Looking for billing tips for your medical practice? Look no further! When it comes to increasing revenue at your practice, many times there are small and simple best practices that you can implement to help. We specialize in physical therapy, occupational therapy, chiropractic, and internal medicine. These practices hold true for all of those types of clinics and more.
Here are three billing tips for your medical practice:
Billing Tip #1: Confirm patient insurance information at each visit
Confirming the patient’s insurance information at each visit will help your office avoid termination and coordination of benefits denials. It also helps to ensure quick reimbursement. Implement this best practice and make it a routine during each check-in to verify that the insurance information on file is up to date with any changes.
Billing Tip #2: Conduct weekly audits
Conducting weekly audits helps to ensure services rendered are correctly reimbursed. Our team is trained to help handle all your billing needs including reviewing claims prior to submitting to insurance to ensure correct and timely reimbursements. Are you short on time? We can help you with these audits.
Billing Tip #3: Collect patient’s out-of-pocket at the time of service
Collecting the patient’s out-of-pocket at the time of the service is another best practice to implement to help improve revenue at your practice. Recent reports show that patients are continuing to experience higher out-of-pocket expenses in recent years. You have a better chance of collecting the money when the patient is in the office, than you do after they leave. Statistics show that it takes over 70% of providers one month or longer to collect, and many times this extends past 120 days.
These billing tips are only the beginning for improving revenue at your medical practice. Looking for more medical billing services? We can help! For more information on packages and services that LPZ Claim Solutions provides give us a call at 480-207-6367 or email [email protected]