10 Tactics to Rejuvenate Your Medical Practice Revenue Like Never Before

Posted by Parul Garg on Nov 16 2017

PracticeForces restores, rejuvenates and recovers lost revenue in medical practices. Through our innovative and robust follow-up approach, using the most advanced technology, robotics and human capital, we've been simplifying billing solutions and compliance requirements for our clients since 2003. This short article offers 10 tangible tactics to help you maximize your practice revenue.

Rejuvenate Your Medical Practice Revenue


Take a look and see if you can use these in your practice.

1.  Eligibility verification. Live status with estimated patient portion balances.

2.  Pre-certification and procedure estimation. Collect authorizations and referrals online, create a pre-estimation invoice for patients before scheduling them for procedures. Availity has great online tools to get pre-certifications.

3.  Authorizations. Make sure you have authorizations in place for every procedure and add details in real time. Don't wait for paper to be scanned to enter later.

4.  Charge creation and review. The EMR system should be able to generate codes from the chart and verify the coding including MIPS reporting.

5.  Coding and auditing. Your biller should use an automated claim scrubber to check the CCI edits and look for coding inconsistencies. Most systems include these functionalities but are overlooked by the biller.

6.  Claims submission. Automate claim submissions from the PM system using the built in clearinghouse. We still find external clearinghouses where files are uploaded and downloaded with widely varying results. If your clearinghouse has separate logins, it's probably not working the way it should. Claims management shoud be an integrated features of the PM software.

7.  Denials follow up. Use robotics when possible allowing your software to filter the information based on standard rejection rules and then follow up using automated patient collections.

8.  Patient collections robotics. Automate patient credit card collections within the system and charge patients when deductibles become known.

9. Direct deposit to your bank. ACH transfers of patient and insurance checks direct to your bank account and reconciliation of deposits on a daily basis.

10. Insurance follow up. If you manage the above 9 tactics well then you are not going to have a high amount of AR left to chase or follow up on. But if there is still money left to go after, make sure you employ a dedicated team of experts who know how to aggressively work insurance denials.

Please share your feedback and let us know (questions@practiceforces.com) which topics you are most interested in. We'll write more about these in our next posts.

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Topics: Improving Your Practice

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