Best Billing Practices

Your administrative and billing procedures & policies not only have a significant impact on the financial health of your practice but on patient experience.

Here are a few billing tips to help you receive payments faster, reduce denials & audit risks, and keep your billing staff and/or vendor(s) productive and patients delighted.

Our Top 5 Billing Tips

Utilize Technology Maximally

Make sure you make the best use of the wide range of tools & technology of your billing system and clearinghouse(s). Tools such as automated phone and text reminders to minimize no-shows and cancelations, electronic insurance eligibility & benefit verification, claim status tracking, electronic remittance, instant denial reports, and comparison between contracted and paid amounts, and so much more is available to practices. Such tools reduce manual labor, expedite claims processing and collections, and increase your overall efficiency.

DON’T FORGET

To come up in unison with the staff members with a game plan and put it into action together. Discuss what this will look like in your office and how it will be executed– and then make sure you review and revisit your progress periodically to evaluate and rework your strategy.

This could be a Game-changer!

OmniMD Medical Billing Service is Your Answer!

Utilize Benchmark Reports

Monitoring the Vital 3 over time gives you a fair indication of problem areas and impending actions to take.

  Thumb Standards Your Vitals
Days in Accounts Receivable <45 Days ?
Net Collections Percentage 95-100% ?
Accounts Receivable Aging <10% for 120+ ?

A snapshot view of where you are and analyzing your progress over time, empowers your billing staff and managers with knowledge of the overall health of your operations and can definitely increase and more timely collections.

DON’T FORGET

To come up in unison with the staff members with a game plan and put it into action together. Discuss what this will look like in your office and how it will be executed– and then make sure you review and revisit your progress periodically to evaluate and rework your strategy.

This could be a Game-changer!

OmniMD Medical Billing Service is Your Answer!

Have a Policy & Procedures Manual in place

Both Front Desk and Billing Staff must have clear quickly referenceable guidelines to follow. Strongly recommended policies would be: adjustment and write-off rules, appeals process, and patient collections.

Giving front desk and billing staff a more cohesive understanding of expectations & targets will improve accounts receivable management and ensure compliance.

DON’T FORGET

To come up in unison with the staff members with a game plan and put it into action together. Discuss what this will look like in your office and how it will be executed– and then make sure you review and revisit your progress periodically to evaluate and rework your strategy.

This could be a Game-changer!

OmniMD Medical Billing Service is Your Answer!

Know your Payer Contracts, Timely Filing Limits, and Medical Coverage Policies

Know your contracts and hold your payers to them. Not only administrative but billing staff should have access to all payer contracts. Your billing staff should be familiar with advanced knowledge of individual payer medical coverage policies, filing limits, coding edits, global policies, etc.

DON’T FORGET

To come up in unison with the staff members with a game plan and put it into action together. Discuss what this will look like in your office and how it will be executed– and then make sure you review and revisit your progress periodically to evaluate and rework your strategy.

This could be a Game-changer!

OmniMD Medical Billing Service is Your Answer!

Monitor Claim Denial Rates and Errors

Maintaining claim denial rates including denial reasons & their frequency is another key factor to increase your clean pass ratio. 90% of claim denials are preventable but still occur. Appealing denials costs provider money and time. Industry average is between 5 and 10%. This is an easy way to identify recurring denials and prevent them in the future.

DON’T FORGET

To come up in unison with the staff members with a game plan and put it into action together. Discuss what this will look like in your office and how it will be executed– and then make sure you review and revisit your progress periodically to evaluate and rework your strategy.

This could be a Game-changer!

OmniMD Medical Billing Service is Your Answer!