Generally, the faster you can bill a claim the faster you’re paid, but navigating through today’s revenue cycle is, to say the least, challenging. Technology has become an integral part of today’s medical billing, and there are a number of new software applications designed to accelerate reimbursements. Eligibility verification, claim scrubbers and online payment portals are three of the latest programs designed to speed up reimbursements.
Eligibility Verification: Verifying a patient’s coverage should be routine. Eligibility can be verified on a patient-by-patient basis, while allowing for the collection of accurate co-pays at the time of service. Medical Billing Resources uses an electronic data interchange clearing house for this and other services, and the results have proven to be reliable and immediate.
Claim scrubbers: A new development in medical billing, claim scrubbers automatically comb claims to ensure they meet payer-specific guidelines. Scrubbers assist in reviewing claims for inaccurate and missing information. Once claims are “scrubbed,” and they meet the payer’s guidelines, they’re transmitted. Every claim with missing or conflicting information is instantly redirected back to the biller for review. According to The Physician Billing Process: 12 Potholes to Avoid in the Road to Getting Paid (Keegan, Woodcock, & Larch, put out by the MGMA), 90% of all denials are preventable and only 67% of denials are recoverable. Rejected claims not only reduce your cash flow, but can substantially hurt your bottom line if left unresolved.
Online Payment Portals: Why should a patient be confined to paying their bill during normal business hours? Patient portals, online bill pay, or patient exchanges offer patients a safe and secure method to conveniently pay their bills online, twenty-four hours a day, seven days a week. Payment processors suggest that 42% of all online payments are received after business hours or on weekends. Portals typically accept credit and debit cards and personal checks, and allow recurring payments. Portals are secure and encrypted, and payments rely on electronic fund transfers, which are available faster and with fewer errors. Industry standards suggest that online bill pay can reduce A/R by 35%!
A practice is a business, and the need to operate efficiently has never been greater. Collecting accurate co-pays at the time of service, sending out each claim right the first time, and letting the patient pay whenever it’s convenient are three business practices that have been long over due. Gladly, they are all now available through a variety of billing services.
Does your billing company offer these services? Let us know about any other new developments in the billing world by commenting on this article. All comments are welcome. Also, please like this blog post on Facebook and re-tweet it.
