Multitasking is no longer a special quality. It is something physicians will have to do every day they walk into office. Never before has practicing medicine been more demanding or frustrating. Newly insured patients and healthcare regulations that are constantly evolving are pushing doctors to walk a path strewn with uncertainties.
How do you stay steady in a shifting ground ? Here are a few revenue management best practices to follow.
Analyze your contracts and fee schedule…
Every insurer marches to a different drumbeat. And to make matters worse insurer regulations change periodically.
Who likes to go through reams of paperwork and complicated terms ? But unfortunately, to avoid getting the shorter end of the stick, you need to pore over the smallest of details.
Develop a payer matrix that lists out payer information, contact numbers, your written agreement and reimbursement history. This will help you pull out information easily and regularly review your contracts to get a better deal.
5 strategies to maximize the revenue of your medical practice – An ebook
List out your top paying CPT codes !
Understanding the reimbursement policies of insurance companies is a special talent in itself. Most insurers do not offer transparent payment policies. It can be next to impossible to go through the reimbursement for every CPT code. List out what your top paying CPT coders are. And the codes your medical practice most commonly uses. Request your insurer to furnish you with the payment details of your CPT codes.
Compare your reimbursement with that of what other insurers pay and demand for revised payment. Most physicians are hopelessly underpaid as they have little or no understanding of payment policies and show no inclination to be in the know. You will be doing your medical practice a world of good by not being one.
Shifting dynamics !
A significant portion of a practice’s collections depend on patient collections. Patient responsibilities have increased in the current healthcare scenario. Self-pay patients are on the rise. But quite shockingly most practices do not have proper patient collection policies in place. Develop an information system that provides patients up-to date information of their financial responsibilities and insurance coverage.
Have your medical billing team constantly follow up and track patient payments. Include your billers contact number and details in all patient statements. This will encourage patients to pick up the phone and discuss about payment. And significantly reduce the risk malpractice suites.
Chalk up a plan for your medical practice to ensure sustained profitability and growth for your medical practice, no matter what tomorrow brings to the table !
