It should come as no surprise that cash flow is one of the most important aspects of maintaining a healthy revenue cycle for your practice, and an important component of this is making sure your practice’s billing cycle is as efficient as possible. A recent Healthcare Finance News article, “7 things medical billers should do to increase revenue,” outlined several items medical billers can work on to help ensure their practice is on track.
We’ve recently covered some of the same recommendations here on the blog, so we wanted to give you a quick reminder about some of the things you can do to help your practice:
- Learn about coding and medical necessity updates: With the final ICD-10 implementation deadline officially less than two years away, not only is it important to learn about the new code set, but it is also important to know how it will effect claim submission and reimbursement.
- Streamline denial and appeal management: Working through denials and filing appeals can often be a time consuming process, but it doesn’t have to be.
- Prepare for payer negotiations with increased data and communication: The more knowledge and data you can bring to the table when working with payers, the better results you will have. Communicating with payers on a regular basis will also make negotiations easier.
What other tips do you have for practices who are working to improve their billing process? Let us know in the comment box below!