Providing care is a calling for most physicians, but few can afford to do it for free.
Getting paid for your services can feel overwhelming. The obvious solution is to use medical billing software to help manage your practice’s revenue and cash flow. But, which one is the right choice for your workflow? These six tips can help you choose and get the most from your medical billing solution.
Tip # 1: Connect with a clearinghouse for maximum efficiency. Make sure your billing software integrates with a clearinghouse that sends bills to the insurer in the format they require. Not all clearinghouses are created equal—you’ll get paid quicker when you use one that catches errors and sends the claim back to you right away for revisions.
Tip # 2: Avoid claim rejections or denials by staying vigilant about accuracy. Approximately 80% of medical bills contain errors. Unfortunately, even a minor error can delay payment. With a few simple steps, you can minimize potential errors. For example, during check-in, verify your patient’s insurance eligibility and demographic information, such as date of birth and billing address. When billing for the visit, having software that uses a comprehensive database of ICD-10 codes will help you identify the correct diagnosis code that will get the claim paid faster.
Tip # 3: Use superbills for more successful claims. A superbill contains all the information an insurer requires to process your claim. For example, a superbill includes your National Provider Identifier (NPI) number and tax number, patient demographics (such as name, date of birth, and contact information), procedure (CPT) codes, diagnosis (ICD-10) codes, and pertinent details about the patient visit. Your billing will go more smoothly if your software includes electronic superbills that capture all relevant information and reduce any snags that may delay payment.
Tip # 4: Set up macros to maximize opportunities for payment. Many patient visits include similar procedures, particularly in certain practices or specialties. For example, if you are a cardiologist, you may perform a specific set of tasks when seeing patients with coronary artery disease. But when you’re busy, it’s easy to forget something. Some billing software lets you create customized macros that include these activities and the corresponding diagnosis and procedure codes. This helps ensure that you capture and bill for all the services you provide.
Tip # 5: Stay diligent about accounts receivables. Once you’ve submitted a bill to the insurance carrier, all that’s left is to wait for payment. Right? Unfortunately, it’s not always that straightforward. Monitor outstanding bills by using an accounts receivable aging report. Being able to sort data by insurer, claim time, billing codes, and average days to pay will help you monitor your financial picture and follow up on claims. But not all billing software offers this level of customization. Before you commit to a particular system, ask about reporting.
Tip # 6: Online bill pay makes it easy for patients. Your patients are used to paying for everyday products and services online, so they’ll appreciate the convenience and security of paying for healthcare the same way. Plus, some billing software treats online bill pay like an electronic remittance advice (ERA) in which payment is automatically allocated to your account. It saves time and money that would have been spent on creating and mailing paper invoices.
Bonus tip. RXNT’s cloud-based medical billing solution handles your entire claims process from charge capture to full reimbursement. In fact, our intuitive and customizable software has all the features described in the above list. Plus the easy, all-in price includes setup, training, and ongoing US-based support. Learn more.