Although many medical practices aren’t run like normal businesses, there’s still a definite business-aspect to a medical practice that needs to be functioning properly in order for the practice to remain in operation. Arguably the biggest business-related area of a medical practice that should be worked like a traditional business is the financial aspect. While most businesses might have no problem collecting money or reporting defaulted accounts to collection agencies, medical professionals often find this type of situation to be a little trickier. So to help ensure your accounts receivable is operating like it should, here are three tips for handling this area of your medical practice.
Perfect Claim Filing
One time-consuming and often complicated part of accounts receivable for a medical practice is with filing claims with insurance agencies or other reimbursement entities. Luckily, this process doesn’t have to be as hard as we often make it out to be. According to Harold Gibson, a contributor to M-Scribe.com, if you can “provide a clean claim” with the right codes on the actual day of service, you can often get that claim received and processed for you in a very timely manner. By doing this, you can get reimbursed much quicker and won’t have outstanding balances that go on over a period of months. So if your office struggles in this area, consider stepping up your game here.
Check Insurance Eligibility
Another thing that can be a big hold up for receiving payment is when there are problems with a patient’s insurance coverage. Knowing this, Debra Beaulieu-Volk, a contributor to the Modern Medicine Network, recommends always having your staff check for insurance eligibility prior to your patients coming in for an appointment. By doing this, you will be aware beforehand if there’s an issue in coverage for your patient and who the responsibility of payment will rest on. This can save you a lot of time when it comes to getting the proper payment made to your office.
Collect At Time Of Appointment
Xavier E. Martinez, a contributor to MedicalPracticeInsider.com, shares that the best thing you can do to make sure you’re getting payments when you should is to collect payments at the time of the appointment, especially if your patient has a co-pay or an outstanding balance. To successfully implement this procedure, try informing the patients of their outstanding balances before they arrive for their appointment the following day so they can be ready with payment when they come to your office. This could produce a few awkward conversations for your staff, but your accounts receivable will thank you.
If your medical practice is struggling with accounts receivable, use the tips mentioned above to help you get back on track.