One way to maximize your dermatology practice’s profits is to outsource the billing process. Outsourcing has the additional benefits of reducing errors and increasing the speed at which collections are processed.

#1

Reduced Billing Errors

Billing mistakes can be extremely costly. Not only could you be missing out on collections, but you could also be flagged for fraud investigation if you frequently use incorrect codes. Outsourcing the claims process to a professional can ensure that errors in billing are reduced, improving your practice’s collections.

#2

Lower Overhead Costs

Every medical practice, including dermatology, has overhead costs. The more employees you need, the higher those costs will rise. By outsourcing your claims and billing, you can actually reduce your overhead costs because you won’t have to hire employees to handle it.

#3

Reduced A/R Time

Another benefit of outsourcing is reduced A/R time. Professional medical billers are faster and more effective at billing, which can help your practice to receive collections much more quickly than if you processed claims yourself.

#4

Increased Time with Patients

The biggest advantage of outsourcing your billing is that your own time is freed up. You don’t have to spend your time handling claims or figuring out which code to use. Instead, you can devote more of your working time to your patients. You can even take on new patients with the time you’ve freed up, which can result in increased collections for your practice.

The Benefits of Outsourcing Medical Claims

Dermatology practices can benefit from outsourcing for a number of reasons. On top of freeing up more of your own time for seeing existing and new patients, you also reduce the risk of costly mistakes and can receive collections faster.

Quest National Services knows that each of its clients has unique needs and tailors its billing services to cater to each individual client. Additionally, our expert billers have the latest knowledge about codes, modifiers, and billing rules. Don’t hesitate to contact us for more information.

Accurate medical billing is essential to the running of any practice, including those in the pediatric field of medicine. The following errors are common ones that practices make in their billing that can reduce potential collections.

Error #1

Inaccurate Codes

A common mistake that occurs during the billing process is using the wrong codes. This can be problematic not only because the insurance company may reject the claim but also because too many inaccurate codes could get you flagged for an audit to check that you aren’t committing insurance fraud.

Error #2

Codes That Are Too General

Accurate coding isn’t the only criterion for maximizing your collections. Codes also need to be specific. If you’re too general with your coding, you might be leaving money on the table. You might be able to collect more if you’re able to use more specific codes and modifiers.

Error #3

Filing Claims Late

Insurance companies may have time limits on how long you can wait to file a claim and still collect. Filing claims late is a common error because doctors are busy with patients. However, missing the deadline could result in also missing out on collections.

Error #4

Underbilling Patients

If you’re underbilling your patients, you’re not making as much as you could. Underbilling can occur when staff members aren’t properly trained on medical billing rules and codes.

Error #5

Not Verifying Insurance Frequently Enough

Billing the wrong insurance company can cause claims to be rejected and could result in you missing the deadline with the correct insurance company. It’s essential to check with patients every time they come in that their insurance information is accurate.

Outsourcing Your Medical Billing Can Eliminate Mistakes

One way to eliminate billing errors is to outsource your claims filing process. Professional medical billers will be more familiar with accurate and specific codes and are dedicated to billing, so claims are always filed on time.

The best way to ensure that your pediatric practice can treat as many patients as possible is to increase your collections. Follow these tips to maximize your practice’s profits.

Tip #1

See More Patients

The more patients you have, the more claims you can process, which, in turn, can bring in more collections for your practice. However, pediatricians are already busy and may not have the time to add more patients. Following the rest of these tips will help you to free up that time.

Tip #2

Outsource Your Medical Billing

One option for taking the billing process off your hands is to outsource it. Hiring a professional billing service can not only free up your time but also ensure more accurate claims.

Tip #3

Streamline Your In-House Claims Process

Not everyone is comfortable outsourcing their billing process and prefers to keep it in-house instead. If you’d rather manage your own claims, you can still streamline them to free up time. The best way to do this is to dedicate a staff member or two to the billing process. That way, they can become experts in the codes and regulations required.

The best way to keep your hospitalist practice running smoothly is to increase your collections. If you follow these steps, you can improve your billing and free up time to see more patients.

Tip #1

Outsource Your Practice’s Billing

One way to streamline your medical billing processes is to outsource them to an external company. This can free up your own time for more patients as well as ensure that claims are handled in a timely and accurate fashion. Plus, you and your staff won’t need to spend time training on updated codes.

Tip #2

Streamline Your Billing In-House

If you’d prefer to keep your medical billing within your practice, then it’s important to streamline the process. It’s best to choose just one person who will always be in charge of the billing. This can help to improve the speed at which claims are made and also improve accuracy because the dedicated employee has the training and knowledge to better handle collections.

Tip #3

See More Patients

Once you’ve either outsourced your billing or streamlined the process in-house, you’ll have more time to take on more patients. You only have so many hours each day, so one or the other is necessary in order to free up that time for more patients.

It’s important for every medical practice, neurology included, to improve their claims filing process to increase collections. One way to do this is to outsource your medical billing to an external company that specializes in claims. Companies that handle outsourced billing are experts and will be faster at filing and will also know more specific and accurate codes.

Reason #1

Minimize Costly Mistakes

One of the primary advantages of outsourcing your medical billing is that you’ll have an expert handling it. Such a company does only claims processing and so may be better suited to ensuring codes are accurate. Making a mistake on a claim could delay collections or even result in a rejection from the insurance company.

Reason #2

Reduce A/R Time

As a neurologist, you’ve got your hands full already seeing patients. Because of this, you may not have the time or attention needed to handle billing to the best of your ability. Outsourcing can ensure that claims are filed on time, thereby reducing A/R time.

Reason #3

Save Money on Overhead

By outsourcing your billing, you’re also saving money. Instead of having to dedicate a staff member to handling the billing or having to process claims yourself, you can reduce the amount of money you have to spend on overhead and could even reduce the number of staff members needed to run your practice.

Reason #4

You’ll Have More Time to Spend with Patients

Once you no longer have to worry about processing claims, you’ll have more time to spend with your patients. This can also help to increase your collections because you’ll have the time to take on more patients than before.

How You Benefit from Outsourcing Your Medical Billing

There are numerous benefits to outsourcing your medical claims process. You’ll free up your own time to see more patients and get even more in collections. You’ll reduce the risk of errors and also speed up the time it takes to receive collections.

Quest National Services has skilled billers who are up-to-date on the latest codes, processes, and regulations. Plus, our billing services are tailored specifically to your needs so that you know your claims are in the right hands. Don’t hesitate to contact us for more information.

Accurate medical billing is essential to the running of any practice, including for hospitalists. Some practices make the following mistakes in their claims processes, however, which can prevent them from reaching their maximum revenue.

Error #1

Your Codes Are Inaccurate

Inaccurate codes are a problem for multiple reasons. The first is that claims are delayed because they were denied. Insurance companies typically won’t accept claims that aren’t accurate. On top of that, repeated instances of inaccurate codes could get you flagged for an audit to investigate potential fraud.

Error #2

Your Codes Are Too General

If you don’t use specific enough codes when you process claims, you may end up missing out on some revenue. Too general of codes could reduce the amount you can collect.

Error #3

You File Claims Late

Filing claims late can delay collections. The longer you wait to process your billing, the later you’ll have to wait to receive the revenue. Additionally, some claims may have deadlines and they could be rejected if they’re filed after that date.

Error #4

You Don’t Ask Patients for Billing Information Often Enough

Timely and accurate medical billing won’t help improve collections very much if claims are sent to the wrong insurance company. A common error practices make is not checking with patients for updated insurance information.

Error #5

You’re Underbilling Your Patients

Underbilling patients could easily occur if your staff isn’t properly trained on your billing processes. Inaccurate codes or codes that aren’t specific enough could cost your practice in collections.

Consider Outsourcing Your Medical Billing

Hospitalists are busy tending to patients and may not have the time to correct these billing errors. Outsourcing your medical claims process could free up your time as well as help to ensure billing accuracy.