Aside from clinical services, billing and revenue cycle management are the most important processes of your private medical practice. Your cash flow depends on them, so the decision of how to handle payments shouldn’t be taken lightly.
You could outsource your medical billing operations to an external company, or keep the process in-house. The right answer differs from practice to practice. But in the first stages of the decision-making, you need to consider which solution would best suit you.
Outsourcing your accounts may seem like the easy way out – but with long-term expenses, hidden fees and increasing costs, it could be a burden to your business. However, in-house medical billing is a simple, cost-effective solution with a whole host of benefits.
- Control = By employing a private practice management software – such as Private Practice Manager – you retain complete control of your finances without having to spend hours tied to your desk. Billing and invoicing are handled electronically, allowing you to obtain tighter credit control with minimal effort.
- Return on Investment = Once you’ve invested in the basic financial infrastructure – including training staff and purchasing private practice management software – in-house management is very cost-effective. Compared to outsourcing, a long-term in-house billing solution generates the best return on investment.
- Proximity = An in-house billing solution is easily accessible should any issues arise. And with private practice management software, you can observe your finance reports and financial accounts at the touch of a button, enabling you to address any problems efficiently.
In addition to installing trusted software and training your staff, there are certain simple steps you can take to keep your in-house billing process running with fast turnaround times.
FACTS AND FIGURES
Always ensure you obtain all the patient’s details before their initial consultation – including their membership and insurance information. Then, determine the Clinical Coding and Schedule Development Group (CCSD) codes for the procedures they’ll have carried out. And finally, it’s vital you check the insurers pricing guidelines. Failing to do so may mean you’ll have the initial invoice rejected at the first stage, therefore delaying payment. Private practice management software handles all these aspects for you
It’s important to invoice each patient promptly. Every invoice must have a unique identification number, and include your name, number and contact information. It must also feature the relevant CCSD codes, insurance company codes, a description of the procedure and the amount you’re billing for. With an electronic practice management system, all this data is automatically included on each invoice. Then, you can simply send the invoice to the insurer – but be careful as some insist on digital delivery.
CHECK FOR PAYMENTS
Don’t assume you’ve been remunerated. You can check online, or wait for the remittance by post or email. And if the insurance company doesn’t pay the full balance within 30 days, find out why. If there is a major shortfall, you may need to contact the patient directly – either due to self-funded procedures or excess contributions. Chasing payments requires constant effort, but with private practice management software, all written communications are handled electronically, for your peace of mind.
By navigating these simple steps, you’ll be able to operate successful in-house billing operations. All you’ll require is a professional private practice management software, some expert training and a little perseverance. Ensure your practitioners receive prompt payments from patients by clicking here.