Is the medical billing service you use causing your practice to lose revenue? Bad debt for medical practice is mostly caused by payer nonpayment, and many patients carry a past due balance for at least 60 days. If this appears to be the root of your practice’s problems, you may need someone who can analyze why claims for payment are being denied. Perhaps over time, you have noticed patterns in the revenue cycle which are not efficient or productive, causing the decrease in your practice’s financial performance.
You might be reluctant to make changes if you do not know specifically how to pinpoint the root of the problems and what to look for in a new service provider. Start by taking a closer look at the aspects of the process that your practice can manage, such as your patient volume, capacity and what you charge patients for your services. Also, it is ideal to have a thorough understanding of internal processes such as registration, insurance verification and proper code capture for the services offered. Following is a guideline to help ensure a smooth transition to a new provider.