Tips to Boost Medical Billing Revenue Proactively

Tips to Boost Medical Billing Revenue Proactively

Establish a Clear Collections Process

All providers need a clear collections process to ensure financial health. Steps: set clear terms, gather info, verify addresses, get message permission, remind of co-pays, verify eligibility, collect upfront, offer payment options, and send reminder letters.

Manage Claims Properly

Around 80% of medical bills contain errors, leading to insurance rejections. Double-check claims to ensure accurate patient, provider, and insurance info.

Minimize Coding Errors

Medical coders use ICD-10-CM, CPT, and HCPCS codes for procedures. Common errors: non-specific diagnosis codes, incorrect modifiers, upcoding, and undercoding.

Promptly Handle Denied or Rejected Claims

A rejected claim has errors and isn’t processed; it can be corrected and resubmitted. A denied claim is processed but unpayable, requiring an appeal.