Get Your Deserved Pay With Health Expert Tips
The government’s sequestration cuts are already making the practices feel its effects. It has greatly impacted Medicare and effective April 1, there will be two percent across-the-board pay cuts. Going forward, claims dated April 1 or thereafter will have a reduction and adjustment code 223 referring to a mandated regulation.
These reductions will impact your practice’s bottom line, so it is essential to look for alternative ways to earn extra dollars. Here are some tips to help you:
1) Think of a no-show fee: If an appointment is missed, it affects the physician’s schedule or the physician’s availability to other patients and also leads to loss of money. But what can be done regarding this is dependent on the practice, providers and location. Most of the times, if patients are charged for a missed visit, it helps to make-up for the lost time and money that the appointment time cost.
In the process of evaluating whether to charge fees from patients who fail to show up for appointments, one must refer with the payers. Medicare does allow no-show payment based on the office policy, exception being Medicaid which however doesn’t allow no-show fees.
2) Improve productivity by recognizing your Mid-level provider’s potential: Revenue can also be improved by incorporating mid-level providers like physician assistants and nurse practitioners in the practice. Mid-level providers can have a direct or in-direct impact on your practice and with their help you can increase the number of patients who need to be seen in a single day, avail free-time to doctors and improve patient access.
3) Your log should be reflected in your charge-sheet: You should make sure that whatever is recorded in your log is in your charge sheet too or you can suffer huge loss of money. Often practices perform charge verification checks and if ever one finds that there is any discrepancy, take it back to the people processing charges and ensure you get your deserved pay.
4) Do not resubmit claims: You can lose considerable amount of money by re-filing and re-billing bounced claims. Instead, ensure that your claims get cleared the first time by paying attention to small issues like entering the correct POS, keeping track of remittance notices and remark codes and submit claims within the specific timelines. Keep the copy of the patient’s insurance card handy so that you can correctly list the HIC number. Also, make sure you are acquainted with the CCI edits so that you don’t end up using codes that are not in use and ensure your staff uses correct modifiers to override these edits where appropriate and medically necessary.
Stay updated in your practice with healthcare tips like this, latest coding and billing updates and expert advice with Healthcare Coding Conferences. Check out webinars dealing with a wide range of topics to help you train yourself and your staff to stay compliant, profitable and make the most out of your practice.