The success of any private practice is highly dependent on how it manages its healthcare receivables. Managing the revenue cycle is an ongoing challenge. Making claims on time and with the highest level of accuracy is key to receiving prompt reimbursements from insurers. However, private practice physicians often find they wait for many weeks or even months to receive payments. Even worse, when reimbursement finally arrives, it is often less than the amount charged for services.
There are other challenges facing private practices today, too. The new ICD-10 codes and range of reimbursement models are all causing issues. Regulation changes are particularly difficult for physicians in small private practices. The value-based model of care affects every patient while quality reporting represents another difficulty for private physicians. It’s no wonder that time management is such an issue for doctors working in private practice.
Keeping up to date with the latest reporting requirements and CMS guidelines is another problem. More patients these days are on high-deductible healthcare plans. Unfortunately, they, then, struggle to pay their share of their costs when they need treatment. Failure to stay on top of the latest trends and regulations puts any private practice at risk of nonpayment. It’s easy to see how the healthcare environment today is a delicate balancing act for physicians.
So, how can physicians in private practice improve the process of handling healthcare receivables to make their lives easier?
Optimizing Medical Billing in Private Practice
Accuracy in medical billing couldn’t be more important for any private practice. Timely payment relies heavily on the following:
- Proper claim management
- Accurate patient information data entry
- Using the correct coding for each service, treatment, and procedure
- Handling denied or rejected claims in a timely manner
Healthy healthcare payment management depends on:
- Proper insurance eligibility verification
- Prompt claim submission
- Monthly financial assessments
- Timely follow-ups
Any private physician reading this will no doubt wonder how to fit all this into their day. They, after all, are extremely busy. A physician’s top priority should always be their patients and ensuring their well-being. Spending time on medical billing seems contrary to the principles of medicine. This is why optimizing healthcare receivables systems is so important.
Billing Challenges in Specialty-Specific Practices
When a practice has a specific specialty, there are even more challenges when it comes to billing. Reducing the number of denied and rejected claims is essential. Meanwhile, remaining up to date on the latest coding methods that apply to its healthcare niche is also essential. This is the best way to reap the benefits of value-based billing. Today, specialty niches require specific handling in terms of billing because of adequate authorization and precertification. Having clear expertise in handling specialties’ diagnostic coding is vital. When this is considered, simplifying the process of billing for services rendered couldn’t be more important.
Maximizing Cash Flow for Increased Efficiency
Improving your practice’s healthcare receivables systems can go a long way toward increasing efficiency and maximizing cash flow. Timely submission of claims is the first change to implement. Make sure you submit your claims within three days of the services being rendered. The next step is to invest in a cutting-edge online bill presentment system. This will save administrative time by eliminating the need for manual invoicing. An online web payment portal for patients is another excellent way to increase efficiency and maximize cash flow. BillingTree has tailored its state-of-the-art solutions to the needs of healthcare practitioners. Even the smallest private practice can benefit from implementing these billing and payment solutions. They can streamline the way the practice operates, which will increase revenue, reduce administrative burdens and improve patient care.