Effective chiropractic billing is important for improving the revenue of a healthcare practice. This ensures the financial health of organizations. Chiropractic billing services are quite complex because of frequent code changes, guideline changes, and insurance policies.
According to a recent survey by ChiroEco, the average gross billings for chiropractors reached $716K in 2024. Net collections have also increased from $489k in 2023 to $506k in 2024. These stats showcase the importance of efficient billing strategies to maintain and grow its revenue.
Using the right strategies can help you streamline your billing workflow, decrease claim denials, and boost your monthly revenue. In this blog we will learn about some strategies used by professional and high-performing companies providing Chiropractic billing services.
Establish an Insurance Verification Procedure
Insurance verification is the first step in the billing process. It makes sure that the information you have about the patient is accurate. This lets the provider know about the patient’s insurance coverage and reduces the risk of claim denials.
Steps to Establish a Verification Procedure
Check Prior Authorization Requirements:
Some insurance companies mandate prior authorization for some pre-determined chiropractic treatments. This is a healthy habit which saves a lot of hassle for providers after rendering treatments.
Verify Coverage for the Date of Service:
Insurance coverage provisions might change unexpectedly. Making sure that the patient’s insurance coverage plan is active is critical. This is something you cannot miss.
Confirm Covered Services:
Determine if the patient’s insurance plan covers the chiropractic services you provide to them. This allows providers to inform the patient about their out-of-pocket expenses so that they can be prepared accordingly.
Monitor Visit Limits:
Some insurance plans limit the number of visits or the total reimbursable amounts in a given period. Check for the number of visits remaining or the total amount reimbursable in a given period.
Proper insurance verification decreases errors, prevents denials, and improves patient satisfaction.
Ensure Proper Documentation Using EHR Software
Accurate and comprehensive documentation is important for successful chiropractic billing. Errors like insufficient documentation, lack of medical necessity, or incomplete SOAP notes lead claims towards rejections and denials. Providers can use a chiropractor software that has an integrated SOAP notes tool that offers vibrant templates and notes builder.
These features help you choose the templates that suit their treatment style or create their own SOAP template.
Benefits of Using a Chiropractic Software for Documentation
Improved Accuracy:
Digital SOAP notes simplify documenting patient visits, ensuring clarity and compliance with insurance requirements.
Streamlined Workflow:
Tailored SOAP templates make it easy to record subjective, objective, assessment, and plan details.
Audit Readiness:
Extensive documentation supports post payment audits which reduces the risk of penalties.
HIPAA Compliance:
Chiropractic software systems protect patient data and ensure compliance with legal and ethical standards.
A good chiropractic software system can streamline your entire documentation process, which saves time and ensures you receive accurate and adequate reimbursements.
Ensure Accurate Coding with Software
Accurate coding is very important to ensure accurate claims and adequate reimbursements. It is one of the most sought-after chiropractic billing strategies.
Keeping up with the changing CPT and ICD_10 codes can be very challenging. Chiropractic billing services organizations use software to cross this hurdle. The software can auto-populate the codes ensuring accurate use of codes.
How Can Software Simplify Coding?
Auto-Populated Codes:
Advanced software lets you insert partial diagnoses or procedures while automatically suggesting accurate codes.
Updated Code Libraries:
The billing software is regularly updated with the latest coding changes, ensuring compliance.
Error-Reduction:
Automated coding decreases the likelihood of mistakes that could lead towards claim denials.
Claim Scrubbing:
Claim scrubbing is an important feature of chiropractic billing software which can automatically review claims for errors or inconsistencies before submission. This makes sure that the claims are created according to the payer guidelines.
ERA Auto-Posting:
With ERA auto-posting, chiropractic billing software automatically posts payment details from insurance companies to patient accounts. This decreases manual work and ensures accurate payment tracking along with streamlining the revenue cycle process.
Assess Accounts Receivable Regularly
Accounts receivable management is an important aspect of maintaining a healthy cash flow. The longer payments are delayed, the harder it becomes to collect. Effective A/R management strategies help optimize the revenue cycle and maintain financial stability.
Strategies for A/R Management
Submit Claims on Time:
Providers must file claims promptly, if possible, on the same day the service is provided. Timely submissions reduce delays to ensure quicker and adequate reimbursement.
Segment Receivables:
This makes tracking and following up on payments simpler and more hassle-free. This separates patient balances from insurance receivables.
Review Payer Patterns:
Regularly analyzing insurance company payment patterns to identify delays, discrepancies, or trends.
Evaluate A/R Days:
Providers must try to keep their A/R within 0-30 days. Longer A/R days indicate delays in payment collections that can affect your practice’s financial health.
Follow-up on Denied Claims:
Providers must address claim denials immediately by reviewing and resubmitting rectified claims. Regular follow-ups improve the chances of payment and reduce revenue losses.
Conducting regular A/R evaluations can help you determine bottlenecks in the process. Providers can then address the issue promptly and optimize your entire revenue cycle.
Outsource Chiropractic Billing Services
Outsourcing can significantly reduce the administrative burden on your practice and improve your revenue cycle management. There the process is handled by experts who specialize in medical billing for chiropractors. This includes coding, claim submissions and payment follow-ups, and AR management.
Benefits of Outsourcing Chiropractic Billing Services
Expertise:
The medical billing professionals are always up to date with the most recent coding and insurance changes. This reduces errors and improves claim approval rates.
Time Savings:
This frees up time so that providers can focus on patient care and other core activities.
Enhanced Cash Flow:
Professional medical billers take regular follow-ups on denied or unpaid claims. This ensures faster reimbursements and improves your revenue cycle.
Transparency:
Consistent billing reports gives you an excellent insight into your practice’s financial health.
Bottomline
Chiropractic billing is a complex process which can create a hassle for providers. However, these strategies can simplify your workflow and boost your monthly revenue. Professional medical reimbursement services is a nice way to enhance the functioning of your practice.
Unify Healthcare Services is one such company providing Medical RCM services in California. We have expert billers and coders who are well-versed in all the elements of medical billing and coding. We make sure that you get reimbursed for every single treatment rendered to the patient. A healthy mind lets you create a patient centric atmosphere enhancing patient satisfaction.
Our belief is that a healthy billing cycle gives providers peace of mind and lets them focus on their core expertise. This is why we do not just provide medical billing services, we provide mental peace!
