If there is one thing every anesthesia billing program needs, it’s a reconciliation process.
A reconciliation process for billing ensures that two different sets of records match up, or are in agreement. In other words, it matches billings to revenue – making sure you are getting paid for what you have charged.
Without a reconciliation process, your practice could miss out on anywhere from tens to hundreds of thousands of dollars in revenue each year. No one wants that, yet there are plenty of providers who haven’t created a formal reconciliation process for their program.
You don’t want to overlook a case that can result in lost revenue. Here’s how you can fine-tune reconciliation for your practice and prevent revenue loss.
Standardize Reporting and Record-Keeping
Problems with reconciliation generally exist between what a physician has done and what billing specialists have received. In other words, both groups of people often aren’t on the same page.
This is because even though practices live or die by records, they often keep records of services provided in two different places. The billing people are looking at something different from what the physicians are using to report, and vice-versa.
All records and reports for what is done for the patient need to be kept in the same place, accessible by both providers and billing staff. These records need to be clear, concise, and self-explanatory. There can be no confusion or room for misunderstanding.
Implement a Process for Insurer Information
The same goes for all data received from insurers. Insurers often send a combination of electronic data and paper forms when completing a claim. It can be very easy to miss payments in a mixed data environment.
All insurer payment information should be uploaded into the same source as the rest of the data, particularly services provided. You’ll have to eventually reconcile three things: services provided, payment rendered from the patient, and payment rendered from the insurer. That’s why it makes sense to have a system in place to collect and process all of that information consistently.
Outsource Your Anesthesia Billing Program
The most cost-effective solution is to outsource your billing to a trusted third-party provider who can accurately reconcile your accounts. Reconciliation isn’t something that should be left up to staff members who are relatively inexperienced. It’s necessary to save revenue by having professionals in control who are adept at reconciliation.
Contact Medical Business Management for more information on reconciliation and outsourcing medical billing and coding for anesthesia providers.
