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Maximize your profitability and receivables-a few quick steps

Posted by Webmaster 
· December 2, 2010 
· 1 Comment

Often, when I am reviewing a client’s medical receivable, I notice revenue lost simply because steps were not taken on the front-end that are necessary to secure payment and maximize collections. In some cases, if a few initial steps are not taken on the front-end, there is nothing a biller can do to get a claim paid…the ship has sailed. Fortunately, these mistakes can be avoided by following a few simple steps:

  1. Make sure to collect a patient’s copay prior to their visit–this may seem obvious or perhaps “no big deal”, however, some insurer’s payment is the copay alone and no further reimbursement will be made. Failure to secure this cash upfront could mean that you will not see another dime for this visit.
  2. Check to make sure a patient is truly eligible with their insurer. Some patients may not even be aware that their coverage has been canceled, others may try to be seen without insurance. It is too late to collect payment once the patient is out of the office.
  3. Check to see if an authorization is necessary for this patient’s visit. Insurers are routinely making policy changes that you may not have realized; all it takes is a quick phone call to be certain.
  4. Get a copy of the patient’s insurance card, front and back. This is your insurance to make sure there weren’t any keystroke errors during intake, or, to be certain that there isn’t a different phone number for a patient’s particular policy.
  5. Check prior visits to be certain there are no outstanding balances due. Perhaps the patient owes coinsurance or a deductible has been applied to your visit. A patient is more likely to pay their bill when they are standing in front of you, as opposed to when they receive a bill in the mail.

You might think that these steps are all obvious, however, I assure you they are not. Furthermore, one may not realize these are necessary steps, unless you are familiar with the billing process. Your front-end staff is not only there as a smiling face to greet patients, they should also be looked upon as a conduit between the patient and the biller. If steps taken during intake are done haphazardly, your bottomline will be affected. Share these with all members of your staff, so that you can feel confident that you are maximizing your collections.

It’s also important for you to keep an eye on unpaid claims and make sure that your medical billing is as profitable as it should be. If you’re not sure where to start, I suggest using the MAS Profitability Calculator to make sure your office isn’t losing money. Just sign up for the your complimentary copy of the MAS Profitability Calculator from the home page of the MAS site now*.

*We respect your privacy and will NEVER rent or sell your personal information… Ever!

1 Comment
Categories : Ideas
Tags : accounts receivable, Bill Baylis, Certified Billing Professionals, Follow-up Billing, front-end, Improve cash flow, Medical Account Solutions, medical billing process, medical receivable, profit recovery, profitability, profitability calculator, Streamlining, Susan Baylis

Letting Go to Grow

Posted by Bill Baylis 
· November 8, 2010 
· 1 Comment

Recently I heard someone say that when you’re building a team, in order to grow you have to learn to let go.

Many of us when we start our businesses are used to doing everything by ourselves. We get scared of letting go and delegating to others. Because we’re afraid  that things won’t be done right and that our customers are gonna be the ones to suffer.

Doctor’s are no different. Some doctors run their medical offices this way. They are almost too involved in the administrative things and aspects of running their practice and it gets in the way of patient. They are concerned about outsourcing their medical billing or other administrative tasks.

Other doctors, especially those in multi doctor practices hire staff in house to manage the administrative things, but it’s still hard for them to let go and their staff to get overwhelmed with things like following up with patient billing, the back and forth with insurance companies. These time consuming activities–especially those for medical billing–can make it harder to focus on the core functions of their practice–patient care.

But the truth is if we don’t learn to delegate and get the support we need it’s going to be hard for us to grow. So learn to let go and outsource the things that are taking up too much time for your practice.

Outsourcing to me Bill Baylis and my company MAS to manage your accounts and receivables and medical billing will make it easier for you and your staff to focus on the more important aspects of your practice—your patients.

1 Comment
Categories : Ideas
Tags : accounts receivable, Bill Baylis, Certified Billing Professionals, Comparing medical billing companies, front-end, healthcare benefits, long island, MAS, maximize physician practice revenue, Medical Account Solutions, medical billing, medical claims, outsourcing, physician billing, Streamlining, Your Medical Billing Office, yourmedicalbillingoffice.com

St Vincent’s Hospital and the elections? It’s the core issue.

Posted by Bill Baylis 
· November 1, 2010 
· 1 Comment

Election Day is  here tomorrow.  There are a lot of serious issues to consider when voting. My thoughts, as I am sure yours are, center around the dysfunction of today’s government and what we can do to get out of the economic mess and get our county back on track.

The choices that our elected officials make for us have serious long term impact on our lives. When I think of all  the various election ads, propaganda and promises going around, it reminds me of the drama and devastation MAS and others experienced with one decision made by elected officials–the closing of St. Vincent’s Hospital.

When they decided to close St. Vincent’s Hospital, had damaging ripple effects.  To me, seeing the hospital close was painful but maybe there were lessons for us to learn from.

For many years MAS was proud to be one of the hard-working vendors of this caring institution. Our MAS team was honored to be a part of such a pioneering and historic hospital as St Vincent’s, treated not only passengers on the Titanic, but also AIDS victims in the 1980’s when few other facilities would. When they decided to close St. Vincent’s it was like losing a part of the MAS family. Maybe because it was because St Vincent’s was one of MAS’ original clients and we wanted to keep it that way.
While working with the institution through Chapter 11, St Vincent’s management asked its many employees and vendors to tighten their belts to help the hospital through the bankruptcy process. All involved did what they could to help because we thought taking temporary pay cuts would do the trick to put a struggling hospital back on its feet. For a while, it looked as if things were taking a turn for the better. But the one thing we did not count on was that the core was already rotten; like our government has become, it was rife with bureaucracy and corruption.

Behind the scenes a snowball of bad choices had already begun.  Mark Levin, in a recent New York Magazine article entitled “St Vincent’s Is the Lehman Brothers of Hospitals” lays out details that lead to the hospital’s behind the scenes corruption and demise.

Davis writes “St. Vincent’s plight has been portrayed by public officials and the media as a story of local misfortune—a community losing a vital piece of its infrastructure and a centerpiece of its identity to a combination of mismanagement, the recession, and bad luck. The truth, though, is considerably more alarming.  St. Vincent’s collapse is only the most visible symptom of an ongoing financial emergency facing the city’s five dozen remaining hospitals and threatening those they serve.  In a sense, St. Vincent’s is the Lehman Brothers of the local hospital industry: an institution whose dramatic disappearance, once unthinkable, raises dire questions about the viability of the entire system.”
I wonder if our leaders are taking our citizens down a similar path.  As I listen to various campaign speeches, I hear eerie echoes of the bankrupted hospital as our “wannabe” leaders try to convince us how just one more tax will do the trick!  Or, that this bailout will be the one to build a stronger future!
For MAS the lesson is clear-Let’s fix the core issues first!  Like St Vincent Hospital, our country is more than worth saving from bankruptcy!  When we use tried and true steps, there is no doubt our people will see the logic in it and rally around it.

I think this is just what we are waiting for-leaders who are going to take the most basic steps to strengthen our country’s core and put the USA back on firm footing.

There are a few good choices this Election Day; my advice is to check with yourself, think about what you would do to rise out of a possible bankruptcy and vote accordingly.  One smart choice will lead us to fixing our core. Go out and vote and good luck.

1 Comment
Categories : Ideas
Tags : accounts receivable, acquired hospital, Bill Baylis, bottomline, Certified Billing Professionals, Election Day, Healthcare providers, Medical Account Solutions, medical collections, new york, Obamacare, outsourcing, practice management, St. Vincent's Hospital, Streamlining, Your Medical Billing Office
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