As healthcare providers in any profession, we all face issues and challenges when it comes to medical billing. Whether it is revolves around claims, payments, patient cooperation, or the software we use to operate our revenue cycle, we all face something.
Here are the top 10 issues associated with medical billing.
1) Patient Education
Keeping your patients educated and informed when it comes to their billing is a challenge all providers face. Research shows that when a patient knows more about their bill (balance, payment methods, and options) they are more likely to make their payment. Quality practice management software, EHR, and billing software can help you accomplish this more effectively.
2) On-time Payments
Whether it be from the insurance company or a payment directly from the patient, making sure you get a payment in a timely fashion is sometimes difficult. Certain vendors of medical billing software for practices offer help to increase on-time patient payments.
3) Payment Accessibility
It could be the software you are currently using or the lack of software at all but providers that offer fewer ways to make payments will see a decrease in on-time payments. Make sure you offer multiple options including online payments and credit card payments. Increasing accessibility is always a plus.
4) Quality Customer Support
Quality U.S. based support services should be offered by your medical billing software vendor to ensure your team has a solution to any operational problems or difficulty in understanding that come up. Providers who have no or little access to quality customer support will often fail to optimize their software and use it to its maximum ability.
5) Filing Multiple Claims
Having to file multiple claims is frustrating for many, but particularly for specialty providers. Nephrologists, for example, have to file hundreds of dialysis claims at a time. Without a mass claim creation tool, they are left to file each one individually. This has a huge negative impact on practice efficiency and clinical workflow.
Nothing is more frustrating to providers and their bottom line as a denied claim. With medical billing codes that are constantly changing all over the field, it can be difficult to stay on track and achieve your goals. With the right tools, providers can increase their clean claims upwards to 99% and protect their bottom line through industry adjustments.
Whether it be customer support, patient education, productivity tools, or quality software, a lack of medical billing resources will leave you doing things the traditional way. Medical billing resources are necessary in order to maintain a high number of clean claims and maximize your revenue.
Medical billing software that is not tailor-made for your practice will only input kinks into your billing workflow. Providers should always be suspicious of any software that claims to be all-in-one software or works for all specialties. Providers need a customizable medical billing option.
When you decide to implement a new medical billing software and your vendor lacks the assistance you need during implementation, you are in trouble. Support during implementation is vital to your practice’s medical billing success.
10) Revenue Loss
Revenue loss can be caused by a multitude of factors. When that loss is caused by menial errors and mistakes, it can be incredibly frustrating. Providers need tools that help them minimize lost revenue and achieve their financial goals.
Solutions to Address Medical Billing Issues:
1) Quality Software Vendor
The main thing you can do as a provider to combat the majority of these challenges is to find a high-quality vendor of medical billing software–one that stays up to date with the latest medical billing trends. Having the right vendor can truly make a difference. Characteristics of a quality vendor include on-site support during implementation, U.S. based customer support, on-going support, customizable billing tools and reporting, and a history of clean claims up to 99%.
2) Outsource RCM Services
By outsourcing your RCM services, providers gain access to a multitude of support services that better their medical billing workflow and improve their bottom line. These services include claims scrubbing, the management of difficult collections, and a partnership with medical billing experts.
To learn more about how to find the right vendor of medical billing software and RCM services, request a demo.