5 Questions to Ask About Medical Billing in your Practice
14 Oct 2013 by Mark Reeves
When it comes to medical billing, it’s vital to ensure you have strong, well-defined processes in place. Here are 5 questions every practitioner should ask themselves about the efficiency and effectiveness of their accounting system.
1. Do you include all relevant patient information on every invoice?
This can result in payment delays and dent your cash flow significantly.
2. Are CCSD coding principles are followed?
For example, unbundling guidelines - if coding mistakes are made you’ll have to wait longer for payment. Plus, using the wrong codes could mean losing revenue.
3. Have you calculated the fee correctly for each insurance company?
Invoices must adhere to the guideline structure. If you use the wrong calculation method repeatedly, you risk being de-registered.
4. Are your invoices sent out immediately?
It’s vital to ensure that invoices are processed and forwarded quickly. Timely billing results in timely payment.
5. What are your procedures to chase outstanding debts?
Without robust account collection processes, you could be losing considerable amounts of money each year.