Top 3 Guiding Principles for Increasing Physician Billing Efficiency

physician billing

With the ever-increasing complexity of medical insurance claims, Medicare/Medicaid reimbursements, and other financial problems, many practices find it difficult to manage the Physician billing process. According to research published in Health Affairs, physicians spend approximately 12% of their net patient care revenue to offset the costs of “excessive administrative complexity.”

74% of those costs can be ascribed to physician billing inefficiencies. This is primarily due to time spent by physicians or staff preparing paperwork or directly contacting payers with inquiries about prescriptions, diagnosis, treatment plans, and/or referrals.

Physician billing and coding are difficult since regulations and payer contracts are continuously changing. The ongoing increase and movement toward patient responsibility are some of the factors affecting payments.

As a result, bad debt is on the rise, and practices are facing revenue pressures never seen before. To stay financially ahead, your group administrator or billing services manager must maintain an unwavering focus on adopting the most recent and effective Physician billing practices.

Automate front-end processes

There are numerous jobs that must be completed at the front desk, therefore it is critical that you use every tool available to generate the efficiencies required to keep prices low. Verify the patient’s insurance eligibility ahead of time to improve the possibility that you will be compensated for your services.

Implement a policy requiring that all patients’ insurance be verified prior to receiving services. Standardize the procedure and appoint a champion to be in charge. This function should be completed before appointments.

Collect from patients up front

Especially in physician billing with the trend toward patient responsibility, collecting from the patient at the point of service is more important than ever. There are various things you can take to ensure success in collecting from the patient.

Communication is where it all starts. Post your medical group’s policy for collecting each patient’s financial responsibility at the time of service. Placing a notice to that effect in each waiting area can help to avoid surprises and make it easy for front-desk staff to obtain payment.

Train your employees on how to ask for money during check-in. Implement a credit card on file program so that patients can pay their payable component at the time of service and choose to have their credit card charged after their claim is validated.

Examine your personnel duties and ensure that front-desk employees are comfortable discussing money. Train your appointment schedulers to define each patient’s financial responsibilities before they arrive at your medical center. This increases the likelihood that you will collect the exact amount owed for their co-insurance.

Get It outsourced

Some surgeons have almost entirely abandoned intricate physician billing systems. They would rather prefer to outsource everything to a third party. There are numerous solutions available for third-party physician billing and coding. Your software vendor is ultimately the best option. They’ll be conversant with the billing aspects of your application and generally cost less than employing a full-time physician billing professional in your office.

Hence to conclude, work with a provider, that will assist you in exploring an alternative by assisting you with a financial assessment and cost analysis, to see whether or not this option makes sense for you. If you’re investigating the same option, talk to your colleagues who have previously outsourced their difficult physician billing procedures.

When you begin your search for a third-party physician billing and coding firm, you will discover a plethora of possibilities. Furthermore, outsourcing billing services are generally less expensive than hiring a full-time physician billing specialist at your office and can allow you to focus more energy on front-end operations if necessary.