We all have a bad habit or two. Some people need their daily caffeine fix, others can’t stop texting in the movie theater. But what happens when your practice makes a habit of neglecting to collect $25 copays or forgetting to bill secondary insurance?
Even seemingly innocent habits can burn a hole in your pocket eventually. The first step is to understand what they are.
“Greenway has helped a lot with the education, so we’re billing appropriately for our work,” said Jennifer Rioux, Nurse Practitioner and Chief Administrative Officer at New Era Medicine.
1. You’re not filing secondary claims
Greenway Health’s survey data indicates 59% of secondary claims are never filed. If 20% of a claim is paid by secondary insurance, multiply that portion of the fee by the number of patients with secondary insurance you see per year … and you have an idea of the long-term hit to your revenue.
2. You’re undercharging
Improving health is your focus, not finances. That said, it’s difficult for a practice to stay in business without cash flow. Coding has become more complex, and consistently matching wrong codes for services performed to the diagnosis can add up to significant losses.
3. You’re not communicating
Did you know 68% of patients do not receive collection letters from their providers? If your practice does not implement a refined collections process, it’s going to see a hefty negative impact on its revenue stream. A better practice is to collect at the time of service, before the patient leaves the office.
4. You’re not being proactive
About 12% of practices never update their payer fee schedules. If you don’t have visibility into how much you should be paid, you may be leaving thousands of dollars on the table each year.
5. You’re stuck with traditional billing
In-house billing leaves your practice open to numerous hits against your revenue cycle. Staff salaries alone can consume up to 25% of practice revenue, regardless of how much you’re collecting.
Kick your bad habits to the curb. Click here to learn how to improve collections, cash flow, and profitability. And check out our infographic on how to assess the health of your medical billing practices.
For more information, CLICK HERE to schedule a conversation with a Greenway representative. Or watch our 3-minute overview video HERE.