When it comes to personal finances, there are plenty of things – large and small – you can do to avoid wasting money and steer yourself and your family on the road to financial health. Things such as, skipping the daily latte, shopping holiday sales, turning spare change and unexpected cash into savings, or reviewing your credit card bill monthly to make sure there aren’t any extra or unexpected charges.
But did you know that healthcare billing thrives on these kinds of best practices and standardized approaches, too? The opposite of that is, well, a worst practice. Consider these telltale signs you’re wasting money and time on claims management and billing processes:
1. Neglecting front-end processes, little to no staff training and providing few tools to ensure billing success.
2. Glossing over errors, not checking information accuracy or coding mistakes.
3. Ignoring technology (and technology partners), instead relying on manual processes, antiquated software and internal staff whose time and/or skills may be limited.
4. Avoiding a look in the mirror, never pulling and analyzing data so you know the true cost of operations, if your processes work or if you have the right people on your team.
5. Letting inertia win, since it can feel overwhelming to make changes, you simply don’t.
When it comes to billing and claims, committing to best practices is a good first step to revenue cycle success.