Creating a More Profitable Nursing Home Billing Practice
The business of providing healthcare services has two distinct components. The first is the core area of providing the service. The second, following it, is getting paid for it. It is this latter part that most often is faced with problems and interruptions.
Medical billing and claims submission are what it is all about. In other words, this is where the provider gets reimbursed for the services rendered. Unfortunately, it is rarely as simple as it may sound. Erroneous billing, misinformation and tardiness very often lead to claim requests forwarded to insurance companies (Payers) getting denied or rejected.
Nursing home billing is no exception. Business could be booming, but when it comes down to getting your cash register to ring, profitability takes a major hit. Here are some simple tips to achieve a more profitable nursing home billing practice.
1. Accuracy matters
It is a known fact that one of the major reasons for claims getting denied is inaccuracy. Making mistakes in assigning the right code for the service rendered, neglecting necessary modifiers (which has become a more critical subject in this era of ICD-10 standards), missing out on important information, not paying attention to the insurer’s guidelines – are just some of the areas that you can focus on to notice an instant improvement in your claim acceptance rate.
2. Prior checks
A thorough and timely prior authorization for services, especially those that are more on the costlier side, can help prevent nasty surprises later on. Insurance plans can vary widely. So before the surgeon picks up the scalpel, it is better to make sure that the insurance plan the patient is subscribed to, covers the service that will be provided in your nursing home.
3. Outsourcing is not a dirty word
No matter what skeptics say, outsourcing your billing and coding tasks to a competent expert can help you save a lot of time and effort. Above these, you could also notice a remarkable improvement in your reimbursement rates. The cash flow will get better and smoother, and even your accounts receivable will start to shrink noticeably. Outsourcing your nursing home billing is a highly effective way to overcome the limitations of an inexperienced or simply inefficient in-house billing staff. If you are serious about improving the bottomline, give outsourcing a serious thought.
Nursing home billing need not be a troublesome, lossy affair. Done correctly, it can make your generate revenue from your business in a smooth, uninterrupted way. It may be helpful to look into the equity of your home using a company similar to Key to help you save up for retirement. You can get a free equity guide here since the money you get from your home could support you with bills later on in your retirement. Just follow the tips given here and you are sure to notice an upswing in your collections.