• Twitter
  • linkedin
  • pinterest
Medical Healthcare Management Ltd | Hilton Hall, Essington. Wolverhampton. WV11 2BQ
menu
  • Home
  • Coding
  • Billing
  • Collections
  • Fees & FAQ
  • Blog
  • Contact
  • Testimonials
    • 20
      Apr
    • (0)
    • By PeteCrutchley


    • Medical Billing News

    Less haste. More Speed

    I’m a really, really impatient person. I like everything done yesterday.

    Which is why I go incredibly slowly to start with.

    Do it once and do it right

    When I begin to raise invoices for a consultant surgeon, for example, I’ll check I have the right provider number. I’ll check all the online systems and EDI protocol are 100% accurate. Is the consultant’s address correct?. I’ll check the insurance company has the right BACS payment details.

    What I’m actually doing is reducing down to absolute zero as many reasons as I can possibly think of that will prevent the invoice being raised correctly.

    Running at it instead

    What happens if I don’t take this approach?

    Invoices come flying back. They don’t come back straight away of course.

    It may take weeks before I’m notified there is a problem. Then I have to work out why it went wrong, get all the details to put the error right, actually put it right and then resubmit the invoice.

    Then I have to wait again for the invoice to be reprocessed. Eventually, the invoice gets paid.

    One absolutely true example. Recently MHM project managed a group of three surgeons in the Midlands. All three were seriously considering closing the practice as they were not making any money. They were not getting paid as they should.

    The senior of the three was responsible for invoicing for all three each week.

    Just under 50% of the invoices he produced came back unpaid. The insurance companies concerned requested more details or raised query against them.

    Quick fix

    The senior consultant complained he hadn’t got enough time to keep sorting these things out. He had to raise invoices as quickly as possible. He tended to view any medical invoicing problem from the “quickest fix” point of view. To use his words “I only want to be a surgeon and not a whatever-you-call-it”

    My kind of guy. Don’t talk about it. Get on with it. Play to your strengths. Save that is precisely what he was not doing.

    He jokingly told me his blood pressure was sky high due to the constant stream of invoice problems.

    Yet it was this “quickest fix” approach that was the cause of his blood pressure. Many times his quick fix in one area (get them on the phone or treat the patient as a self-funder for example) caused a problem in another area. Then he had to fix that.

    This was leading to a six /seven-week delay before invoices were accepted by insurance companies on top of the agreed payment terms.

    It took me two months to re-map the process, test, amend it and bed it in. In month three we started to see the results. Invoice failure rate had dropped from roughly half to below 6%. Cash flow had doubled. The time with which the three consultants got paid decreased from around every 75 days to about 50.

    All three consultants were happy. Imagine the surprise though when I told them that wasn’t good enough?

    Still not good enough

    I thought we should see at least a 98% acceptance rate and to be paid every 30 days. And I wanted to achieve that as of yesterday starting with raising the invoices every single day rather than weekly. The invoice process was robust. There were very few errors. There were few reasons why we shouldn’t be paid.

    Told you I was impatient.

    FOUND THIS INTERESTING? PLEASE SHARE USING ICONS BELOW:


    Facebooktwitterredditpinterestlinkedinmailby feather

     

    Share this:

    • Email
    • Twitter
    • LinkedIn
    • Tags
    • medical billing
    • medical credit control
    • medical invoicing
    • Private Medical Practitioner

    Leave a Reply Cancel reply

© Copyright 2020 - MHM Ltd - Website Terms - Privacy Policy - Cookies Policy

Healthcare and medical web development

MHM Ltd Cookies Policy

This website uses cookies to improve your experience. Please visit our Cookies Policy page for more information about cookies and how we use them.

Close
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.