Medical and Small Business Consulting

4 Important Medical Billing Tips

4 Important Medical Billing Tips

It is very easy to go wrong with the billing of your medical practice.

There are many medical practices who receive frequent complaints from patients about their billing procedures. When it comes to handling other people’s money, you want to get it right. You want to do everything in your power to get your medical billing correct the first time around. By doing so, you will maximize your revenue and you won’t have patients yelling at you.

Have a Clear Collections Process

This is where many medical practices go wrong. If patients do not fully understand the payment terms, it opens the door to all sorts of problems. It is a good idea to educate new patients on how they are going to be billed and all of their payment options. You also want to be sure you collect their information and verify their addresses on a continuous basis. In addition, existing patients should be given reminders for when their bills are due. It is a good idea to send out reminders in the mail.

Ensure Claims Are Handled Correctly

Always double or even triple check that all patient information is logged correctly in your systems. This is where several patient billing issues arise. If something is put incorrectly, you may end up an unhappy patient. You don’t want to go through all the hassle of editing and resubmitting claims so make sure everything is correct the first time. In order to do this, always make sure your practice is communicating well with the patient. Keep quality documentation that includes updated patient, provider, and insurance information.

Always Make Efforts To Improve

The healthcare industry is extremely competitive and changing every year. If you want your medical practice to remain profitable, you need continuously find ways to improve efficiency. Always stay educated on medical billing rules and changes. There may be new ways you are required to train your staff or requirements for billing your patients. You need to stay on top of everything. In addition, it is wise to check and make sure your staff knows how to handle all kinds of accounts.This could be in regards to late payments, changes in patient information or accounts with frequently declined payments.

Grow Your Medical Business With Hyperion Consulting Group!

Interested in growing a medical practice? Contact Hyperion Consulting Group today! With over 25 years of experience and knowledge in the medical and business worlds, Hyperion Consulting Group provides medical facilities the unique opportunity to assess how they are doing currently and preparing them with tools to grow. Contact us today! You can reach us at 443-752-2524, or visit our website for more information. If you are interested in reading more about medical consulting check us out our Facebook page and follow us on LinkedIn.

This entry was posted on Friday, July 7th, 2017 at 11:00 am. Both comments and pings are currently closed.