Insurance companies pummel you every month with meritless denials and underpayments. These hostile tactics add up to a fortune in write-offs — but the real cost to your practice is even higher!
As you devote more of your time, resources and manpower to a billing solution that you hope can recapture those nickels and dimes, you have less to spend on what can truly grow your practice. The solution is simple: don’t take on those big-money payors at their own game…
Know the difference between billing and revenue
The natural reaction to payor denials is to focus on finding the “perfect” billing solution. Soon the billing system becomes the hub of your practice. Yet the denials keep coming…the appeal calls and letters still need to go out…and the more effort you put into billing, the less of a return you get back. All because payors keep on generating thousands of new claim rules every month.
Of course billing is important; and there are many great billing solutions to choose from. Yet even the best billing system can only submit claims for the work you have done. Real revenue comes from building a solid referral network. Retaining patients. Curbing no-shows. Boosting staff productivity. None of these revenue sources come from your billing system.
Billing is important — but don’t let it ‘wag the dog’
When you shift your focus from billing to revenue, you create new opportunities to grow your practice.
- Instead of settling for the scheduling module that comes with your billing system, look for the one that can do the most to reduce no-shows and enhance co-pay collection.
- Instead of burdening your clinicians with an EMR that works with your billing, empower them with a system that makes them more productive and captures charges for 100% of the treatment they provide.
- Instead of limiting your practice management to the reports in your billing system, find a solution that gives you a clear view of the factors affecting your practice growth.
To repeat: of course billing is important; but if you try to beat payors at their own game, you will lose. Put your focus on revenue, and you will be amazed at how the billing will take care of itself.