Billing Strategies to Increase cash flow

Medical billing rules and regulations  changes on a regular basis and have affected the cash flow of Medical practices across the U.S. These recent changes to the healthcare system have brought on new challenges for Medical providers, and it is now much more difficult for physicians to remain independent in this challenging economy. It is estimated that Medical providers in the United States bear a loss of $100 billion+  every year due to lack of quality in medical billing processes. We will provide 5 crucial elements to successful Medical billing practices, that if implemented properly will increase cash flow.

1. Transparency in medical billing practices

A transparent collection process ensures Medical providers complete access to both provider as well as patients. Lightspeed RCM provide complete transparency to both Medical Provider and patients before the patient receives treatment. Our system will provide “real-time” coverage information for our provider and give patients step-by-step information and charges to patients. Our system gives patients complete payment responsibilities. We advise our providers to re-cerify eligibility on every visit. It takes 30 seconds for our system to re-verify eligibility. The re-verification process will minimize claims denial rates and ensure proper co-pay collection.

2. Error-Free Claims Submission 

Medical billing and coding errors accounts for 80% of medical claims denial. Insurance companies follow a strict coding practice and will deny the claim if it contain errors. Even “minor” errors will result in claims denial.  Medical practices should have an efficient billing system in place. You can outsource your medical billing or keep it in-house.  Lightspeed RCM offers the highest first pass claim ratio whether you outsource or keep it in-house. Lightspeed RCM can provide both in-house or outsource billing service. We have a 98% first submission success ratio.

3. Denial Management  

Medical practices should have a stringent claim checking process so you get paid in the shortest amount of time. Medical practices leave approximately, 30% of medical revenue on the table, due to billing errors. Claims rejections should be rectified as quickly as possible. Our system is designed to communicate with the HMO’s which keeps us at a 2% rejection rate. A good billing company should have a process to rectify rejected claims.

4. Keep track of Problem Accounts 

Medical billing practices should have an efficient system to track problematic accounts on the basis of varying factors, such as, late payments, regularly declined payment, or frequent changes in contact information. We offer our providers a web-based software system designed to calculate, process, and collect your patient payments quickly and cost-effectively. Our system is HIPAA and PCI compliant and designed to simplify and accelerate the revenue cycle process.

5. Remain current with Medical Billing Rules

Medical billing regulations are constantly changing and in order to keep up with these changes, you should offer support and continued education and training for your staff. You should partner with a billing company that offers modern technology and automatic updates of changes in billing regulations and ICD-9/ICD-10 codes. These factors are less costly in the long run when compared to repeatedly dealing with claim resubmissions.