Running a healthcare practice is challenging enough without having to think of your medical billing. Every medical practice should prioritize its medical billing in order to be successful and to provide the best care possible to patients.
Medical billing consists of health codes, payments, and claims. By streamlining your billing process, you can reduce errors that result in rejected claims and a healthy revenue stream.
Here are common medical billing challenges that many practices face.
Inaccurate Coding and Eligibility Issues
Accuracy is important in medical billing because inaccuracies can lead to delays in reimbursements. It may be due to lack of training of front-end staff, human error, wrong information collection, or eligibility issues. Accurate information is the foundation of billing and collection, and issues with accuracy and eligibility often lead to rejections.
Late Payments and Inadequate Software
Not a lot of patients are aware of what to do when it comes to their medical billing or of their responsibilities when choosing a high-deductible insurance plan. As a result, they may miss payments often. Without a quality billing software that tracks invoices, your practice will suffer from inefficiency. With advanced software, you can increase on-time payments from insurance companies and patients by tracking invoices from the time they are first issued to the time they are paid in full.
Many practices suffer from having medical billing software that’s incompatible with their practice. There is no such thing as an all-in-one software that is compatible with all medical or dental practices. High-quality billing software is customizable to your needs. For example, there is software specifically for dental practices, orthopedic practices, and more.
Lack of Payment Options
A lack of options for payment can also result in late payments. The best practices offer many options for payment, which boosts their revenue. More accessibility means more ways for patients to make payments, such as through credit cards, checks, and online.
Administrative Burden on Staff
Medical billing is a time-consuming and energy-draining process. Practices that process medical billing manually will feel the burden. Submitting a claim is more than just clicking a button. It involves data collection, clear communication with physicians, insurance companies, and patients, and also dealing with rejected claims. The labor-intensive process can take time away from providing care and attention to patients.
Outsourcing your medical billing frees up your staff to focus on the purpose for getting into the practice — to deliver quality, patient-centric care.
How to Solve Common Billing Challenges
There is no doubt that handing your billing over to a billing company is the way to go. Smaller practices usually want to have control over their billing operations and prefer to handle billing in-house. This is a setback – a billing company can help you no matter what the size of your practice is. The hesitation to outsource your billing to a billing company could be holding you back from earning a healthy revenue and growing your practice.
Professional Medical and Dental Billing Services in Southington, Connecticut
Find out what a difference a high-quality medical billing company can make for your medical or dental practice. Prospa Billing does not just provide great billing and solutions, we also offer ongoing on-site support and customer service services.
If you are ready to improve your billing workflow for your practice, call Prospa Billing at (844) 663-3686. We proudly offer the most advanced solutions to common billing challenges.