Power Your Practice

Despite the vital significance of health and wellness in patients’ lives, evidence is proving that in the modern economic environment, one of the biggest decision-making factors people face regarding healthcare and treatment is not medically motivated – it’s financial.

Research from the IMS Institute for Healthcare Informatics found that visits to the doctor by U.S. patients fell 4.7 percent from 2010 to 2011. The number of prescriptions issued declined by 1.1 percent. The reason? Patients are cutting back on healthcare spending due to financial hardship.

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Boxes 12 & 13 on the CMS 1500 form are very important but are often overlooked.  By overlooked, I mean that most medical billers don’t understand the importance of the boxes and just blindly fill them in.

It is important to understand what these fields ask for and to make sure they are filled in appropriately, because they can seriously affect claims payment if not completed properly.

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If a patient calls your practice asking for directions to your office, the receptionist can provide them. If he has a concern about his medication, your nurse is almost always able to resolve it. If he shows up asking if his pesky cough is a symptom of strep throat, the doctor can give him an answer.

But what happens if that patient telephones to ask about the charges on his last statement? In many a practice, that call ends unresolved.

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With the advent of practice management software, there is no limit to the data your practice can measure.

Deciding exactly what reports and statistics are the most meaningful is important. Your practice will be focused on bottom-line stats like net collection percentages, but your office manager and billing staff may focus on clean claims or how long it takes to capture demographics on a new patient.

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