Tips to Grow Your Medical Practice in 2022

Key Physician Practice Management Operations Insights for 2022 The previous years, 2020 and 2021 were very challenging, the medical industry needs to be very intentional about the plans it makes for 2022. Key to the survival and growth of individual practices is ensuring that all aspects of the office run in the most efficient way possible. TIPS FOR EFFICIENT PRACTICE MANAGEMENT Improve Charge Capture: Even a few small changes in this area could result in an impressive return on investment. Accurately capturing an additional $100 a day in missed or under-charges could result in over $25,000 in increased annual revenue. 1 Electronically Verify Insurance Eligibility Before Every Appointment: Switched plans, out-of-network coverage, and unauthorized services lead to unending administrative and payment headaches. The only way to solve this is to use up-to-date practice management software to electronically verify eligibility before each appointment. 3! Integrate PMS with EHR: A practice management system that does not integrate with your EHR will only add to your worries. This key factor will enable your practice to view patient visit details while billing, access patient outstanding data while seeing the patient, automatic claims creation on closing the patient encounter, identify and confirm patient insurance benefits, work with multiple clearinghouses, reconcile patient accounting and insurance billing, oversee EOB/ERA processing, and produce customized statements. Integrate PMS with EHR: This step alone can Streamline the Billing and Payment Process: Use medical billing save substantial time, eliminate postage and mailing expenditures, and easily track claim status. It also speeds health plan adjudication and payment. software that is capable of electronic claim submissions, claims management, receivables management, denial tracking, claim scrubbing, and batch EOB posting to free up staff time, improve accuracy, and speed payments. BENEFITS OF EFFICIENT PHYSICIAN PRACTICE MANAGEMENT Quickly find and assign claims to be worked: Analyze patient and insurance responsibility to ensure you pursue the proper party for payment. Focus on older claims that are in danger of being written off and look at denial reasons that can be resolved. This gives your team a directed approach, much better than trying to work claims on a random basis. Capture charge entry during EHR documentation: Instead of having the provider or a coder to assign codes, applicable codes are automatically included in the claim while documenting the visit and are ready to be scrubbed. This sends claims directly into a bucket to be scrubbed and ready to be submitted to the clearinghouse in a bulk fashion. Customized claim scrubbers can be created by payer, provider, and location. 1 3 4 Follow rejected claims: Automatically enter rejected Aggregate account information by patient: claims into a bucket that is monitored daily for correction and refiling. Assign tasks to prioritize rejected claims processing. Use existing templates for appeal letters and send them directly from the system. Refile claims at the clearinghouse level from the Billing Software instead of logging into each payer's website. Use one screen to accumulate all information regarding a patient's claims. Find links such as progress notes, EOBS, previous payments by all parties, and patient statements from a single screen. Make patient statements available electronically through the patient portal software and save postage money any sup information Batch posting for 2 EOB/ERA statements: ERAS can be edited in batches prior to posting instead of editing each one separately. Copays can be automatically applied when the ERAS are posted.