Some tips to benefit from Chiropractic Billing Services

Billing for chiropractic services and managing office tasks at the same time is complicated, especially with the ever-changing policies, requirements, and regulations of commercial health insurances and government-run programs.

A streamlined, efficient and accurate financial process is important for any practice to be successful, and is indeed a key to healthy revenue generation capabilities.

However, it is important to consider some tips that can help keep the practice in good financial health and ultimately free up time to focus on what matters the most– quality patient care.

Analysis of Denied Claims

One of the biggest problems that negatively affect cash flow is denied claims.

According to a study conducted by Government Accountability Office, one in every four claims is denied.

Thus, with a careful analysis of denials and rejections, one can easily identify patterns that need to be corrected.

Verification is the key

The revenue cycle process starts as soon as a patient first makes an appointment with a provider office.

Strong emphasis must be laid upon accurate recording of patient demographics, including insurance information and provider eligibility.

Improving Code Accuracy

Code inaccuracy can affect the denial rate drastically. It can be improved by routinely double checking codes before claim submission.

Clean Claims Submission

It is crucial to submit clean claim the very first time.

It may take an extra 30 to 60 seconds to thoroughly scrub a claim for initial submission but if the claim is denied, you will end up wasting an average of 15 minutes per claim. And that is certainly no chiropractor wants.

Evaluating Accounts Receivable

According to a study, an approximate of 15% first time submitted claims and up to 50% of resubmitted ones are left unpaid due to billing errors.

One should be averaging less than 45 days in accounts receivable to strive for an ideal average of fewer than 30.

Reducing Excessive Accounts Receivable

There are a number of things that can be done to cut down on accounts receivable excess.

·         Separating accounts receivables by insurance and patient balances.

·         Separating different insurance payer types and understanding how their individual guidelines affect accounts receivable management.

·         Identifying the key offending payers prioritized by individual outstanding amounts.

·         Viewing payer specific monthly reimbursement trends.

Outsourcing your Chiropractic Billing Services

Keeping up with all the tasks that constitute a successful running chiropractic office isn’t easy.

Making use of the available options such as outsourcing chiropractic billing services will do no harm to the business.

Instead, will only improve the monthly revenue generation capabilities and help in streamlining the finances, so chiropractors can focus on what matters the most – patient care.

Visit Bikham.com and find out how our outsourced chiropractic billing services can help you.