Payments are made almost everywhere before services are rendered. The healthcare industry is an exception, where payments are made after services are rendered. The various stages involved in the reimbursement process for healthcare services carry a lingering danger of delay. Patients are burdened with costs as a result of this process, which they frequently choose not to pay. It's a basic fact that billing delays put your business in danger.
Complications with reimbursement frequently result in inaccurate paperwork and coding, which eventually results in claim denial. It's easier said than done to avoid those mistakes, and many traps are closely related to your revenue cycle management.
- Value-based care is becoming common in the continuously changing healthcare sector as patients and policymakers work to keep healthcare costs down for everyone. Value-based care does not follow the fee-for-service model; instead, payment is dependent on the caliber of the treatment delivered. Other methods of payment provide doctors with a set sum for managing certain illnesses or carrying out certain operations. A surplus may be paid to a practitioner who serves a patient in less time than authorized. However, if the cost surpasses the predetermined level, the supplier will forfeit that additional cash. Making money is essential for the expansion and success of your practice, but patient care should always come first. Put your attention on patient care, and the money will come.
- As soon as your patient schedules an appointment, the financial departments at your company begin to work. Your front-office team must gather the most precise information possible since the team starts gathering patient data right away, which will serve as the basis for billing and collections. When gathering patient and coverage details, your administrative team should be as selective as they can be about things like coverage dates, services covered, whether your practice is in-network or out-of-network, information accuracy, the number of visits that are allowed, copay and deductible, and more.
- One of the most crucial elements in the revenue cycle management process is verifying and authorizing patient eligibility, yet it is a typical error to ignore eligibility for recurring patients. Every time a patient comes in, it's a good idea to duplicate their insurance card, even if they claim their coverage hasn't changed. Before submitting a claim, compare that data to the data in your practice management system.
- Although it might cost more, inpatient care often receives greater reimbursement rates than outpatient care. However, when outpatient treatments are provided in an inpatient setting, billing mistakes may occur. If the insurance company notes the location of the service, this may create another bottleneck in the reimbursement procedure. You should check the claim's specifics to see if inpatient billing is supported to avoid this. Once more, claims should be as exact as they may be to guarantee prompt compensation and prevent accidental fraud.
- One of the most effective strategies to increase your reimbursement rates is to negotiate or renegotiate a payor contract. For instance, if you consent to the payor's payment terms before rendering services, a preferred provider arrangement with the payor may grant you more access to patients.