Medical Billing Blogs

  Want to boost the income of your chiropractic office? If yes, then you need to ensure that your financial process is streamlined and efficient. This is crucial for maintaining a healthy  revenue cycle .  Here are a few effective office management tips that can be followed to increase revenue and to free up more time for quality patient care. Make sure that you are evaluating account receivable of your chiropractic office on a regular basis. Averaging less than 45 days in A/R is recommended but it is better to strive for an ideal average of fewer than 30. If there is excessive A/R, then start by separating A/R by insurance and patient balances, identify key offending payers, and view monthly reimbursement trends and try to understand how payer specific guidelines are affecting your A/R Management . Another tactic to improve reimbursement is by improving coding accuracy. By routinely scrubbing codes before claims submission, chances of denials can be minimized or e...

  Claim denials are common in medical billing for practices, but the impact it creates to your revenue can be way high. Most practices without having sufficient time to monitor and crosscheck their coding during claims submission end up in claim denials, thereby resulting in revenue loss. To overcome some of the common errors in medical billing and to reduce denials from the provider end, here are some easy tips for practices to follow. #1: Use Automated Solutions Most claim denials happen due to human errors which can be really troublesome. The more human errors we remove; the more claim denials we can remove. Availing EHR solutions with specialized software which can self-code accurately without showing any flaws and improving reimbursement levels. When these claims are properly processed in the first attempt, revenue growth can be highly seen. #2: Check Patient Information Inaccurate information, errors in insurance eligibility verification can be easily fixed ...

  Are you tired of claim denials? Are your denial rates increasing day by day? Well, that is common in today’s world. As per the industry standards, the average rate of denial is somewhere between 5-10% and if you have a denial rate of more than 10%, then you need to worry and do something regarding that. So, it is better to take preventive actions to avoid the  claim denials  that have a negative effect on the revenue. Here are a few steps to minimize the claim denial – Set predefined standards Firstly, hire a skilled and competent front-end staff. If required, train them regarding the patient’s demographic errors as well as the services that are not covered in the patient’s claim plan. Make sure that your staff is well-versed with all the information related to the demographics and eligibility. You can set a no-tolerance policy for the late claim submission. Also, you can set standards with your staff related to the target and to take action in case...

    Every Company’s main aim is to have profits and for that, a smooth and streamlined process flow is very important. One of the core task involved in Medical Billing process is Insurance eligibility and its verification. The validation is very important to avoid any consequences and risks at a later stage.  The  Medical billing companies   can help to avoid denials or delays which is useful for your practice. Therefore, every claim should undergo a verification process irrespective of any medical plan. Let us see how verification can improve the denials in medical billing process: To avoid denials, the  Medical Billing Companies  should verify the date as compared to the expiry date of insurance coverage mentioned. There are some cases wherein the patient goes for his secondary insurance for the claim due to the expiry of the primary insurance. This should be checked otherwise the claim would be rejected. Th...

  Nowadays, the financial health of your eye care practice depends more on the continuous cash flows than ever. In fact, keeping up with proactive  optometric billing solutions   in this ever-changing industry is putting strains on the optometrists and their staff worldwide. All this have resulted in either the closure of many eyecare practices or alteration of office hours as per the guidelines from AAO, CDC , and AOA. That’s why there is a need to focus more on the performance of claim audits before it is too late to receive the complete amount of reimbursements. One such move of the claim audits is to understand the challenges faced by the optometry practices in billing and coding their tasks. Let’s have a deep understanding of the top 3 challenges faced by the optometrists in billing and coding their services: Use of Incorrect Modifiers, Resulting in Claim Denials Modifiers are the best choice to describe a service accurately, but they can lead to claim denials ...

Most experts are of the opinion that the minimum time it takes to receive the payment from an insurance payer should be at least 30 days. That's why even small medical practices in the US aim for an average of below 30 days in AR. However, the benchmark set by the healthcare industry is around 50, and exceeding that number simply means that there are higher chances of claim denials . To make your payment collection efficient, you have to ensure that there are fewer claim denials. Here are five top denial reasons that are easy to avoid and can enhance the cash flow for your healthcare practice: 1. Timely Filing Different insurance payers maintain and follow the different deadlines for the claims submission that are specific to them. Most of them require you to file the claims within 90 days, 180 days, or a maximum of one year from the day of service. If you ensure the submission of completed claims every day, you can easily avoid the late fees and unnecessary denials. If your...

  According to a survey by AAFP (American Academy of Family Physicians) , denials are a frequent occurrence accounting for between 5-10% of hospital claims. Denial Management Services Industry experts believe that in order to improve revenue flow, it is very important for providers to keep this number close to 5%. And in order to achieve this, they need to have a robust denial management process in place. Why denials continue to be a challenge? You will be surprised to know that there are quite a few number of providers who still use the manual  denial management  process. This not only creates room for errors but also slows down productivity. According to a survey by  HIMSS Analytics , at least 31% of providers still use the manual denial management procedure. As per an article in  RevCycle Intelligence , most providers or hospitals don’t have an effective denial management process in place, be it manual or electronic. According ...