Medical Billing: Is your medical billing department performing up to standard? Are collections too slow? With accurate accounts receivable reports you can analyze the performance of the processes you have at your practice. Once you know the percentage of claims over 120 days, you have a good idea. The national averages published by the Medical Group Management Association (MGMA) can show you how you compare. If your percentage is higher than that of the average, then you have funds in insurance claims uncollected and should act to insure their reimbursement. If your average percentage is higher than 15-20%, you have issues to address in your medical billing department. There are different actions to take in getting claims paid more quickly. Getting a claim paid involves your front desk. Good information is most important. Copies of insurance cards, driverâ€™s license or ID are a must. You should verify that the patient filled out your patient forms accurately and completely. Insurance coverage must be verified Demographic information should not be entered into the His experience in the health care field goes back over 25 years, working with non-profits in substance abuse and computer system. With all of the varied duties your front office may have, mistakes can easily happen. They should enter enough demographic information to make an appointment. Accurate information will make the claim process easier as the medical billing process progresses. The patient should sign a legally reviewed financial agreement. Many are not legally effective. You should include in your agreement verbiage on collection fees, interest, attorney and court cost. If you have to pursue collection with the patient, they are must pay the additional costs of collecting the funds. You can include a section on after hourâ€™s telephone advice, no-show fees, prescription, returned check fees and fees if a patient does not remit their copy at time of service. A proper financial agreement gives you the ability to collect your past due balances. Through active analysis of your process, you can raise the performance of your medical billing unit to exceed the national averages. Mr. James Collins has consulted health care providers over the last 15 years in a variety of areas including medical billing. Helping practices to organize their accounts receivable and software applications has been a primary focus. Rehabilitation groups.
(By James E Collins)