Chiropractic Billing & office management can be complicated. Especially when you factor in the ever-changing requirements and regulations having to do with health insurance and government programs.
A streamlined and efficient financial process is crucial for any successful practice, and is a key to a healthy revenue cycle.
Take a look at these seven monthly revenue tips that will improve your financial process and ultimately free up more time to focus on what matters your patients.
1. Evaluate Accounts Receivable.
Did you know that approximately 15 percent of claims are never paid due to billing errors, and up to 50 percent of re-submitted claims are never paid?
You should be averaging less than 45 days in accounts receivable and striving for an ideal average of under 30.
2. Reduce Excessive Accounts Receivable
There are a number of things you can do trim accounts receivable excess.
Here are a few:
- Separate accounts receivables by insurance and patient balances.
- Separate the different insurance payer types, and understand how their payor specific guidelines affect your accounts receivable management.
- Identify key offending payers prioritized by amounts outstanding.
- View monthly reimbursement trends for each payer.
3. Improve Code Accuracy.
Code inaccuracy is a big time and energy waster.
You can improve accuracy by routinely scrubbing codes before submission.
4. Analyze Denied Claims.
One of the biggest issues that negatively affect revenue is denied claims.
In fact, according to the Government Accountability Office, up to one in four claims are denied. By analyzing your rejects and denials, you can identify patterns that can be corrected. Consider the following:
- Are insurers determining the care a patient received as medically unnecessary?
- Is beneficiaries receiving care outside their networks without realizing it?
- Are names spelled correctly?
- Are numbers consistently entered between two or more parties? If not, this can create a “data freeze.
5. Improve Your Verification Stage.
The claims reimbursement process begins as soon as a patient first makes an appointment with a physician’s office or healthcare provider.
6. Send Clean Claims.
It is crucial to send a clean claim the first time around.
Sure, it might take an extra 30 to 60 seconds per claim to thoroughly scrub it for initial submission. But if the claim is denied, it’ll end up taking an average of 15 minutes per claim.
7. Get Help. Hire a Chiropractic Billing Service.
Keeping up with all the normal, day-to-day tasks that go into running a successful chiropractic office isn’t easy.
Your staff must work diligently and methodically to review suspended claims and analyze where holes or gaps exist with things like compliance, errors and timeliness.
What Are Your Biggest Monthly Revenue Challenges?
Are you finding it difficult to streamline your financial process in order to increase revenue?
What are the most difficult challenges you face? Do you have any additional tips or strategies to share that have made a difference in your chiropractic office?
Many Chiropractors Are Not Aware of the Benefits of Outsourced Billing
When you look out into your office, the situation likely appears under control. We understand that you are good at what you do. Hiring an outsourced billing service can increase revenue, bandwidth, and quality of life for your entire team.
Have you considered the financial and bandwidth benefits of outsourcing your billing services?
Using resources available to you, like medical software and outsourced billing services, will increase your monthly revenue, streamline your financial process, and get you back to what matters helping your patients.
We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.
Contact us for more information.
