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Billing and Collection Workflow for your Practice

Billing and Collection Workflow for your Practice

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If you want your practice to be trusted, thrive and lead in your field, it is imperative to have a system in place that tracks your patient’s needs from consultation to treatment to release. Rev – Ignition is one of the leading Revenue Cycle Management (RCM) providers in America, and we deliver solutions that ensure efficient tracking, verification and account establishment.

The Key to Constant Revenue Flow

Getting revenue to flow consistently is an art form that demands complete accuracy. Every claim presented to an insurance company should have complete – and up to date – records of a patient’s medical history, type of insurance coverage and eligibility. Our software covers all these aspects and more. Any inconsistencies can be spotted fast, helping to avoid rejections and write-offs. Our fully integrated RCM software does not miss a single detail. It is about exemplary patient care and a trouble-free relationship with the insurer – and it works.  

Getting it Right with the Clearinghouse

Many offices today submit claims electronically. Depending on your clearinghouse, submitting claims this way can speed up the acknowledgment of accepted or rejected claims and you can receive an answer within minutes or days. Entire batches can be rejected if one claim in a batch has a missing unit, DOB or incorrect address.  Fixing the error and resending the entire batch again is only the beginning. Ideally, you can correct the item online and resubmit, but what about the second rejection from the payor?  A claim can have all the correct information – and be accepted by the clearinghouse – but the payor can still deny the claim for if benefits are exhausted or if the patient is not an eligible subscriber.

Tracking Trends is Crucial for Survival

The best practice is to process all payor denials/requests for information on a daily basis so that in the middle of a patient’s treatment, you are still able to inform them of any insurance problems. Private insurance patients that are involved from the start are proactive, and in many cases can call the insurance company themselves and have the issue resolved on the same day.

Tracking payor/clinic trends can halt any revenue loss. To begin, lean on your employee that takes care of payment posting. If they review all payments on a daily basis and review all your contracts to ensure they are familiar with every rule and coding edit the payor has, they should be able to spot a different payment with ease.

Never get Caught Undercharging Again

Tracking trends can also save you from undercharging for a service.  A system that allows you to bill for the contracted amount must have those amounts built into its tables. A system that does not allow contracted amounts to be billed should always take a contracted discount for the allowed amounts of billing. Contact us to find out how we can help to review your fee schedule.

Keep Track of all Cancellations, No-Shows and Billing Trends

Having a transparent check and balance of all your staff’s productivity is key. Cancellation, no-shows, and billing trends must be monitored on a monthly basis and the reasons must be understood.

Are all of your batches of electronic claims being processed on time? It pays to understand and track your average billing collection per month because one thing is certain – if you do not track the money, you will not know where to look for the money that is missing. It can be extremely difficult to focus on the minutiae of business when caring for patients but reviewing a few key metrics every week and tracking productivity of both front office and therapists will give you the confidence to fix any issue that arise. Contact us to learn more.