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BusinessHealth

8 Chiropractic Billing Tips to Boost Revenue

by Wendy Stokes January 22, 2019
by Wendy Stokes January 22, 2019

A chiropractic center can receive a lot of patients every day, and the staff can be bustling. Patients coming in and out means that the center is raking some money, or so it will look like. But, with active staff and all the tools, chiropractic business would be a waste if billing was done poorly. The always changing government programs and health insurance regulations could make it even worse. In most cases, your decisions play the part, and you should consider these eight chiropractic billing tips to boost revenue.

Contents

  • 1. Improve the Verification Stage
  • 2. Reduce Excess Accounts Receivable
  • 3. Have a Team of Expert Billers
  • 4. Go Through and Analyze Denied Claims
  • 5. Improve the Coding Accuracy
  • 6. Hire a Chiropractic Billing Service
  • 7. Evaluate AR Regularly
  • 8. Send Clean Claims
  • Conclusion

1. Improve the Verification Stage

Reimbursement process usually begins whenever a patient books an appointment with his/her healthcare provider. Therefore, consider improving the verification stage to ensure that everything is recorded as it should be.

If it happens that the patient data, their insurance information and the provider eligibility details are recorded inappropriately and aren’t accurate, you will likely lose. You will likely not get the full payment.

Source: ACOM Health

2. Reduce Excess Accounts Receivable

There are some actions you should take to cut accounts receivable excess. There are many ways to do it. Separate all account receivables by patient balances and insurance. You can also view each payer’s monthly reimbursement trends or identify offending payers by their outstanding amounts.

Another way is to set apart different payers’ insurance and have the know-how of their specific guidelines affect the receivable management of your accounts.

3. Have a Team of Expert Billers

The practice of billing should always send error-free claims every time. Each claim is supposed to be scrubbed thoroughly before initial submission. That’s why you should hire a team of expert billers.

Experts will take about 30 seconds or a minute to process each claim. The bottom line is that they will ensure that you don’t lose revenue.

Source: Spine-Health

4. Go Through and Analyze Denied Claims

One of the factors that hurt revenue is denied claims. According to the information from Government Accountability Office, in every four claims made, one is denied. It’s something to worry about. Analyzing those denied claims can help you know the patterns that should be changed.

Check if the names are spelled right, if the beneficiaries are being treated outside their networks without their knowledge, and whether the numbers entered are for two parties or more.

5. Improve the Coding Accuracy

Denied claims are supposed to be analyzed in order to identify patterns that need to be rectified. Improving coding accuracy will be necessary.

You will improve it by scrubbing codes in a routine manner before every submission.

Source: basinviewchiropractic.com

6. Hire a Chiropractic Billing Service

Running chiropractic center isn’t as easy and fun as riding a private yacht. It is challenging, just like most jobs. Your staff has to work day after day methodically and with due diligence to review all suspended claims and identify holes and gaps such as errors and timelines.

There are resources that you can take advantage of, for instance, medical software or outsourced billing services that will help you increase your revenue and have a smooth financial process. You will then concentrate on the matter at hand, treating your patients.

7. Evaluate AR Regularly

Evaluating AR which is account receivable in full, on a regular basis is really important.

Average your chiropractic practice under 45 days and work harder to make it under 30 days.

Source: revcycleintelligence.com

8. Send Clean Claims

The first time you are sending a claim, make sure it’s a clean one. Because if you don’t double check, it might hurt your revenue.

It takes less than a minute for a claim to go through, but if it’s denied, the rest of your claims might take about 15 minutes to go through.

Conclusion

Running a chiropractic office is just like any other job in term of hardships. A poor financial process makes it worst. To ensure revenue is coming through well, apply the tips above.

Chiropractic Billingpatient balancesVerification Stage
Wendy Stokes

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