The key to success for any healthcare franchise is getting paid for the services you provide. Maximizing reimbursement for services rendered is crucial to the long-term success of your business. However, when it comes to the complicated world of medical billing, getting paid isn’t as easy as it sounds. Even if you’ve hired the best employee to handle your medical billing, sometimes things can slip through the cracks. Here are some ways to maximize your reimbursements and make sure your business isn’t losing much-needed income.
- Start In-House. Take a look at the processes you’re using when it comes to registering patients and ensuring their information is correct. Making sure you have all the pertinent info from each patient can save a lot of time and struggle when it comes to billing. If something is missed, it can add up to costly delays and wasted time for your healthcare franchise.
- Take Advantage of Pre-Authorization. Using a system that has credit card pre-authorization can save time and money. Because today’s healthcare landscape features numerous high-deductible insurance options, patients are paying for medical bills out of pocket. Pre-authorization allows medical staff to estimate the total amount of medical services to be rendered, alert the patient, and then the patient can sign off on the charges. This can cut down on payment delays and make the process easier.
- Online Payment. Speaking of ease of use, set up a system so that your patients can pay online. Not only are the payments quicker than waiting for a check in the mail, it will incentivize patients to pay more quickly. As an added benefit, customers could select your healthcare franchise over another due to the convenience.
- Set Smart Fees. Don’t set fees for services at the highest level set by payors. If you do, you run the risk of not keeping up with figures that change every few weeks. Codes change frequently and your healthcare franchise might not be notified. If you set your fees at the highest rate, you risk leaving money on the table.
- Know Payor Fee Schedules. A majority of payors don’t provide a full list of fees, but you can request them. Get a schedule for at least 100 to 200 of the most commonly used codes and fees. It might not be easy to get this information and keep it updated, but if you do, you’ll have a better chance at getting money you’re owed.
- Work with Insurance Companies. Reviewing and renegotiating insurance contacts can save your healthcare franchise money. Contracts decline in value as they age, but by renegotiating you can maintain the best deal. There is usually a timeframe within which you’re allowed to renegotiate, but it doesn’t hurt to ask.
- Review charts. Codes and fee schedules change so frequently that it’s important your providers are up to date. Having a system that allows you to check for mistakes, and communicate new information to providers efficiently can save money.
- Use Reporting Data. Make and review end of the month reports. Your healthcare franchise should have billing software that allows you to run reports at the end of each month. This report should show a breakdown of the financials and snapshots of outstanding accounts receivable.