What is the Role of a Billing Company?
Updated: Oct 25, 2019
Last week, we detailed what data should be tracked on a patient who is new to your office. Tracking certain information on new patients is the best way to analyze cost effective marketing strategies. Our poll asked "Does Your Office Use a New Patient Tracker?" All respondents said "No". In order to see if your marketing efforts are as efficient as possible, things like the date of the appointment, patient name and contact information, whether the patient is being reactivated, their referral source, and their treatment plan value should be recorded. The new patient tracker should also track marketing spend.
Today we will outline the role of a billing company. Many times billing tasks are done by a front office employee and sometimes they are outsourced to a billing company. Regardless of whether billing is being done onsite or not, there are essential operations that we recommend be done.
Roles of a Billing Company:
Properly Code Bill
This will ensure less failures of payments and increase cash flow.
Coding properly can safeguard against unintentional insurance fraud.
Audit of patient history may be necessary to ensure codes are supported by medical documentation.
Verify treatment with clinicians if needed.
Offer Coding Suggestions
This can increase average patient charge.
An involved audit of patient history may help to identify missed codes.
A working knowledge of new codes and retired codes is essential.
Estimate Patient Portion Due at Time of Service.
A medical or dental billing clerk must work closely with insurance and verifying benefits.
Once benefits are explained, it is necessary to estimate the remaining portion of of the fees that are to be paid by the patient and relay that information to them.
Train Office Staff to Collect Patient Portion Due at Time of Service
As long as the patient has been given the estimate of their portion beforehand, this should be a simple task; Refunds can be issued as needed, but it is easier to collect sooner rather than later.
The office financial policy should state that fees are due at time of service.
This will greatly reduce effort for future collections and keep your AR low.
Collect the Hardest Dollar
Insurance companies will dispute claims.
Denied claims take a lot of time and effort to correct and resubmit.
Ensure that fees between healthcare provider and insurance company match.
Provide Monthly Status Reports.
Allow for transparency between biller and practice owner.
Reports from biller will directly affect the goals of the practice.
Report will have higher merit if from CFO.
Therefore if you are an external billing company, the list above is what your clients need. Aligning with this list, will help you be more successful. We highly recommend using our CFO Software to help your clients prove that you are winning. Next week we will talk about how your clients should measure your success.
The reason we are publishing these articles is so that your office can increase its success. We appreciate your feedback on how we can help you more and love it when you pass these articles along to other practice owners and office managers. If you have a question that you would like answers to in a blog post, please email it to firstname.lastname@example.org. If you have not signed up for our blog, please do, so you can continue to receive these important insights and participate in our weekly polls.
Doctors CFO has a CFO Management tool to help you track your KPIs. You might also be interested in our New Patient Tracking Solution and a Salary Planning Solution, to see these and other products please go to please go to https://www.drcfo.com/shop.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as email@example.com. Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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