Stopping Revenue Leaks in your Medical Practice! (Part II)

Try to collect more than just the copay at the time of service.  Collecting the copay has become routine for most practices, but collecting past due payments, deductibles, and coinsurances or non covered services is a bit more challenging. Discipline and procedure at the front end of the revenue cycle is key.  Taking a little time to find out about high deductible/coinsurance plans up front is much less costly than trying to collect it after the service has been provided.  Keep an alpha list of patients with their balances at the front desk and review it daily against patients that may be coming in or patients calling in for appointments and ask them for payment.  Most of them are aware they have a balance and why because they have been receiving a bill from your office, but due to busy lives and financial issues they haven’t addressed it.  You may be surprised at how many patients will agree to pay at least part of what they owe or are willing to set up a payment plan. 

Have a claim denial strategy.  Be aware of the most common reasons claims may deny in your practice.  It could be referrals, or maybe the patient wasn’t eligible on the date of service.  Whatever the common reasons are, have a strategy in place that will eliminate the majority of them. 

Keep an eye on the reimbursement of your most commonly billed CPT’s, make sure you are being reimbursed what your contracted rates are for your largest payers.  Ask the biggest payers to provide you with your fee schedule for your top codes.  Many systems have contract management features and reports.  Fees can be loaded and compared.  

If you missed Part I of Stopping Revenue Leaks in your Medical Practice click here         

I urge you to be proactive with this, just a few small changes can make a big difference in you’re A/R.    As always please contact us if we can assist you with any of your billing and software needs… 

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