Tips For Faster Healthcare Processing

Securing the fastest payment with minimum hassle is the primary objective of any business to sustain in the long run. The ever-changing dynamics of healthcare have created an aura of uncertainties in revenue and cash flow. To mitigate the chances of write-off cases, you can have the lights on in the below points and check your resource utilization extent.

One-on-One

Effective communication with patients is important to transfer knowledge about EOB (explanation of benefits) and payment options. Especially elderly patients need a definitive explanation of medical and insurance-related terminology. This will not only helps in the patient establishment at the early stage but also reduces claim-compromising situations like surprise medical billing. Providing adequate assistance of digital payment checkout solutions to patients, makes you procure faster payments from them, as they have better choices to opt one as per their ease. All these measures result in better patient experience and reviews eliminating the marketing need for further business expansions and more revenue.

Alternate Mode for Cue

Going only with the patient’s choice of mode for financial communication regarding billing statements and invoice seems futile, as it has been observed that most of the medical e-mails remain bold in the inbox for a long time. Instead, it is advisable to chart out a second path of communication after a defined period if the patient’s opted one goes ineffective to secure the payment. For example, you can approach with traditional snail mail or message reminders on phone as a second communication mode to clear the AR to log faster.

EDI Powered

Using the EDI (Electronic Data Interchange) at the clearing house is a must to safely transfer essential medical data and PHI for faster claim submission. It’s not just a safeguard against cyberattacks but also eliminates claim denials due to data inaccuracies as it automatically rejects discrepancies firsthand. The hassle of maintaining and transiting the sensitive bulky data is reduced to the minimum with the EDI advancements providing a more nature-friendly substitute for hefty paperwork.

Cap on DNFC & DNFB

Delays in the documentation or data submission rises your days in DNFC (Discharged not fully coded) and DNFB (Discharged not finally billed), busting out your chances of clean claim reimbursement. Reduce these days by optimizing your medical data, and transiting the needed information in a jiffy by availing the enhancements of EHR and EDI in your revenue cycle management process.

Cosentus provide medical billing and claim submission solutions powered with EDI and best-in-market practice management software. Check out our customized bundled solution for all your medical practice needs OR book a free demo call with one of our experts.

FAQ's

Why is it important for medical practices to get paid faster?

Faster payments improve cash flow, reduce accounts receivable, and allow practices to invest in staff, technology, and patient care. They also minimise the risk of bad debt and financial strain.

What are common reasons medical practices experience payment delays?

Payment delays often occur due to coding errors, incomplete patient information, claim denials, inefficient billing processes, and slow insurance reimbursements.

How can accurate medical coding help accelerate payments?

Accurate coding ensures claims are processed correctly the first time, reducing denials and resubmissions. Correct codes also speed up insurance adjudication and increase the likelihood of full reimbursement.

What role does patient verification play in faster reimbursements?

A4: Verifying patient insurance eligibility before appointments ensures that claims are billed to the correct payer and reduces rejections due to coverage errors or outdated information.

How can medical practices improve their billing processes?

Practices can streamline billing by adopting electronic claims submission, setting up automated reminders, training staff on best practices, and reviewing claims regularly for accuracy.

Should medical practices follow up on unpaid claims?

Yes. Regular follow-up on unpaid or denied claims helps identify issues quickly, improves chances of successful payment, and reduces days in accounts receivable.

Are there technology tools that can help medical practices get paid faster?

Yes. Practice management systems, automated billing software, and electronic health records with integrated claims tracking can significantly improve efficiency and reduce delays.

How does offering patient payment options (like online payments) affect payment turnaround?

Providing flexible payment options, such as online portals, credit card processing, and payment plans, encourages patients to pay promptly and improves overall revenue collection.

Can outsourcing billing and collections help expedite payments?

Outsourcing to experienced billing specialists can reduce administrative burden, improve accuracy, and expedite payments by handling claims and follow-ups professionally.

What are key metrics medical practices should track to get paid faster?

Important metrics include days in accounts receivable (A/R), claim denial rates, clean claim rates, and average payment turnaround times. Monitoring these helps identify bottlenecks and improve performance.