Three Tips to Grow Medical Practice Collections

1
Three Tips to Grow Medical Practice Collections
2
In most businesses, collecting payment before
delivering the service is quite logical. In
medicine this is the opposite. The doctor looks
at the patient first, and then the payment is
collected as the patient leaves. Hence many
physicians find themselves under constant
pressure to get paid for their work. Finding ways
to grow medical-practice collections has become a
real tedious thing. Then was created the
Affordable Care Act in 2010 (also known popularly
as Obamacare) which shifted reimbursement models
from the fee-for-service models to value-based
payment modules. With these changes there might
be a shift again in new directions. However these
changes remain to be visible. Dr Sudip Bose said
that it appears that the intention of the
government to incentivize efficiency is great.
Though it often leads doctors on a wild-goose
chase for reimbursement.
3
1) Ensure Medical Claim Precisely
With more frequent denials of medical insurance
claim, it is important to ensure correct
information. Denials take many hours to deal
with, which leads to increased time, cost, and
frustrations for the physicians and the patient.
To make sure about medical claim accuracy, you
must do the following 1) Ensure correct spelling
of a patients name compared with the insurance
records. 2) Check whether patients health
insurance coverage has lapsed, and obtained proof
of new insurance. 3) Ensure that the insurance
claim is not missing a modifier, or that the
modifier is invalid. 4) Avoid any mismatch
between the diagnosis and the service
performed 5) Check and see if the service is
covered under the benefits of the insurance
plan. 6) Make sure that the claim is not missing
prior authorization or missing the actual period
of time.
4
2) Go out of network, or fee for service
Another effective way is to grow in this field is
to leave behind insurance altogether. Some
doctors have discovered that by opting out of
accepting insurance, they avoid the problems and
changes resulting from the healthcare
reform. These fee-for-service doctors thinks that
in order to best help their patients, they needs
the freedom to spend more time and do all the
test that will help them find out underlying
causes. A fee-for-service model will be wonderful
if every doctor can follow it. The reality for
some is that their entire patient base might not
have the means to pay out of pocket. Hence a
combination of fee for service and insurance
claims might be a middle way options to help grow
medical practice collections.
5
3) Telemedicine Visits as an income source
By adding Telemedicine services as a part of
medical practice, doctors can provide the option
to virtually treat fee for service patients. A
Teleremedy medical patient will pay for the said
time, saving the convenience of a virtual visit.
In a sense they would pay extra to avoid a trip
to the doctors office. Telemedicine platforms
allow doctors to keep the entire payment. Instead
of choosing complete avoidance of insurance,
telemedicine permits flexibility of setting full
or limited availability.
6
(No Transcript)
7
Conclusion
To conclude, being able to grow medical practice
collections is the key to long term business
related to health care. Sorting these methods and
customizing them to suit the medical office is a
key to your long term existence and success. We
conclude the discussion here. Stay connected with
us this space for more discussions. In the
competition of many organizations CRB Tech
Solutions developed a good name. It has earned a
name in providing the best training in Clinical
Research. Clinical research jobs in Pune are
increasing and to fulfill the current demand of
the proficient candidates, you should consider
enhancing yourself with our clinical research
training program. The Clinical Research review by
CRB Tech Solutions will guide you in considering
a clinical research career in this field. 
8
(No Transcript)