Tag Archives: chiropractic billing

Insurance and Credit Cards – Streamlining Your Cash Flow in the New Year

5 Jan

Insurance and Credit Cards – Streamlining Your Cash Flow in the New Year

 

Welcome to Billing Buddies YouTube and Podcast series.

In this episode, we will be discussing streamlining your cash flow in the New Year by obtaining current insurance cards and credit card authorizations.

With the New Year upon us, it is especially important to get copies of your patients’ active insurance cards and to get credit card authorizations to secure their accounts with your clinic.  These two steps will significantly increase your cash flow.  In fact, these two simple tasks will, if followed, increase your cash flow all year long.

Let’s start with the understanding that in the fourth quarter of each year, Medicare and private insurance companies have Open Enrollment.  Open Enrollment is when patients can switch coverage for the first of the coming year.  Because so many of your patients may have changed insurance coverage the first of the year, it’s imperative to get new copies of insurance cards and to update your billers and billing software with the new policy numbers.  Also, if you get denials from insurance companies that coverage is terminated, it is wise to immediately call or send a statement to the patient for the balance, so they will either pay or respond with their current insurance information.

In addition, at the first of the year, deductibles go back into effect.  Many clinics are starting to secure the patient accounts with a credit cards on file.  Securing a patient account with a credit card on file is a straight forward process.  You need to have a form for the patient to complete and sign that gives their credit card information and permission for you to automatically charge their credit card for any balances due.  If you need a sample form to secure credit cards on file, please email bonnie@billingbuddies.com and put in the subject line “Credit Card Authorization”.  My email again is bonnie@billingbuddies.com spelled out b-o-n-n-i-e-@-b-i-l-l-i-n-g-b-u-d-d-i-e-s.com.

Finally, remember that all year long it is important to verify a patient’s active coverage by getting copies of their current insurance cards and it’s important to secure their account with your clinic by having a credit card authorization on file.

Billing Buddies is a medical billing and consulting service established in 1994.  We offer services to a variety of specialties across the United States.  For more information, please call or text 612.432.2366.  Thank you for listening to Billing Buddies YouTube and Podcast Series and remember to “Buddy Up with the Best.”  Have a great day.

 

Video

Four Reasons to Consider Outsourcing Your Medical Billing

17 Jul

Small medical practices face a number of challenges. Perhaps the greatest challenge is handling medical billing.  Without adequate staff, a medical practice is not able to send out bills and receive payment in a timely fashion. This, in turn, can negatively affect all areas of the practice.

One solution to medical billing issues is outsourcing those tasks to a professional medical billing company. Many physician offices, however, are reluctant to consider outsourcing for a variety of reasons. These include everything from losing control over their billing staff to concerns about patient satisfaction and security.

While all of these are legitimate concerns, they can be alleviated by performing due diligence so as to guarantee hiring the best medical billing company possible. Further, reviewing the length, terms and conditions of any contract signed with a medical billing company will go a long way toward preventing potential problems.

While hiring a medical billing company is an important decision, when you consider the many benefits, it is likely that you will find it to be the right decision. What follows is a list of four of the most important benefits.

1. Superior Patient Care. The principal purpose of any medical clinic is to provide exceptional care to its patients. In smaller offices, the financial side of the practice can be a drain on staff and resources that could go toward a better patient experience. When you outsource billing tasks, all hands can be on deck to improve patient care.

2. Fewer Billing Errors. Smaller medical offices have fewer staff members to handle billing issues. This leads to more errors and a greater number of denied claims. Further, staff members have less time to make sure that they receive the maximum reimbursement on every claim. It also is difficult for small or understaffed billing offices to remain in compliance with constant changes in billing regulations and requirements related to Medicaid, Medicare and third-party payers. Professional billing companies provide ongoing training to their employees so that they are up to date on any and all changes related to compliance. That means claims filed are far less likely to contain errors.

3. Improved Cash Flow. A small medical billing staff means that when one or more staff members are on vacation or sick, claims cannot submitted in a timely manner. This disruption ultimately leads to an irregular flow of money into the practice. With a medical billing company, this will not happen.

4. Dedicated Billing Assistance. Superior patient care is critical to a medical clinic’s success. However, even if a patient gets the best medical care available, if they encounter issues related to billing, they are likely to move to another provider. When you outsource your billing to a quality medical billing company you can be assured that your patients will receive courteous and professional assistance when they have questions or issues related to their bill.

Outsourcing your medical billing can be a difficult decision and it is important that you do your homework and select the company that is best for your particular medical office. Once you do, however,  you may be pleasantly surprised at how much better you are at providing your patients the best care possible.

 

Need billing services or consulting?   Call or text 612-432-2366.  Or email, Bonnie J. Flom at bonnie@billingbuddies.com.  We have 24 years of medical billing experience.