4 Tips To Maximize Revenue Per Visit For Your Medical Practice

While patient care is the top priority, it is important to take the time to assess your billing process to make sure your medical practice is not overlooking existing or potential areas that generate revenue. The tips below serve as helpful ways you can not only benefit your bottom line, but can also create clarity for your billing team and improve the patient experience.

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1. Payer Mix

Take the time to evaluate the source(s) of your revenue. If your medical practice is heavy in lower paying Medicaid plans, consider taking on higher paying commercial/Medicare plans. This creates a more balanced and better payer mix for improved cash flow.

2. Procedures Billed

When billing, make sure your practice captures all procedures performed on the day of service. Also, check supplies being used to see if there are additional codes that can be billed. Lastly, be certain to account for, or consider introducing, new products or services in the office, such as DME and PT, to attain additional billing potential.

3. Patient Dollars

Make sure your office regularly requests payment at the time of service to help lower the patient account receivable. Also, be certain you are capitalizing on the entire insurance allowance instead of depending only on insurance payments.

4. Verify Benefits

Through the verification process your practice can (1) confirm benefits are active, (2) make sure if there are any pre-authorizations needed for a planned procedure or product and (3) see if large deductibles or patient portions exist so a patient knows their payment responsibility upfront. Verifying benefits will increase payment efficiency, reduce claim denials and improve patient satisfaction.