If I were to ask what one of the most important parts of health care would be, you would probably list medicine, doctors, or anything else that makes health care vitally important. However, one of the most overlooked things that would not even be considered is revenue. Without it, doctors couldn’t pay the staff that makes the medical office run smoothly. Doctors also couldn’t afford all the equipment that’s used to diagnosis and treat illness. That’s what makes revenue flow so important in the medical office. To make revenue flow possible, you must make sure you are doing everything you can to bring it in. To do so, you must have some guidelines to follow, in order to get the most if not all of the revenue owed to you. Here are but a few actions that need to be taken to increase healthcare revenue today.
Have the Medical Coder Recheck the Doctor’s Notes
Sometimes, a routine procedure of drawing blood is performed. But it’s so common that it’s often forgotten as a charge. Or perhaps the coder forgot to add the proper modifier to the code. So it’s important that the medical coder goes back and checks everything in the doctor’s notes to verify that nothing is missing and the medical report is as complete as possible. Otherwise, you are throwing money out the door.
Following up on Your Aging Reports
Sometimes, revenue is held up by delayed payments. Therefore it’s imperative that you follow-up on your ageing reports. By doing so, you know who owes you money and find the reason for the delay. You may start with the insurance companies that owe your practice money. The delay might be because of something as small as a missed detail, to as big as missing documentation. That’s why you must always follow-up to keep a consistent stream of revenue coming in.
Changing up Your Billing Statement
Sometimes, it seems patients try to avoid paying their bills. This, however, is usually not the case. Sometimes the bill arrives at the wrong time of the month. Or maybe they see a balance that appears out of reach to pay. So they simply don’t pay. To increase revenue for your business, you must meet your patients where they are. That might mean making sure the bill doesn’t arrive the same time the house payment or utility bills do. Or making it clear in the billing statement your intent to help them pay their bill. This could include incentives like some percentage of a discount if paid in full, or special programs you have to help your patients in times of hardship. However, with any incentive you include in your billing statement, always make sure it’s done legally to avoid accusations by insurance companies of abuse or fraud.
Having a consistent revenue flow will not only make the doctor’s life easier, but everyone who works at the practice will benefit as well. That’s why it’s so important to prepare your medical billing and coding team to take these revenue initiatives seriously. If you would like more assistance with this or any other aspect of growing your medical practice, contact us today.