Are you tired of struggling to get reimbursed for the medical treatments and procedures you provide to your patients? It can be frustrating to put in all the hard work and not get the financial rewards. But the good news is that there may be certain habits that you can change to improve your reimbursement rates. In this blog, we will be discussing 7 habits that could be impacting your reimbursement. By making small changes in these habits, you can increase your chances of getting reimbursement for your services.
7 Habits That Are Impacting Your Reimbursement
- Not Keeping Accurate Records:
To receive proper reimbursement, it is important to keep accurate and thorough records of all treatment and services provided. That includes notes on patient progress, treatment plans, and any additional documentation required by the insurance and medical billing company. Without proper documentation, it can be tough to prove that services were rendered and that the patient received the necessary care.
Moreover, not keeping track of the expenses can make it difficult, to accurately claim reimbursement. Tracking medical billing expenses and identifying saving opportunities are a few ways to control spending habits.
- Not Understanding The Insurance Policy:
It is vital to have a deep understanding of the insurance policy to properly bill for services. Make sure to know what is covered, what is not covered, and any exclusions or limitations on your policy. That will help you avoid denied claims and ensure that you are billing correctly.
- Coding Not Properly Done:
Proper coding is essential for full reimbursement. Make sure to use the correct codes for the services provided and to document all relevant information. Incorrect coding can lead to denied claims or reduced reimbursement.
- Not Staying Compliant With Changes in Coding and Billing:
The medical field is constantly evolving, and this includes changes to coding and billing procedures. Make sure to stay up-to-date on these changes to ensure that you are billing correctly and receiving proper reimbursement.
- Not Following Up On Denied Claims:
If a claim is denied or delayed, you should get a follow-up on it. That can involve contacting the insurance company to find out the reason for the denial or delay, and submitting additional information or documentation as needed. If you don’t follow up on denied or delayed claims, it can result in lost revenue for your practice.
- Not Using Electronic Health Records (EHRs)
EHRs can significantly improve the efficiency of your practice, and they can also help with reimbursement. EHRs allow you to quickly and easily access patient information, including insurance information and treatment codes. That can help you submit clean claims, and it can also help you avoid denied or delayed payments.
- Not Negotiating Contracts With Payers:
As a healthcare provider, you reserve the right to negotiate with insurance companies for higher reimbursement rates. If you are not negotiating, you are probably leaving money on the table. It is important to keep in mind that insurance companies are businesses, and they are looking to maximize their profits. Therefore, it is necessary to be proactive in negotiating higher reimbursement rates.
- Not Billing For All Services Provided:
Make sure to bill for all financial services provided, even if they are not covered by the patient’s insurance. This will help ensure that you are receiving proper reimbursement for your time and services.
- Not Participating In Quality Improvement Initiatives
Many insurance companies offer incentives for healthcare providers who participate in quality improvement initiatives. These initiatives can involve implementing new processes or technologies to improve the quality of care you provide. By participating in these initiatives, you may be able to increase your reimbursement rates.
Conclusion:
Proper reimbursement is essential for the financial success of any healthcare practice. By following the habits that we discussed above, you can ensure that you receive full reimbursement for the services you provide. Keep accurate records, understand your insurance policy, code correctly, stay up-to-date with changes in coding and billing, follow up on denied claims, negotiate contracts with payers, and bill for all services provided. By doing so, you can maximize your reimbursement and ensure the financial success of your practice.
