As a physician, you know how important annual check-ups are for your patients. In many cases, it is your only opportunity to identify, diagnose, and treat preventable conditions, and ensure your patients’ overall quality of life.
So, when was the last time you performed a check-up on your practice’s medical billing processes? Just like a patient’s annual physical, a quick diagnostic can help you identify potential gaps in billing techniques, and implement a comprehensive plan for increasing practice profitability.
To ensure that your practice has the most cost-effective medical billing process, read these top five key performance indicators for medical billing from the Medical Consultants Group, a medical consulting firm based in Atlanta.
Clinical Documentation Supports the Medical Billing Invoice
You can save your practice time and money by synchronizing your coding process and your billing. By making sure your documentation isn’t mismatched with your CPT and E&M codes, you can not only prevent insurance claim denials, but also pass a chart audit with flying colors.
First Pass Acceptance Rate is Above 90%
Insurance claims can’t be paid unless they’re accepted. The golden rule of claim acceptance is that 90 percent of claims should be accepted on the first pass. If this is not the standard percentage in your practice, you might consider bringing in a medical billing consultant to determine where the problem is occurring, and how to bring your first pass acceptance rate up to par.
Insurance Claims Are Collected within 90 Days
Once insurance has processed the claims, your medical billing department should be collecting 90 percent of insurance coverage within 60 days. If this isn’t the case, you could be enjoying better cash flow.
All Claim Denials Are Promptly Resubmitted
All insurance claim denials should be resubmitted within no more than 3 days in order to keep them from piling up. The sooner that your medical billing team resubmits all rejected insurance claims, the sooner your practice receives coverage and payment for services and treatments rendered.
Do Your Medical Billing Costs Outweigh Profits?
Now, for the final questions: is your practice is meeting all of these medical billing performance objectives, and how much is it costing you to meet these goals? Many practices pay personnel for each part of the medical billing process, which means that they are not only paying for multiple salaries, but also for vacation time, insurance, and other benefits.
Our doctor’s billing consultants can help you streamline your medical billing process, ensuring that all claims are processed and redeemed quickly and efficiently. In the current healthcare marketplace, practices have an average of 30% self-pay patients.
The Medical Consultants Group can help your practice increase practice revenue and profitability for less than you might think, and you and your staff can focus on delivering comprehensive, quality patient care.
To learn more about our medical billing consulting services, call Medical Consultants Group at 404-272-4883 or explore our website.