How You Can Improve Patient Billing And Increase Revenue At Your Practice
Patient billing is a soft spot for every practice. You know you need to provide an excellent patient experience, but without the proper flow of revenue, maintaining a high level of patient care becomes difficult.
Having the best of both worlds is achievable, but it may require a few tweaks to your patient billing process. In this blog, we detail seven different ways to improve patient billing, ranging from enhancing the patient experience to regularly processing insurance claims.
Collecting a patient’s payment is always easier said than done. However, we hope these seven tips help your practice improve patient billing, maximize revenue and create a stronger patient-provider relationship through improved patient care.
7 Ways To Improve Patient Billing
1. Enhance the patient experience
Improving the patient experience is the first step to enhancing patient billing. One way to do this is to create an online patient portal through your electronic health record (EHR) system.
An online platform will not only encourage patients to pay online and on time, but will also provide them with a hub where the can find answers to FAQs, see their treatment plans, schedule appointments and more.
We also suggest adding a chat feature to your website, so that patients can ask questions if they are confused when it comes to billing and get answers in real time. These Q&As can be automated, which in the end will relive your staff from having to answer billing questions over the phone. However, it won’t eliminate these calls completely, so train your staff to handle billing questions in an informative and educational way.
2. Educate your patients
Speaking of being educational, be open with your patients about the pricing involved with their care and make sure these prices remain consistent at all levels of care. The more you can involve your patients in the payment process, the easier patient billing will become.
Additionally, take the time to explain pricing to your patients at the time of care. Many patients are unsure what their treatment or procedure will cost, which may cause delays in payment when the statement comes in the mail.
To avoid this, encourage your staff to have an open conversation with patients about the cost of care when applicable. After all, being on the same page is crucial to maintaining a healthy patient-provider relationship and improving patient billing.
3. Stay on top of insurance claims
If patient billing is an issue for your practice, ensure you are regularly checking and filing insurance claims. If you manage claims in-house, we suggest filing claims daily to remain efficient. Falling behind or making critical errors in claims may result in delays with your insurance provider, thus delaying charges to the patient.
In addition to filing claims regularly, claims also need to be accurate. Miscoding is a common mistake that could not only result in a delay of payments, but also potential charges of fraud or abuse from your insurance provider. Coding and patient billing go hand in hand, which makes proper coding that much more important for your practice.
If your practice struggles with accurate coding, take a minute to read our blog:
4. Verify insurance during the patient’s visit
Do you call to check insurance coverage before, during or after the patient’s visit? If you’re waiting to call until after the patient has left, you may be experiencing issues with patient billing.
Insurance errors are common, and may be a result of false or misentered information or blanks in the paperwork. By checking this before or during the patient’s visit, you can more easily verify the information and ask for corrections if they are needed.
Verifying insurance information before or during a visit will help streamline the insurance and patient billing process, allowing your practice to continue maximizing revenue.
5. Confirm each patient’s contact information
When you contact the insurance company, be sure to confirm the patient’s contact information as well. A patient may have forgotten to notify your office of a move, a new phone number or new email address. Verify this information with the insurance company as well as the patient to make sure you are sending billing statements correctly.
6. Follow-up with patients that miss payment deadlines
While we hope every patient pays their medical bills on time, we know this isn’t always the case. In the event that a patient misses a payment deadline, you likely have a set system in place for following up with that patient.
This process is another important reason to verify each patient’s contact information. For example, if you send a statement to the correct address, but don’t have a valid phone number to follow-up, chances are you will have a more difficult time collecting that patient’s payment.
To prevent this, work with your staff to create a set plan for missed payment follow-ups. Designate a certain number of days in between each follow-up email or call, and continue working together to make sure that this process is being enforced.
7. Hire a patient billing service
Maybe your practice is experiencing growing pains, or you’re struggling with document management, and patient billing isn’t performing as you hoped. If effectively monitoring patient billing is an area for improvement for your practice, consider hiring a patient billing service.
DataMatrix Medical’s Patient Billing Service
At DataMatrix Medical, we have built out our solutions to support practices with in-house billing operations. Our expert back office support professionals can be a valuable supplement to your existing staff which in turn can help your practice:
- Increase revenue
- Increase collection rates
- Decrease days in accounts receivable
- Timely billing
We know how to operate within many different billing systems, so you won’t have to worry about adapting to a new billing platform. All you need to do is grant our team remote access and let us take care of the rest!
If you want to see real improvements in patient billing, our team is here to help. Our services can transform patient billing and maximize revenue, allowing you to continue providing life-changing care for your patients. If you want to learn more about how our services can improve patient billing, contact us. We’d be happy to answer any questions you may have!
As primary functions like billing become more digital, it can be difficult to maintain proper patient care. In our downloadable guide, Maintaining Patient-Centered Care In A Digital World, we discuss strategies to help your practice overcome technological issues while improving patient care. Click the button below to access your guide!