Have you noticed your revenue taking a nosedive lately? Those declining insurance payments dragging down your profit month after month? Many chiropractors struggle with this. Usually, it boils down to a few common chiropractic billing mistakes sabotaging their bottom line.
But have no fear! In this post, we’ll walk you through the top mistakes that crush chiropractic revenue, why they happen, and how to fix them fast.
Sound good? Then let’s get started!
This is the #1 killer of chiropractic revenue. Simply put – sloppy SOAP notes and documentation lead to denied claims which leads to no money in your bank account. It happens because chiropractors get busy and shortcut the notes. Most documentation errors tie back to:
The Fix: Take the extra 5 minutes with each patient visit to tidy up notes, confirm details, clearly state medical necessity factors before submitting claims. Huge time saver down the road.
Another revenue killer ties back to messy coding on claim submissions. Those wrong codes trigger denials and delays from insurance companies. Common coding mix-ups stem from:
The Fix: Confirm codes actually match the treatment given and Patient diagnosis with clear documentation supporting it. Remove outdated codes from systems and update any cover sheets/claim templates regularly.
It’s crucial that the chiropractors always check policy details upfront before rendering care. But this still goes overlooked because:
The Fix: Create eligibility verification steps in scheduling workflows. Get specifics on deductibles met, visit limits per year, etc. Update insurance details at least quarterly. Share network rosters internally.
As a chiropractor there is nothing more frustrating than getting your payments 3, 6, even 9+ months down the road. The problem persists thanks to:
The Fix: Track aging claims weekly, follow up on 30+ day delays. Identify peak submission volumes causing backlogs. Streamline clearinghouse processes.
Overdue patient account balances can quickly pile up and remain untouched once insurance payments come in. Before you know it, tens or hundreds of thousands sit in accounts receivable past 30, 60, 90+ days outstanding. This ties your working capital down impeding daily operations and profitability. Common causes include:
The Fix: Run aging reports monthly and reach out early on past-due accounts. Offer auto-pay enrollment and payment plan options. Automate late fees after 30 days and use collection agencies when required.
Does anything look familiar from headaches you face getting paid fairly as a chiropractor today? If so, pick 1-2 fixes to start with and implement them relentlessly for 90 days.
Even after addressing common chiropractic billing pitfalls, you may still feel overwhelmed optimizing your revenue. Outsourcing to a dedicated billing company could be the perfect solution if:
That’s where Olympus Chiropractic Billing Services can help! With customized billing packages featuring:
Reach out now to schedule a free evaluation and instant revenue recovery assessment! Discover how outsourcing billing to Olympus could help your practice thrive. Call (800) 216-2399 or visit https://OlympusChiro.com today!