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Doctor Stop Losing Money - 6 Ways to Stop the Bleeding -Continued.....

Doctor Stop Losing Money

3. The third top reason for doctors losing money is due to sloppy bookkeeping. Yet another reason to make sure you have not only experienced but loyal people in charge of your billing. It is amazing how much money doctors lose due to the negligence and inexperience of the people that they put in charge of their money.

There are many ways that sloppy bookkeeping can cause money loss. One is from claims just not being submitted. The doctor does the work of seeing the patient, but never gets paid because his staff doesn’t submit the claim. Many doctors think that this can’t happen to them but in reality they just would never know if it did.

Another example of sloppy bookkeeping is incorrect patient information on file. If you don’t have the correct personal information or insurance information, the patient’s claim can be denied. In many offices denials are not handled so if the claim isn’t paid the first time around, the doctor loses out.

4. The fourth reason is due to lack of proper follow up. The sad truth is most doctor’s offices do very little, if any, follow up. All unpaid claims should be followed up on at least every 30 days. Just submitting the claims to the insurance companies is not enough. For whatever reason, a certain percentage of claims will go unpaid unless they are followed up on. Many times claims are denied for improper reasons and a phone call needs to be made to get the issue resolved. If these calls are not made, the doctor does not get paid for their service. Proper and thorough follow up is a necessity.

5. The fifth reason for doctors losing money is employee theft. Doctors never want to believe that someone on their staff would ever steal from them, but unfortunately it happens in the majority of doctors offices. It is great if you feel that you can trust everyone in your office, but it is even better if you have systems in place that make theft nearly impossible in the first place. Make everyone accountable for any money that passes thru their hands.

6. The sixth top reason for doctors losing money is due to under-coding, and/or coding errors. It is important to have someone who understands all of the ins and outs of coding. Doctors have to be careful when submitting claims to insurance companies that they code everything accurately. It would not be good to submit claims with codes that do not reflect the services actually performed to the patient. But sometimes coders can be so concerned about over coding, that they actually tend to under code EVERYTHING. This can result in a huge dollar loss for the doctor.

A doctor also wants to make sure that the coder understands which diagnoses apply to which procedures were performed. Many insurance companies only cover certain procedures when certain diagnosis codes are linked to them.

So, if you are a doctor who thinks you need to be seeing more patients, you may want to consider if any of these top six reasons doctors lose money listed above may apply to your office. You may be able to raise your bottom line considerably on the patients you are already seeing.

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