How to improve Medical Billing
Your playbook for maximizing revenue
Tips for improving your revenue cycle
Digital medical billing solutions are proven to reduce the amount of time it takes to submit a bill. But, are they effective in addressing the issues that hamper reimbursement, such as denials and rework? Days in Accounts Receivable (A/R) in the 0-30 day range is considered ideal. However, the average A/R time is 52 days.* That means if a physician pays her staff every two weeks, it takes her more than three pay periods to earn back what’s been paid out to staff members. If your A/R balance is negatively affecting your practice’s financial performance, the tips below can help you get paid faster.
Know all the terms? Boost your knowledge with this glossary.
*Is Your Medical Practice’s Average AR Above 52 Days?, MedicalBillersandCoders.com
Take advantage of a clearinghouse
A clearinghouse is a third-party company that performs “claim scrubbing” before the claim is sent to the payer (usually an insurance company). “Scrubbing” ensures CPT (procedural) and diagnosis (ICD-10) codes are valid and that the two codes are related to each other (i.e., the procedure is appropriate for the diagnosis). After claim scrubbing, the clearinghouse securely transmits the claim to the insurance company payer.
RXNT’s medical billing solution partner, Change Healthcare, is one of the largest clearinghouses in the country. They process 12 billion healthcare transactions annually, including $2 trillion in healthcare claims. RXNT’s partnership with Change Healthcare means customers leverage higher levels of data and coding, and achieve greater claims accuracy.
Reduce payment time with superbills
A superbill allows you to itemize a patient’s bill, ensuring the insurance company payer has everything it needs to review, process, and pay the claim. A superbill includes comprehensive details, such as CPT codes, ICD-10 codes, the referring doctor, costs, and codes for each exam, treatment, or procedure.
RXNT’s Medical Billing software lets you quickly create electronic superbills that reduce claim denials for faster reimbursement. Our superbill macro further improves your efficiency by letting you customize shortcuts that pull in data for different encounter types. This helps you optimize your claim with all relevant charges quickly and easily.
Use the most up-to-date codes
Incorrect or outdated diagnosis and procedure codes are some of the leading causes of healthcare claim denials. Avoid payment delays with the most current ICD-10 and CPT codes.
RXNT’s billing solution updates ICD-10 codes in real-time. CPT codes are revised periodically by the American Medical Association (typically up to five times a year). RXNT updates CPT codes free of charge, including codes for telehealth and COVID-19.
Monitor revenue with analytics
Data-rich reports help you assess how your practice or business is performing financially. Your reports should allow you to drill down into collections, accounts receivable aging, payment history, and other important measurements of your financial health.
With RXNT’s billing software, you can create customized reports for each of your clients, offices, and locations to download as a PDF or Excel spreadsheet. Our reporting functionality lets you sort by client, insurer, claim type, and billing codes to stay informed about the status of collections and accounts payable.
Get the FREE Medical Billing Toolkit
Download the FREE interactive Medical Billing Toolkit for useful resources that will help you bill more accurately and get paid faster. It contains checklists, tips, a glossary, a free support line, and more.
See for yourself
Request a demo of our medical billing solution to see how you can put the tips above into practice to maximize your revenue.
Used in healthcare organizations of all sizes, from small family clinics to large, multi-specialty practices—we offer flexible pricing options to make our tools accessible to almost any practice. Every product is backed by 24/7 cloud-based access, premium in-house support, and regular system upgrades.