Improving Strategies to Increase Collection Rates
- December 22, 2015
- Posted by: Thomas Anderson
- Category: Collection
Medical billing and collections are major areas in the healthcare business which need proper attention. It goes without saying that the billing process actually begins with the provider’s accuracy in charting information for patient records. To achieve the highest rate of collections, medical billing personnel should keep themselves up-to-date with the latest billing and collection changes. ICD-10 can be considered as a change catalyst.
Healthcare practices often face several complexities and revenue risk from the payers. Hence, outsourcing medical billing always lessens the risk being trampled by expenses. A proficient medical biller always keeps a keen eye on how to maximize collections and minimize the amount of money lost due to denials.
To increase revenue, healthcare outsourcing is the key to attain a high number of collections and provide a solution to prevent claims from getting rejected. Hiring an experienced medical billing company will lead to healthy revenue. In-depth knowledge is necessary as this healthcare era has higher co-pays and deductibles; patient payments continue to grow, total payments are becoming hefty.
Strategies to increase revenue and decrease denials:
- Setting up of appropriate payment plans and documented one is very essential
- Insurance companies and employers purchasing health benefits have higher deductibles and copays which lead patients to be more responsible for their health and their healthcare decisions
- Higher deductibles and copays put more pressure on medical practices to collect patient payments in a timely manner
- These payments stand for an ever-increasing part of total revenue. Only an attentive effort will ensure good collection rates
- The technology of paperless claims and use of electronic health records (EHR) can handle faster billing and collection in a smarter way
- Timely follow up practice is necessary to work on denials. Claims may get lost due to improper practice
Sun Knowledge is making a mark as it has achieved the highest collection rate of 97% with the utmost outsourcing proficiency in the medical billing industry.