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where we cover interesting and relevant news, insights, events, and more related to the health care industry and pMD. Most importantly, this blog is a fun, engaging way to learn about developments in an ever-changing field that is heavily influenced by technology.

POSTS BY TAG | Billing

Increasing medical practice revenue


Last month, we took a look at three ways to increase medical practice revenue. Today, we’re going to look at a few more!

We’re nearly three-quarters of the way through 2021, and though we’ve been able to adapt to many of the ways the COVID-19 pandemic has altered the medical landscape, we are not out of the woods yet, and neither is your practice revenue

PATIENT OUTREACH:

A recent study found that one in five adults delayed seeking medical care due to the pandemic. There are multiple factors that could have contributed to this: apprehension from being exposed to the virus, financial challenges, and difficulties in accessing care.

You may have patients who, despite potentially having conditions that need treatment, are anxious about resuming their usual medical care due to fears about their safety or even concerns over the availability of appointments.

Establishing an open line of communication with your patients, along with keeping them informed of their care options, will help reassure patients that they are your top priority. Make patients aware of any available appointment openings, how they can utilize telehealth, as well as the precautionary measures your practice is currently taking to keep them safe. Give them the opportunity to reach out to your staff to discuss their current financial situation, and what they can expect if they choose to resume care. A great patient experience can lead to stronger patient retention as well as a higher likelihood of on-time payments. 

CLAIMS INVESTIGATION:

As discussed in our previous blog, you don’t want to sit on unpaid claims from insurance carriers. Remember to diligently follow up on any denials, and make sure bills are submitted by your billing team daily. A faster turnaround leads to faster payment!

Much of your revenue is going to come from insurance payments, so it’s essential to ensure that you and your team are staying on top of it. Experts recommend having staff members take ownership over outreach with insurance carriers they have experience working with so that it’s easier to delegate claims investigation and ensure that the workflow is organized efficiently. Don’t just have them re-submit a rejected claim to an automated system. You’ll want to confirm what the carrier needs from you to ensure that this time, your submission will be accepted.

The last thing you’d want is a rejection to be accepted by your practice at face value and to have that total forwarded to your patient. Studies have shown that unreasonably high bills can cause patients to distrust their medical professionals, even if the practice had nothing to do with allocating the bill itself. Practices benefit more from large insurance sums than from expecting their patients to cover the total alone, plus it prevents patients from feeling that the practice isn’t looking out for their best interests. 

ONLINE COLLECTION

Modern patients want modern solutions. Your average American already uses their phone to order rides and meals, as well as to pay their bills. They want convenience, so why not make paying their copays and medical bills just as easy? 

Although older patients may be more comfortable paying an individual directly or even sending a check, younger generations are more accustomed to making all of their payments online. Giving patients the ability to make payments more quickly, and in a format that they trust, provides a faster and more instant payment turnaround for your practice.

A payment platform also gives patients the ability to confirm their current balance with their own eyes and provides immediate verification that their payment has been processed. Setting up payment plans then becomes simpler and easily automated. Instead of navigating through transferred calls and mailed paperwork, patients have the control to handle their medical finances the same way they handle all their other expenses.

pMD’s billing service has found ways to streamline and enhance the billing and payment workflow, giving providers and patients more control over their respective processes. Contact us today and learn how we can help you improve practice revenue!

To find out more about pMD's suite of products, which includes our charge capture and MIPS registrybilling servicestelehealthsecure messagingclinical communication, and care navigation software and services, please contact pMD.

 

At the time of writing this blog, Valentine's Day was right around the corner. Love was in the air, teddy bears and chocolates had blossomed all over my Amazon Prime homepage, and a flurry of statistics and fun facts about the holiday had hit my news feed:

*9 million proposals were expected to be made on Valentine's day 
*1 million people were expected to change their relationship status on social media

That’s a lot of commitment!

Recently, at pMD, I’ve been working with physician practices on another area of commitment: who to entrust with their revenue cycle. Health care practitioners rely on their billing teams to send out health insurance claims and patient statements to keep their practices functioning. Practices are heavily dependent on the effectiveness of their revenue cycle to keep their doors open and to track their financial health. When looking at an existing or potential partnership with a billing team, how do you know if it’s the forever commitment or if it’s time to re-evaluate?

Will U B Mine?

Choosing the right billing team can feel a lot like speed dating with potential billing companies, certified coders, and billing specialist candidates. Thirty minutes to an hour-long conversation with multiple candidates to determine if this is the right long-term fit for your group is a huge investment of time but at the same time doesn’t seem like enough. However, most groups are hard-pressed to make a decision quickly for fear that accounts receivable will just back up and incomes halt to a dead stop. When there is urgency and a need, it can be tricky to sort through exactly what you are looking for. At the end of the day, they will all get your insurance claims out the door, right? 

There are three key elements that you can use to evaluate to see if your current or future billing service is the one for you. 

Trust

Do you trust this billing team? Making sure you have communication flowing both ways is key. pMD is built on a passion for communication and that remains a foundational item for us in revenue cycle management. Clear communication helps practices by keeping clinical and administrative teams on the same page with updates, changes, and opportunities for improvement. 

Another element to look for is expertise in the industry, and I don’t just mean the amount of time spent in billing. Health care practices come in all shapes and sizes. There are specialty-specific and regional considerations when it comes to billing claims. Having a partner that understands the intricacies of your practice from the revenue side as well as the clinical side will allow for trust and ultimately help your practice grow. 

Transparency

Do you know where you stand financially? As a practice owner, there shouldn’t be a challenge in getting a report for your data. Knowing where your business is financially is critical to making sure you are hitting the benchmarks and goals you have planned for. Are you able to see where the inefficiencies are in your revenue cycle? Identifying the source of creeping charge lag, the root cause of an increase of a specific denial, or even trends in payment amounts is the first step to set your practice up with a plan to correct it. 

Partnership

Can you count on your billing team to support your goals? Medical billing has a ton of data flowing through the system and your billing team is the closest to that information. Their insight can help identify and propose solutions to address items that are holding you back from your full potential. These are the specialists that can help educate your team on best practices or provide background information on why different elements are important to claims. Your billing service is the team supporting you and your practice and is the one you need to be invested in your success. 

At pMD, we want to see you succeed! Let’s chat more about our billing service offerings and what we can do to help you.


To find out more about pMD's suite of products, which includes our charge capture and MIPS registrysecure messagingclinical communication, and care navigation software and services, please contact pMD.



It seems you’ve made your way to pMD's blog and want to know more about what charge capture really is. This blog is your guide. You've heard the buzzword all over health care, so let's begin by answering the question, “What is charge capture?”

SO WHAT EXACTLY IS CHARGE CAPTURE?

Charge capture is a process used by doctors and other health care providers to get paid for their services. In its simplest form, charge capture is the process whereby doctors record information on their services, which is then sent out to different payers and insurance companies for reimbursement. For example, let’s say a doctor sees you in the hospital, and after 30 minutes of care, the doctor diagnoses you with hypertension. Both the hypertension diagnosis and the 30 minutes of care translate into separate codes which are eventually submitted for reimbursement.

HOW ARE CHARGES CAPTURED?

One of the big variables in charge capture among medical practices is the way in which doctors record and transfer this information back to their offices and billing staff.

Pop Quiz: What are doctors using to capture their charges?

A) Smartphones
B) Post-it notes
C) Spreadsheets
D) Cafeteria napkins
E) All of the above

The correct answer? E. There are numerous ways to capture charges, and as you may have guessed, some methods are certainly more effective than others.

WHY USE MOBILE CHARGE CAPTURE?

As an alternative to paper-based systems like index cards, hospital print-outs, or cafeteria napkins, electronic charge capture ensures faster reporting and greater billing accuracy. When doctors submit charges electronically, it also reduces data entry errors along the way and eliminates the need to decipher enigmatic handwriting. And when you’re busy caring for patients, who really has time to memorize thousands of diagnosis and charge codes? Plus, paper can't keep up with ever-changing government regulations such as MIPS, but electronic charge capture can incorporate many solutions right into the software to make things as easy as possible.

The best and most efficient form of charge capture involves using mobile devices, such as smartphones or tablets. Doctors can record their charges using a charge capture application on their phones, allowing them to enter charges on the go. With advanced code search functionality, it’s unbelievably fast and easy, giving providers a convenient way to select customized diagnosis codes during the charge capture process. And because they can submit these electronically, doctors no longer have to shuttle paper charges back and forth from the hospital to their office. In essence, it extends the practice to the hospital and the hospital back to the practice, so providers can stay on top of everything in real-time.

WHAT ABOUT SECURITY?

Mobile charge capture is also the most secure method because all of the data is encrypted, both on the device and in transit. This way, doctors don’t have to worry about misplacing a paper charge and putting confidential patient information at risk.

CHARGES ARE SUBMITTED, WHAT’S NEXT?

Capturing charges is one thing, but what comes next? Don’t worry, we’ve got you covered here as well! The next step is billing and collections, or to put it simply, getting paid. Another big benefit of capturing charges in pMD, is the ability to then bill for those charges without needing to use another software vendor and/or service. pMD streamlines the entire practice from point-of-care through reimbursement. With customizable prompts and easy, accurate code selection on the front-end, combined with claim scrubbing, transparency and reporting on the back-end; providers can take care of their patients, while our team of revenue cycle experts will take care of the medical billing and collections. It can be that easy! 

pMD provides intuitive, elegant mobile charge capture software that improves patient care and makes doctors happy. Learn more about pMD charge capture.

 

To find out more about pMD's suite of products, which includes our charge capture and MIPS registrysecure messagingclinical communication, and care navigation software and services, please contact pMD.