The medical billing industry is always changing, and when billers stay on top of the latest guidelines and regulations, they can receive due reimbursements, according Healthcare Finance News.
Here are seven ways medical billers can increase revenue.
1. Stay familiar with LCDs. Billers can use local coverage determinations can help convince Medicare carriers that a procedure is a medical necessity and receive a higher reimbursement rate than for a less necessary surgery.
2. Work your electronic submission reports. Submission reports help verify claims were submitted and received by payors and let you know why claims were rejected. When you analyze these claims, you can anticipate denials and develop ways to make corrections more quickly.
3. Take advantage of denials. Don't assume denials are always correct. Payors often make errors for which your claims may be rejected. Analyze your denials to see if there is money to be made by following up.
4. Use appeals. Correctly submitted appeals often result in paid claims. Don't be afraid to submit appeals because payors don’t always follow coding guidelines.
5. Know fee schedules. When you are familiar with fee schedules, you can more easily catch insurance companies who mistakenly reimburse a service at a lower rate. If you know your contracts, you can monitor payments and prevent losses.
6. Use payor websites. Payor websites can provide information about patient eligibility in real time, and that could allow a biller to collect the patient's share at the time of service.
7. Stay up-to-date. The best way to avoid billing pitfalls and collect maximum reimbursements is by staying educated about the field. Even just subscribing to a billing newsletter can give you alerts when codes or regulations change.
More Articles on Coding, Billing and Collections:
ABRY Partners Announces Successful Close of SourceMedical Solutions
Another Change in Platelet-Rich Plasma Reporting? AMA and AAOS Disagree Over Reporting Directives
Coders Should Use the Common Procedure Code Set to Describe Supplies
Here are seven ways medical billers can increase revenue.
1. Stay familiar with LCDs. Billers can use local coverage determinations can help convince Medicare carriers that a procedure is a medical necessity and receive a higher reimbursement rate than for a less necessary surgery.
2. Work your electronic submission reports. Submission reports help verify claims were submitted and received by payors and let you know why claims were rejected. When you analyze these claims, you can anticipate denials and develop ways to make corrections more quickly.
3. Take advantage of denials. Don't assume denials are always correct. Payors often make errors for which your claims may be rejected. Analyze your denials to see if there is money to be made by following up.
4. Use appeals. Correctly submitted appeals often result in paid claims. Don't be afraid to submit appeals because payors don’t always follow coding guidelines.
5. Know fee schedules. When you are familiar with fee schedules, you can more easily catch insurance companies who mistakenly reimburse a service at a lower rate. If you know your contracts, you can monitor payments and prevent losses.
6. Use payor websites. Payor websites can provide information about patient eligibility in real time, and that could allow a biller to collect the patient's share at the time of service.
7. Stay up-to-date. The best way to avoid billing pitfalls and collect maximum reimbursements is by staying educated about the field. Even just subscribing to a billing newsletter can give you alerts when codes or regulations change.
More Articles on Coding, Billing and Collections:
ABRY Partners Announces Successful Close of SourceMedical Solutions
Another Change in Platelet-Rich Plasma Reporting? AMA and AAOS Disagree Over Reporting Directives
Coders Should Use the Common Procedure Code Set to Describe Supplies