For a medical practice, one of the most important tasks to accomplish is to receive reimbursements for the medical services that you provide to your patients. Sometimes, acquiring these reimbursements can be a serious challenge, and you need this revenue to flow through your practice so that it’s easier to perform day-to-day tasks around your facility. Here are ways you can maximize reimbursements for your medical practice.
Get Your Fee Schedule Updated
Your fee schedule has to get reviewed once or twice per year before you renew a contract with an insurance company. During these reviews, it’s good to look over, and cross-reference, claimed fees with whatever the standard permitted rate is. This is done so that your medical practice isn’t under-collecting in revenue. This can also influence how much reimbursement your medical practice gets.
Make Sure Your Medical Practice is Coding Properly
When getting medical billing done for the services you provide to your clients, you’ll have to use the right medical codes. The patient’s diagnosis, as well as the services they receive, are converted into standard medical codes that get used in the billing process.
There are various ways in which medical coding could be done incorrectly. Perhaps, there is a non-specific diagnosis, or there’s upcoding or under coding. Problems like these can either delay financial reimbursement, deny reimbursement, or result in only partial reimbursement. Using the right codes is necessary for ensuring that you receive full reimbursement in a timely fashion.
Proper Management of Denied and Rejected Medical Claims
When getting filed claims reviewed, there are highly strict regulations that are enforced by insurance companies. Oftentimes, when medical claims get rejected, it’s because of factors such as coding problems, incorrect patient/provider information, or information that is simply missing.
It’s good to double-check these claims before having them submitted. That way, you save yourself time and energy in the future, since you won’t have to deal with editing and resubmitting error-filled claims.
Consider Outsourcing Your Medical Billing/Coding Services
For medical practices that use temporary staff to get their billing and coding done, you might consider outsourcing these services to a third-party company instead. This way, you’ll have experts in your corner who are sure to complete your billing and coding procedures without errors. This helps ensure that your claims are filed accurately, and in a timely manner. It also minimizes the claim rejections and denials that your medical practice encounters.
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