Keeping an eye on collections and payments is essential for any organization, particularly for those in the medical field where financial regulations have substantially diminished profitability. It can become increasingly difficult for a company to exist when records are not updated in a timely manner. We at M-Scribe are convinced we can help change things for you by providing a few reasons practices should be regularly sending invoices and statements. This should give some insight into how monitoring activities and the practicing of certain other procedures can help with the success of your company.
- Tip 1: It is important to double-check all patients' personal information before they come in for a visit. Things such as social security number, driver's license and all phone numbers should be verified to help you uncover information regarding their payment history and to make sure they have valid insurance. When they get to the office, this will be an opportunity to address any outstanding balances and co-pays and provide them with a written copy of your financial policies.
- Tip 2: The absence of complete documentation in patient medical records can have a negative impact on the healthcare organization as a whole. It's difficult to get accurate data for statistical purposes when the numbers don't match. More importantly, incorrect records can result in legal action for fraudulent billing and any omission of details can lead to under payments, denials and/or audits. The focus should always be on exactness and completeness.
- Tip 3: Customers have to be sent statements in a timely manner. If not done promptly, it can result in them not knowing their exact payment schedule and your practice being denied much-needed revenue. Once these statements are sent however, the billing department needs to be available by phone to adequately explain the balance due to patients if questions arise. The key to accuracy in this situation is especially important because knowing exactly what is going on with a patient's account can be vital. For instance, if you send them a collections letter for non-payment and it turns out to be an error on your end, the consequences could be litigable.
The way in which billing is handled, especially in a small practice, can be a significant factor in determining a company's profitability. At M-Scribe, we can help. Being a medical billing service company, established in 2002 by a group of physicians, we are uniquely positioned to provide medical billing service with coding along with documentation. Our numerous years of experience have allowed us to build processes that help drive efficiency and enable our clients to stay compliant.