand the billing. While some patients may require more information about how they are being billed, data suggests most health care provider staffs and their patients are quite satisfied when medical billing protocol(s) are streamlined and automated.

Using Registry or EHR for Payment Incentive under MIPS

Under the medicare system of payment adjustment, eligible clinicians may get a payment bonus, payment penalty or no adjustment of payment under the Merit-based Incentive Payment System (MIPS) program. Healthcare providers can choose from different methods for reporting to MIPS, with Electronic Health Records (EHR) and registries being the most popular methods. EHR has the patients medical information in digital format, while the registry has more comprehensive analytics information and is designed for submission to MIPS. Each of these options have their own disadvantages and advantages. Hence, the health care provider should compare each option carefully before finding the most suitable option based on the requirements of their organization.

Using Improved AI

Worldwide, Artificial Intelligence (AI) technology is being extensively developed and the number of applications using the technology are increasing rapidly. In the medical sector, professionals have found this technology to be extremely useful and can be used holistically. Some health care companies and providers have started using AI for coding and billing applications, since AI can be used for extracting specific data patterns and sets. Other organizations have found that AI to be useful in collecting patient payments.

Comparing Outsourcing and In-House Billing

Although many large medical providers perform their own medical billing (in-house), it makes more sense for new or small to mid-sized medical practices to outsource. Small to mid-sized providers realize that billing is extremely labor intensive, yet a very crucial part of their business model and revenue cycle. It’s been our vast experience that medical practices should focus on providing health care services to their patients and leave the billing to experts. Qualified medical billing groups ensure billing accuracy and speed and are well trained, with experience.

Medwave boasts an experienced team of medical billing and credentialing professionals dedicated to serving your medical practice.