Efficiency is a guiding principle in today’s value-based healthcare environment. If the Healthcare organizations wish to succeed, they must constantly seek more efficient and innovative ways to deliver:
- Quality care
- Reduce costs
- Improve health outcomes
- Improve the patient experience
CPAP/BIPAP billing efficiency is an important part of achieving those objectives, but it doesn’t always come naturally.
Many providers still rely on inefficient CPAP/BIPAP billing processes that fail to effectively collect required information from the patients. Resulting in bad debt and unpaid bills.
According to studies, while more than 80% of patients feel obligated to pay for their healthcare as they do for other services, 35% say the payment process is inconvenient.
When implemented properly a good CPAP/BIPAP billing process can:
- Increase practice revenue
- Streamline business operations
- Support patient satisfaction
How can CPAP/BIPAP billing be made more efficient?
Here are 6 tips to help your company improve its CPAP/BIPAP billing efficiency while also improving the patient experience and enhancing profit.
- Stop billing
Surprisingly, ceasing to send bills is one of the most effective ways to improve CPAP/BIPAP billing efficiency. Post-visit billing and collections generate a lot of administrative work and waste staff time that could be spent on more important tasks.
According to data from the MGMA, it takes more than three billing statements (costing between $5 and $15 each) to collect a patient’s balance in full. Billing statements can also “cost” a medical practice by lowering patient retention and negatively impacting the overall patient experience.
While ensuring that your organization collects successfully, provide a convenient and efficient experience that helps patients feel at ease.
- Collect upfront
Requesting payment at the time of service saves time for staff and helps patients understand their financial responsibilities. Many providers, on the other hand, wait to collect, resulting in inefficient billing and revenue cycle management.
According to research, providers typically collect only 12% of outstanding balances at the time of service, making it more difficult to collect later. According to the same survey, only 6% of outstanding balances over $200 are ever collected. CPAP/BIPAP billing practices can avoid this annoyance by establishing a clear collection policy and informing patients about it.
- Transparent Collection
A clear collection policy not only improves the CPAP/BIPAP billing process, but it also protects your company’s:
- Patient relationships
According to a study published in JAMA Internal Medicine, there are direct links between:
- Patient-provider trust
- cost pressures,
- treatment adherence
Aggressive collection efforts can erode trust and harm the patient-provider relationship, resulting in a negative impact on patients’ health outcomes.
- Providing Cost estimates
By automatically calculating estimated charges for patients’ visits before they arrive, cost estimation tools can help improve the medical billing process. This not only helps patients understand their financial responsibilities but also makes it easier for staff to request payment.
It even offers the providers a better understanding of the costs they recommend. Increasing transparency in your CPAP/BIPAP billing process has a positive impact on patient loyalty and retention.
- Variety of payment options
Flexible payment options such as
- Card on file
- Online payments
- Payment plans
Provide patients with convenient and private ways to pay, while also improving medical billing efficiency and increasing provider revenue.
- Automate E&B
Close to 80% of all CPAP/BIPAP bills contain mistakes, leaving many patients unsure of what is covered and reducing their chances of paying on time. As an incorrect bill increases the likelihood of a denied claim, this has an impact on practice revenue and medical office efficiency.
Staff time and effort are wasted when rejected claims are resubmitted, and healthcare organizations are left waiting for payment. Automated insurance verification can solve a lot of these problems.
Hence to conclude, a reputable CPAP/BIPAP billing company will monitor each step of the process, streamlining and aligning the billing process as a whole. It would become more client-specific and capable of meeting the ever-changing healthcare directives and challenges, in addition to having a professional workforce.