Medical Billing in a Tough Economy

Across the United States, and around the globe, many families are feeling the pangs of an ailing economy. The problem is, essentials such as living expenses, school expenses, and medical care remain the same. As businesses cut back on full-time employees and benefits, some families do not even have health insurance plans to supplement their health care needs. Other families are coping with underpaid work, or a lack of employment altogether.

Steps to More Effective Billing Methods

It is important to understand these present-day issues when considering payment. A medical billing and coding system is frequently the best route for a physician’s private practice. It cuts the overhead cost of acquiring money that is already owed. However, there are in-office practices the physician may implement to ensure payment and make the process less frustrating for everyone.

Here are some tips to prevent major billing difficulties:

  • Patients that understand the billing requirements, options, and procedures are more likely to pay. Furthermore, they are more likely to pay on time. It is wise for a medical practice to display their payment terms and billing information in an obvious area. For example, billing terms may be presented in the check-in area, so every patient is reminded of the payment process prior to seeing a physician. Key points should include health insurance requirements, the co-payment process, information on paying up-front, and any other essential billing criteria.
  • Another step that may be taken at time of patient check-in is to update all personal information on file. Request that each patient take a moment to review their residential address, billing address, multiple telephone numbers, employment, full name, and date of birth. It is also a good idea to occasionally double-check the patient’s social security number, since you will need this information if the case is turned over to a collection agency.
  • Make use of technology. High-quality billing and coding software will automatically adjust to comply with new regulations. Physicians may generate custom financial reports to assess how their practice will run in the most efficient manner.
  • You care about your patients, but you must maintain your business to continue caring for your patients. Let our medical billing and coding software give your practice peace of mind, as it manages your financial needs and stays up-to-date with compliance issues.