Physicians, are your patient accounts being paid in a timely manner? At QuantumMark, we know that a couple of simple actions can make all the difference in collecting what’s owed in an easy and efficient manner.
The first step is making sure patients are aware that co-payments or deductible amounts are due when they are seen[1]. This eliminates follow-up with patients to collect co-payments after they’ve left your office. Studies show that patients are more apt to pay when they are in pain and need to see a physician. Once treated, there’s no sense of urgency to make a payment and it’s harder to retrieve the monies due.
The second important factor to maximizing revenue, is maintaining a tight billing schedule. This starts with obtaining detailed chart notes and dictations from the Physician within 24 hours of seeing the patient. Having thorough patient notes allows for more efficient and accurate coding. Implementing a 24-hour timeframe for the billing schedule ensures a fast turn-around time of payment by insurance companies.
Once coded, claims can be immediately submitted electronically or by mail. A good approach is to have all claims complete and ready for the daily courier pickup, which is usually by early afternoon. Establishing an internal expectation that payments should be received no later than 30 days after the patient has been treated/seen can keep staff focused on receiving reimbursements quickly.
Implementing a few simple adjustments will position your office to experience faster turn-around time in payments by both patients and insurance companies. At the same time, this process will help lower your accounts receivable and free up time for collecting on denied and missing claims.
QuantumMark’s work in client offices shows that even the most efficient practices can benefit by reviewing and adjusting, as needed, the processes and procedures for account reimbursements. We often find that practices are unaware of how much money is sitting in accounts receivable. An outside assessment on billing processes and procedures may be the place to start in achieving timely reimbursements.
[1] Bloomberg News Website, Patients Pay Before Seeing Doctor As Deductibles Spread, October 13, 2013