As we move into a new year, it’s important to look at your medical billing and coding practices. Are you up-to-date on the latest changes? Are you taking advantage of all the newest billing software and tools?
If you need help figuring out where to start, don’t worry. We’ve compiled a list of medical billing must-dos for physicians in the new year. Read on to learn more.
Starting the New Year Right: Get Familiar With 2023 Medical Billing Trends
Now that the New Year is officially in full swing, it’s time to start thinking about the changes headed your way—especially regarding medical billing. The field is constantly evolving, and if you want to stay ahead of the curve, you need to be familiar with the latest trends.
In 2023, there are a few significant changes that you need to be prepared for. The first is the increased use of AI and RPA. This technology is being used increasingly to automate medical billing processes, so you need to be sure that your billing software is up to date. Another big trend this year is APMs (alternative payment models). These are payment structures that reward physicians for providing high-quality, cost-effective care. If you still need to become familiar with them, it’s time to start learning about them.
And finally, keep an eye on the ever-changing regulations governing medical billing. Staying up-to-date on these will help you avoid any costly mistakes down the road.
Optimizing Reimbursement Strategies With Payer Requirements
Payers are continuously changing the way they reimburse physicians. It is important to stay up to date on the latest payer requirements. Are you aware of the National Correct Coding Initiative (NCCI)? The NCCI is a set of edits that payers use to standardize coding across all payers. You may leave money on the table if you are not coding correctly.
Ensure you are familiar with the latest payer requirements and optimize your reimbursement strategies accordingly. You want to stay caught up in 2023.
Adopting a Patient-Centric Structure for Improved Patient Care
If you want to get ahead in the new year, adopting a patient-centric structure is important. Not only does this help increase patient satisfaction and loyalty, but it also helps boost physician practice income. What this means is that you need to prioritize patient convenience and ease of access. This can be done by providing online appointment booking options, a digital payment system, virtual visits, and secure messaging portals. Doing so will make it easier for your patients to contact you with questions or requests for care and reduce time spent on administrative tasks like billing and collections.
In the long run, these changes should help improve your workflow while providing a better experience for your patients – all of which are crucial elements of successful medical billing management.
Reimbursement Challenges and How to Overcome Them in 2023
If you want to keep your medical practice from getting left behind this year, you must understand the reimbursement challenges you might face and how to overcome them. Insurance companies are constantly changing their policies, so you must stay on top of these changes to maximize your reimbursement.
One way to stay informed is by subscribing to industry newsletters so that you can be alerted when there are new changes in the field. You should also regularly check with your significant payers (Medicare, Medicaid, and private insurance companies) and ask about any recent changes in their policies.
Another key aspect of avoiding reimbursement challenges is knowing what codes are used for each procedure and how much each one pays out. Make sure that you and your staff are up-to-date on coding guidelines so that claims can be filed correctly and timely – an incorrect code could mean a denied claim!
Stay Compliant: Must-Know Regulations for Medical Billing in 2023
One of the key aspects of medical billing for physicians is staying up-to-date with all the regulations and requirements. New legislation is passed every year that can impact how you submit your claims and get compensated. Keeping up with the latest news and developments can help you remain compliant and maximize your reimbursements.
To ensure you don’t get left behind, there are a few must-know regulations that all physicians should stay current on in 2023. For instance, the Centers for Medicare & Medicaid Services (CMS) have proposed changes to the Physician Fee Schedule (PFS) to simplify evaluation and management (E/M) coding for office visits. In addition, several new eligibility requirements for Meaningful Use Stage 2 certification must be met before the end of the year.
It’s also important to understand the Humanitarian Device Exemption (HDE) program guidelines that provide financial relief to organizations conducting non-monetized clinical studies. Whether it’s keeping up with industry news or understanding changes in regulations, it’s important to remain informed, as these shifts can impact how you do business and ensure practices remain compliant in 2023.
Physicians, it’s time to gear up for the New Year! Make sure to follow this medical billing must-dos to make sure you’re on track for a successful year. You may schedule free expert consultation here.