how to increase medical practice revenue with better medical billing practices
TRANSCRIPT
How to Increase Billing RevenueApril 26, 2015
How to Increase Billing
Revenue in Your Practice1. Collect Payment Up-Front
2. Automate Billing Procedures
3. Maximize Payer Reimbursement
4. Minimize Denials
5. Monthly A/R Analysis
6. Keep Ahead of the Curve (regulations, policies, etc.)
7. Claim Bundling/Unbundling
8. Global Periods
Collect Payment Up Front Fact: 72% of health
insurance policies have a deductible
Upfront collections create daily revenue
Eliminate costly A/R inflation
Establish trust with the patient regarding financial responsibility
Set up payment plans automatically by storing a Credit Card on file
Automate Billing Procedures EHR/EMR should work off
of a single system to avoid costly errors
Note: ObamaCare Pay-for-Performance program
Set software logic to automatically recognize appropriate coding linkage
ERN/EFT set-up
Upload fee schedules annually
Maximize Payer Reimbursement Fact: Payment accuracy rates are as low as 62%
Use proper E/M, CPT/HCPC & ICD linkage codes to
maximize reimbursement
Configure software to alert you when a claim is under-
reimbursed
Upload fee schedules annually
Minimize Denials Fact: Physician practices waste +$14K per year on reworked claims
Work denials daily/audit denials and codes quarterly
Implement education and software logic to avoid denials
Create logic to automatically send out scrubbed claims and use your billing team for follow-up, working Denials, Rejections and/or Incomplete claims
Monthly A/R Analysis Insurance follow-up
Patient Responsibility (upfront collections)
Denials
Write-offs/Adjustments
Keep Ahead of the Curve Fact: Only 12% of
medical practices are familiar with ICD-10
New coding system will explode the number of diagnosic codes from about 14,500 to about 69,700
Coding, compliance regulations, payer policy changes & ICD-10
Claim Bundling/Unbundling Bundling: Code 2 or more
procedures as a single
service
Unbundling: Bill 2
bundled services
separately to double
reimbursement
Global Periods Zero Day Post-
operative Period (endoscopies and some minor procedures)
10-Day Post-operative Period (other minor procedures)
90-day Post-operative Period (major procedures)
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Testimonials“Working with Bonafide Management Systems has transformed my practice. I’m making more money, and everything is easier for me, my staff and my patients.” - James E. Gilbert, MD, MOST Sports Medicine
“One of the most challenging things about running a practice is chasing down the money. With Bonafide, we get everything we need to get paid faster and with a lot less hassle.” - Helen Cornelison, Practice Manager, Jones Orthopedic
“Bonafide's software is easy to use, easy to access, and I can always reach the friendly support team when I have a question. Everyone on staff has been happy with Bonafide, and our patients have noticed how much more smoothly everything is running now.” - Randy Rocha, Director of PT, MOST Sport Medicine
“I got into medicine to work with patients, not to worry about billing. With Bonafide, I can focus on my patients, knowing that Bonafide will make sure I get paid.” - Victor Ibrahim, MD, PMRCenter
About Bonafide Management
Systems Founded in 1981
Based in Thousand Oaks, CA; offices across the U.S.
Experienced leadership team
Hands-on approach and experience maximizing revenue in medical practices
Highly-qualified U.S.-based billing experts & technical support team
Tailored software that is easy to use and comprehensive
Thank You!
Michelle Tohill
Dir. Revenue Cycle Mgmt
805-777-7666 x 1497 Office
805-907-1615 Cell
www.bonafide.com