Thriving Billing Habits for 2018

We are sure your New Years resolutions are in full swing, whether it be your new healthy diet, fitness routine, or commitment to being a more loving person. As we round out Q1 of 2018, the main objective of course, is how to better run your practice so that you can help as many people as possible. One way of accomplishing this goal is to make more money, right? If you encourage your biller to follow these 5 healthy billing habits, you are guaranteed to see your bottom line go up.

1. Bill Daily - At Affinity, we use Vericle to bill daily and we recommend this to all our clients. Why? Billing daily keeps claims current with DOSs and helps to avoid unnecessary delays in payment (don't forget timely filing!).  Billing daily also helps identify any problems by being able to address denials or rejections immediately (how about that Workbench!).

2. Work Denials Daily– As soon as a rejection or denial is received, fix it immediately and get it reprocessed.  Thanks to Vericle's proprietary AI and Affinity's team of CPCs, the software will literally tell you what is wrong with the claim and give suggestions on how you might fix it. Do not put them aside to address later - delays are just that and lead to loss of revenue. 

3. Reconcile Revenue with Bank Deposits - Thankfully Vericle's AI is so advanced, it should be posting the majority of your payment automatically, but one place we don't touch is your bank account.  Accuracy is an extremely important part of balancing payments with your bank account.  Prepare deposits and reconcile with the system daily.

4. Monitor the Accounts Receivable (A/R) – Managing the A/R is one of the most important responsibilities of owning a business (it's your high level billing stat!). Monitoring your A/R (how claims are progressing towards payment from DOS) helps you identify trends in your follow up performance and that of the individual payers you are relying on to send you payments. For aging insurance money we recommend being aggressive with claim adjusters.  Leaving messages is an excuse for them to ignore you - use it as ammunition. Call frequently and with immediate need in your voice - make them hear how critical it is for them to process that claim faster.

We'll cover the next challenging task - collecting patient money - in our next post. BTW, patient payments can be a tremendously consistent source of income IF you do it right!

Interested in learning more about what Affinity and Vericle have to offer? Whether you handle your own billing, need help with just 1 or a few payers, or need a 100% off-site solution - we're here to help. Email us at eva@espoc.com or call: 727-317-6756