When you’re billing for medical practices, you must be sure that the money is adequately collected and put back into your bank account. Credentialing services can help streamline the billing process by verifying provider qualifications and licensing in a timely manner. This can help avoid delays in billing and ensure that claims are processed correctly. However, people need to correct their billing processes which can cost them thousands of dollars in lost revenue. If this sounds like something familiar, then read on for tips that will help avoid these common pitfalls:
Assuming your PM/EMR vendor is staying on top of payer credentialing
You might be shocked to learn that most of the vendors you use may need help to stay abreast of healthcare changes. This can have significant implications for your business, including:
- Vendor not being able to negotiate contracts as well as a billing company would be able to
- Vendors cannot access payer credentialing information, contract negotiations, and enforcement.
- This can lead to big problems down the road. Make sure you research and choose a reputable vendor that will stay on top of things for you.
Assuming that credentialing is a simple process
The first mistake is assuming that credentialing is a simple, quick process. It’s not. Medical credentialing services can take a long time and be complex, with many moving parts. The best aspect is you are not required to complete this in one go. But you do need to plan and ensure your employees are ready for it when their time comes up.
The second mistake people make in billing management is assuming that once they’ve started credentialing one employee, it will be easy going from there on out: “Now we just need to add another employee,” they say naïvely. But this isn’t always true! Your company needs updated credentials for every new hire (and even existing employees who leave). So, there’s no way around it if you want accurate records of who works here now and their access rights going forward—and what those may or may not be depending on the situation at hand.”
Thinking you can be too small for a billing company to want to help you out.
If you’re thinking that a billing company would only be interested in helping you if your practice is large, think again. A good billing company can get results for small practices too.
They offer value-added services like:
- Help grow your practice by showing them how they can do things better with technology and processes that work for the doctor and their patients.
- Getting paid faster so that money is fine when the time comes to pay the bills or send invoices out after treatment has been provided.
- It is improving productivity through automated systems that manage patient accounts automatically. Hence, there’s no need for manual data entry or processing time after each visit goes through its normal course from initial contact until payment is received at month’s end (or sooner).
Billing management is very difficult to do yourself.
Billing management is a complex process. There are many moving parts to billing management, including:
- Managing the books of each payer and contract (such as invoicing, collection, and payment)
- You are coordinating with other departments in your company to ensure that all payments are made on time and accurately recorded in your system.
- Credentialing can help identify potential billing errors and potential fraud. By working with credentialing services, healthcare providers can improve their billing management and ensure they are getting paid for their services.
Billing your clients inconsistently
You’ll be surprised how many people need to learn the best way to bill their patients. If you’re one of them, this article will help you understand how billing can affect your business and what steps you can take to ensure that billing is done correctly.
Billing inconsistencies are easy for customers to notice, so every aspect of your billing process must be consistent and accurate. For example, in Neurology Medical Billing if a client sees one price on an invoice but another in their account statement, they might question whether or not they received all services provided by their doctor or therapist (especially if they were charged more than once). In addition, medical billing services could lead them to lose trust in both yourself as a provider and any future recommendations from other providers who have dealt with similar situations previously—and those failed customer relationships cost money!
Using a manual system
- Manual systems are inefficient. If a manual system is used, it will take longer for your billing team to enter information into the system and make sure that it is correct. This can lead to inaccurate billing, which makes managing your accounts more difficult.
- Manual systems are time-consuming. Suppose you have an in-house team of employees who work on billing management tasks. Then, having them manually enter data into software may be incredibly inefficient for them and their employers. As well as detrimental from a productivity standpoint (if they’re spending all their waking hours working).
- The bottom line: If there are any pitfalls with using manual systems as part of your customer care process, fix those mistakes before adopting any new ones!
Failing to Follow Up On Patient AR
When it comes to patient billing, you must ensure that you follow up on all your patients. If a patient doesn’t pay their bill or has an outstanding balance, then there’s no point in continuing to work with them. You can’t afford for this to happen!
The best way for you as an administrator of the health care system is by making sure that all of your patients receive timely payment for their services and products. If a patient does not pay within 30 days after receiving a bill from you (or longer if necessary), they will be given another chance at paying their account before being put into collections mode (which means no more communication from yourself).
Not chasing up on late payments.
Some companies fail to follow up on late payments, often due to the high volume of invoices they need to process. This can be a big mistake, leaving a lot of money on the table.
Remember that it’s essential to follow up on late payments, as this is the only way to ensure you’re getting paid for your services. If you let too many payments slip through the cracks, it can have a severe effect on your bottom line. So make sure you have a system to chase up late fees and keep this critical task from falling by the wayside.
If any of these conditions relate to you, it’s time to pull out the heavy guns: hiring an experienced billing management consultant or consultant team. They can help relieve your billing operations’ stress and provide valuable credentialing services. These services can provide you with the necessary credentials to ensure that your billing is accurate and up to date. They can also help you with any questions or concerns about your medical billing.