Being so close to the New Year, it is of high importance that your medical practice finishes its medical billing in good time. This will go a long way toward your medical practice’s financial health and operational efficiency.
Wrapping up your practice for the New Year includes:
- Reconciling all accounts accurately
- Sorting out outstanding claims
- Updating patient information
These measures will prevent discrepancies that lead to financial loss, reduce mistakes, and speed up the claim approval process, allowing your practice to continue running without glitches.
Properly closing out the year will provide a sound foundation for continued success and compliance in the coming year and position your practice to meet any impending changes with ease.
Here are three essential tasks to help you wrap up your medical billing for the New Year:
1. Review and reconcile accounts
One of the most essential steps for year-end medical billing is the review and reconciliation of all accounts, which will include:
- Verification of outstanding claims: Ascertain which claims remain outstanding and have not been processed or paid. Also, follow up with insurance companies to settle those claims immediately.
- Payment verification: Check each payment received against the expected receipt from the insurance provider and the patient. This way, any discrepancy may be caught early.
- Accounts adjustment: Make the adjustments as necessary for write-offs, denials, and non-collectible amounts. Document these adjustments properly to keep your records updated.
A well-reviewed and reconciled process will provide you with updated, accurate accounts and, thus, a correct financial picture of your practice.
2. Audit and update patient information
Accurate patient data is integral to medical billing. As part of your year-end processing:
- Verify patient demographics: Verifying and updating a patient’s demographics involves verifying and updating patient contact information, insurance information, and other data. Accurate information helps avoid claim denials due to incorrect patient information.
- Review patient balances: A review to confirm the accuracy of all patient balances, with reminders for those with outstanding balances. Above all, clear communication with patients about their balances can improve payment collections.
- Update coding practices: Ensure your coding practices are current with industry standards and regulations. This minimizes the risk of claim denials due to outdated or incorrect coding.
Regular auditing and updating patient information help streamline the billing process and reduce errors, also leading to quicker claim approvals and payments.
3. Prepare for New Year changes
The beginning of the year ushers in regulatory, payer policy, and coding guideline changes. So, be ahead of these changes:
- Keep posted on changing policies: Stay current with changes in insurance policies, new government regulations, and changing industry standards that could affect how you bill. This will help you tailor your practice to accommodate such new requirements.
- Training of your team: Keep your billing team updated about any modifications or changes. Furthermore, training through sessions or material would help them comprehend and apply new procedures accordingly. For more information on why you should train your staff, read our blog 4 reasons why you should train your staff to improve your practice.
- Update software and systems: If you are using billing software, ensure it is the latest version. Software updates often offer key features and fixes that help with efficiency and compliance.
Preparing for these changes keeps your billing process smooth and compliant and helps avoid disruption as you transition into the New Year.
Start the New Year right with Health Prime!
Health Prime is your service provider for complete medical billing services, perfected with a mission to maximize your revenue cycle. Everything from accurate account reconciliation and patient information updates to staying updated with regulatory changes is managed by us so that your entire billing process is effective and compliant.
Partner with Health Prime to streamline your operations, reduce errors, and maximize your financial performance as you confidently transition into the New Year. To learn more about outsourcing your medical billing, including your Revenue Cycle Management (RCM), contact us at [email protected]. Our team will set up a meeting to discuss how we can maximize your revenue by cutting costs, saving time, and collecting more!
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