1. Claims Submitted Daily
Claims submitted daily = healthy, positive cash flow.
A positive cash flow is the lifeblood of any organization, regardless of its size. It is a sign of a healthy business and a vital ingredient for growth.
A positive cash flow represents your company’s financial health and the ability to face challenges ahead. Submitting claims daily ensures that your cash flow is current and available for immediate use.
2. Payments Posted Daily
A well-done payment posting process can help you identify opportunities to increase revenue by watching for patterns and trends within your practice.
Payment posting has a high potential to increase profits and smooth out the overall medical billing process. It is important to get a precise process in place. All payments are posted and reviewed daily to ensure that patterns and trends, both healthy and unhealthy, are identified, reviewed and actions steps put into place to improve outcomes.
3. Denial Management
Denial management, done well, identifies the holes in cash flow and if left unchecked leads to a steady loss in revenue and once corrected ensures no money is left on the table.
Failing to adequately work denials from insurance payers’ results in lost revenue for your practice. Our team works within the four steps of effective denial management- Identify, Manage, Monitor and Prevent – allowing us to:
• Recognize opportunities to identify and correct the issues that are causing claims to be denied by insurers.
• Classify denials by reason, source, and other distinguishing factors.
• Develop and assess effective denial management strategies.
• Implement strategies that engage patients, referring physicians and others to effectively appeal and reverse unfounded denials.
4. Audit Patient Information
A vital, but often overlooked, detail to being paid in a timely manner is correct patient demographics.
It is just as important to update patient demographics for existing patients as it is for new patients. If an existing patient has moved or changed their phone number, then attempts to send them bills and follow up with phone calls is fruitless. If their insurance has changed, claims filed to the old provider may get denied and payments delayed. Our team audits patient demographics so that missing or incorrect information can be collected in a timely manner before it can affect cash flow.
5. Monthly Patient Statements
It is important to establish consistency when dealing with financial matters to encourage routine payments and avoid uncomfortable misunderstandings with patients.
Patients appreciate an adherence to a consistent statement schedule and your bottom line will see the positive result of this consistency. We will review patient balances for accuracy and are readily available to assist with inquiries from patients in a timely manner.
6. Revenue Source Review
Payers do not distribute equal pay for equal work, so it is important that you know which insurance companies and case types pay you the highest reimbursement rates.
Consistent tracking and review of your payer mix allows for solutions to optimize reimbursements, negotiate better fees with insurance payers and focus marketing energy on your most stable and profitable referral sources.