For some providers, billing can simply be a nightmare. Despite the countless years of experience in dealing with Medicare, insurance companies, and other claim problems, many still struggle with the complexities that go into billing. As a vital component in managing a business, it is crucial to learn some of the best billing practices which have been tested by professionals in the field.
- Eligibility verification – By pre-screening a resident/patient’s insurance a provider can know upfront what can be covered and what will not. This will decrease the number of denials a provider receives when filling claims.
- Admissions– Define a clear set of rules and follow them. These will help the patient and family to know up front how business will be conducted. Having a clear system of handling transactions allows you to save countless hours of financial reviews.
- Revenue cycle – Create a revenue cycle and live by it. This will help guarantee that you get paid in a timely manner. Map out each step in the billing cycle and educate all the employees involved on how to properly handle their individual roles. While an educated staff can develop these, many providers might consider it valuable to bring in an expert like an accountant to help develop this cycle.
These are just a few of the countless practices that experts have found to increase billing efficiency. For more information, contact the experts at ProClaim Partners, who can show you how to make sure your business stays productive and profitable.