Every physician has vivid memories of going through medical school. They remember the tremendous challenges of studying long hours, working nights and weekends, routinely topping 100 hours a week. Somehow, throughout all of those hours, medical billing and coding were not covered in class. When patients leave medical school and residency, they suddenly realize that billing and coding are important parts of running a practice because without proper billing and coding they will not get paid. For physicians who are wondering how to improve their medical billing and coding practices, there are a few important tips to keep in mind.
Stay on Top of the Latest Research in Medicine and in Billing
Most physicians are aware of the continuing medical education, or CME, requirements that must be maintained in order to keep their license. While this research is important for patient care, physicians should use this same approach to medical billing and coding. As new codes are released and insurance companies change their coding procedures, physicians should adapt their practices to meet these changes. There are documents that are regularly released detailing any changes to the medical billing and coding processes and procedures. Physicians should stay on top of this research. Furthermore, talk to other physicians from other departments and other practices to see what works for them. They might have a method that could be applied across multiple practices and specialties.
It Might be Prudent to Outsource the Medical Billing and Coding Procedures
Without a doubt, the world of medical billing and coding has become increasingly complex over the past few years. Decades ago, there weren't that many codes that physicians had to sift through. Now, there are literally thousands of codes and a myriad of insurance providers that all have their different standards. With the changing healthcare legislation, there are numerous problems that come up regarding patient care, insurance companies, billing, and coding. Physicians are no longer able to focus all of their attention on patient care yet cannot afford to spend all of their time arguing with insurance companies and administrators regarding their billing and coding procedures, Therefore, consider outsourcing the billing and coding procedures to a third party. These are professionals who are trained to maximize physician revenue while coding correctly and negotiating with insurance companies. With physicians able to focus all of their energy on patient care, they can place the billing and coding procedures into the hands of specialists who can expedite this procedure.
Should I Keep an Eye on a Billing Partner?
Of course, a physician practice will want to make sure that their third-party is performing this job well. Therefore, there are a few questions that the physician practice should ask of their medical billing and coding partner. First, has the third party found ways to increase the profitability and productivity of the practice? This means suggesting different codes for different patient visits that may help to increase the revenue from insurance companies in certain scenarios. In addition, the billing partner should regularly review the performance of their staff to make sure that they are maximizing every dollar the practice spends on this third partner. Finally, the billing company should also offer to train the staff of the practice if a new billing procedure is implemented. This will help keep the practice on top of the latest developments in the billing and coding industry.
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Any practice that is looking for ways to increase their productivity and revenue stream should contact M-Scribe Billing Services for professional advice. We have provided assistance to practices just look yours. Contact me today at at 770-666-0470 or email at firstname.lastname@example.org for more information.