Tips to increase collection in Chiropractic Medical Billing
As a chiropractor, you dedicate your career to providing quality care and pain relief to your patients. However, running your practice while maximizing insurance reimbursement can be challenging. With the right Chiropractic Medical Billing strategy, you can enhance revenue cycle management and improve your accounts receivable. Here are few useful tips to boost collections for your chiropractic practice:
Verify Insurance Eligibility
Confirm that patients have active insurance coverage before rendering services. This prevents incurring unnecessary costs for non-covered services or patients with exhausted benefits. Check benefit limits, exclusions, pre-authorizations needed, and patient responsibility.
Collect Patient Payments
Collect co-pays, coinsurance, and deductibles upfront or at time-of-service. Have patients sign financial responsibility forms and use EOBs to bill patients for balances. Collect outstanding balances during follow-up visits before providing further treatment.
Credential with Payers
Completing payer applications for credentialing ensures you get reimbursed as an in-network provider. This leads to higher payments and fewer patient billing issues. Keep credentials current by promptly addressing payer inquiries.
Accurate Coding
Using proper CPT and ICD-10 diagnosis codes for services optimizes reimbursement. Code to the highest level of specificity supported by the medical record. Correct coding also helps avoid audits and claim denials.
Detailed Documentation
Thoroughly document symptoms, medical necessity, functional limitations, and treatment goals. Note timed codes, total treatment times, modalities used, and patient responses. Complete documentation is key to validating claims and meeting audit scrutiny.
Submit Claims Timely
File claims soon after date-of-service while details are fresh. Most payers require filing within 30-90 days of the visit. Avoid leaving money on the table by diligently submitting claims within deadlines.
Follow Up Denied Claims
Don’t write-off denied claims without investigation. Review reasons for denial and appeal if appropriate. Common reasons like authorization issues or insufficient documentation can often be corrected or overridden.
Negotiate Out-of-Network Payments
If not credentialed with a major payer, negotiate mutually acceptable reimbursement terms. This is preferable to forced write-offs when out-of-network patients want to continue care.
Outsource Medical Billing
Leverage specialized medical billers to maximize collections while you focus on patient care. Outsourced chiropractic medical billing experts are current on changing pay regulations and use medical billing software to optimize revenue cycle management.
Utilize EOBs and Patient Statements
Use explanation of benefits (EOBs) received from payers to invoice patients for unpaid balances like deductibles and coinsurance. Send monthly statements to improve collections from patients with outstanding balances. Follow up with a phone call for accounts over 90 days past due.
Appeal Medicare Claim Denials
For Medicare claims denied due to lack of medical necessity documentation, appeal these decisions requesting an overturn or higher payment. Thoroughly address reasons for denial explaining medical necessity support in records. Persisting through two to three appeals levels can lead to successful overturns and increased reimbursement.
Final Words
The financial viability of running a chiropractic practice depends not only quality care but also on efficiently managing the medical billing and collections process. Poor reimbursement from insurance payers can result in cash flow problems that impact day-to-day operations and growth plans.
By proactively addressing the key areas above, you set your practice up for improved collections and better financial health. Reach out to discuss leveraging our specialized chiropractic medical billing and revenue cycle management services tailored to support your practice’s success.