8 Medical Billing Tips for Practitioners

8 Medical Billing Tips for Practitioners

Whether you’re a primary care doctor, a specialized medical professional, or an integrative health provider, the intricate landscape of insurance billing frequently presents not just an administrative inconvenience, but, if not managed effectively, it can also hinder the growth of your practice and revenue stream. Recent data reveals that the rate of claim denials stands at over 15%, translating to a substantial loss of revenue amounting to millions for healthcare providers. This trajectory of denied claims has been on an upward trajectory in recent years, with denial rates experiencing a surge of nearly 17% since 2019. Therefore, assuming control over your billing procedures is of utmost importance. Engaged in medical billing services, we handle a significant number of claims on behalf of practitioners. The following outlines frequent errors and beneficial pointers pertaining to the revenue cycle that providers should take into consideration

  1. Accurate Data Entry and Demographics during Check-In:

This fundamental step is often overlooked, with numerous practices failing to adequately educate their front desk staff about the pivotal role it plays in the billing cycle. Ensuring precise data entry during patient check-in is paramount. Collecting comprehensive insurance and demographic details is crucial for proper billing and minimizing potential claim denials. It’s imperative to consistently capture an image of both sides of the patient’s insurance card; the back often holds greater billing significance than the front.

  1. Comprehensive Understanding of Insurance Payer Contracts:

Familiarize yourself with the terms outlined in your insurance payer contracts. A clear grasp of the reimbursement rates, covered services, and billing protocols specified in your contract is vital to prevent underpayment or denials. Instances arise where providers bill for treatments permitted by their license but disallowed by the particular insurance payer’s contract.

  1. Precise Coding of Diagnoses vs. Symptoms:

Accurately employ diagnosis codes for billing purposes, avoiding the use of symptoms as primary codes. Insurance companies typically mandate specific diagnoses for proper reimbursement. A common mistake made by primary care providers or their billers is coding based on symptoms rather than the underlying diagnosis. For example, if a patient presents with a sore throat but the diagnosis is streptococcal pharyngitis, the coding must reflect the latter for the claim to be accepted by the insurance payer.

  1. Proactive Management of Denials:

Vigilantly address denied claims and swiftly rectify the issues. Allowing accounts receivable to accumulate can result in financial complexities and reduced revenue. Analyzing patterns of denials, rectifying errors, and resubmitting claims accurately are crucial steps. It’s advisable not to reserve denial follow-ups for biweekly or monthly batches; integrating denials into your regular weekly claims and payment posting processes is best practice. Additionally, upon receiving a denial for the first time, your billing team should contact the insurance payer to comprehend the reason behind the denial, preventing recurrence.

  1. Thorough Documentation:

Maintain meticulous and precise medical records for each patient. Inadequate documentation not only impacts patient care but also poses audit risks and billing disputes. Even if you haven’t yet faced an audit, there’s an ongoing potential for one. Thorough documentation is not solely a requirement under your insurance payer contract but also mandated by your state license as a healthcare practitioner.

  1. Accurate Filing with Secondary Insurance Providers:

Grasp the correct protocols for filing claims with secondary insurance providers. Understand the coordination of benefits (COB) and establish which insurance holds primary status. COB-related issues can arise where both insurances claim not to be primary. Ensuring the patient clarifies their primary vs. secondary insurance with their insurance providers is essential in such scenarios. Additionally, secondary payers frequently demand physical documentation of primary claim rejection, which must be mailed along with the claim. Managing claims for patients with multiple insurance plans requires additional effort for proper filing, benefiting both patient and provider.

  1. Medicare billing compliance:

Adhere to Medicare’s Local Coverage Determinations (LCDs) guidelines when billing for services. Noncompliance could lead to denied claims and financial penalties. Familiarize yourself with your Medicare provider status: par, non-par, or non-participating. Access and retain your provider transaction number (PTAN), as communicating with Medicare can be challenging without it.

  1. Access to Insurance Portals:

Ensure access to the online portals of all insurance providers you collaborate with. This facilitates claim tracking, eligibility checks, and efficient communication. As the practice owner, maintain administrative access to the portals. While granting your billing and front desk teams portal access is necessary, promptly deactivate access for terminated employees.

Incorporating these medical billing recommendations can serve as a pivotal stride in enhancing the financial well-being of your primary care clinic. Beyond simply diminishing billing inaccuracies, these approaches have the potential to elevate the holistic patient journey. By assimilating these methodologies into your workflow, you’re not solely administering invoices; you’re establishing the foundation for the expansion and triumph of your practice. In a realm where all facets of healthcare are intertwined, mastering the intricacies of billing evolves from being a mere requirement into a strategic edge.