Are you failing in detecting the leading causes of the revenue leaks in your dermatology practice? If so, then you must actively pay attention to fixing the possible cracks in your lab dermatology billing system. Because billing and coding mistakes such as; upcoding, downloading, and inaccurate information are a real financial as well as legal threat to your dermatology practice. Before diving into further details, let’s discuss some aspects of the revenue cycle in detail.
Billing and coding for dermatology procedures and services don’t require an advanced degree. But it does require attention to detail. It is the most important and essential skill that you must look for when you hire in-house or offshore billing services providers. Because medical billing and coding are somehow complicated and demanding fields. That always requires mastery in terms of language, a quagmire of federal/state/payers laws, rules, regulations, and contractual obligations. Meanwhile, dermatology medical billing is quite daunting compared to other medical specialties.
Because of the various elective procedures including, skin lasers, surgeries, skin biopsy, topical chemotherapy, photodynamic therapy, electrodesiccation and curettage, radiation therapy, biological therapy, scar revision, and many others. So, medical billing and coding for such procedures are unique in nature. No doubt, due to the growing complexities, errors can occur even in the most professional environment.
However, by taking preventive measures, you can minimize errors and prevent claim denials. So, get started with acquiring the services of highly trained and certified staff. They have a wide range of experience in dealing with the intricacies of lab dermatology billing. Because you can’t streamline the revenue cycle of your healthcare practice until you have a well-experienced RCM staff in place.
Additionally, dermatologists should integrate the following strategies to make their dermatology medical billing services profitable.
Establish Greater Visibility
In order to keep your billing staff on the right track, it is important for the providers to let their staff know they are actively monitoring their performance. For this purpose, you should establish greater visibility in your dermatology billing system. Ask your administration staff to produce weekly, monthly, and yearly financial reports. Then analyze the provided resorts carefully, to uncover if there’s any problem that is causing the delayed payments from both payers and patients.
You can also set the key performance indicators to know the effectiveness and efficiency of your entire dermatology medical billing services. Normalizing this approach i.e. keeping an eye on staff performance is key to managing your bottom line in a more productive manner. In this way, everyone will get a better sense of responsibility for the practice’s success. It can also build trust between you and your dermatology billing experts. Which is the key to the success of any business.
Medcare MSO has 12 years of experience in medical coding and billing for all types of dermatology procedures. They have dedicated experts who know the best possible solutions for your dermatology practice.
Review the Right Metrics
As we have already discussed the establishment of the RCM KPIs. Now let’s discuss this aspect in detail. After gaining visibility on your billing operations, now, you need to understand and review the metrics that are directly related to your revenue cycle management. It is nearly impossible for dermatologists to review each and every detail in financial reports. Hence, one of the best dermatology billing solutions to review the performance of your revenue cycle management is the identification and regular tracking of certain metrics. Such as; days in accounts receivable, claims success rate, the net ratio of billing collections, etc. Furthermore, to get good insights into your lab dermatology billing process, you need to figure out the answers to these questions:
- What is the percentage of the claims for first-pass acceptance?
- What is the percentage of the claims success rate?
- How often does your billing staff work on rejected or denied medical claims?
- How much time does your staff take to submit the medical claims to the insurance companies?
- What is the net rate of the billing collections as well as medical account receivable collections?
Getting answers to these questions will enable you to get a better understanding of your financial health. In this way, you can easily uncover the factors that are causing revenue loss and negatively impacting the lab dermatology billing services. Hence, review the right metrics, implement advanced dermatology billing solutions, and keep your healthcare business running smoothly without any financial disruption.
