Unfortunately, there are far too many healthcare practices that still rely on outdated billing methods. This only extends the payment cycle and days spent in accounts receivable. Practices already struggle with collecting the patient portion of payments, and these archaic billing processes exasperate this problem, while also introducing problems caused by simple error. These problems and errors create frustration for patients and ruin your ability to maintain smooth cashflow into the practice.

With patients becoming responsible for larger portions of their medical bills over time, collection has become an even greater challenge than before. Rather than dealing mainly with the quirks of each insurance provider, you now also have to manage patient expectations and satisfaction.

Keep reading for the 4 most common billing mistakes, and how you can fix them to maintain high levels of patient satisfaction and revenue.

1. Payment Options
   Consumers overwhelmingly prefer paying their bills online; the options now seem almost endless with credit cards, bank transfers and PayPal being augmented in recent years by services like Apple Pay and Google Pay, among many other methods. Carrying cash or writing out checks, on the other hand, simply does not offer the same level of speed and convenience.Remaining stuck in the past and stubbornly only offering older methods of payment will hurt your practice. You will have a harder time tracking down each and every individual payment and your patient retention will fall as patients become increasingly frustrated.Fix:
   A secure, HIPAA compliant online payment portal is easy to set up and offer great convenience to both the practice and patients. It makes it as easy as possible for patients to pay you while simultaneously making it simpler for you to collect those payments by aggregating them all in a single online portal.Fortunately, these features are included in many practice management and patient portal solutions. Implementing these systems will improve practice efficiency, providing a fantastic return on investment even without accounting for the increase in collections.

2. Fraud Charges
   One of the major issues faced in medical billing is errors. Poor documentation, incorrect patient information etc. can severely disrupt billing and lead to denials. Duplicate or incorrect bills can also be frustrating, while increasing administrative cost as you look to stamp them out. These errors can also lead to investigations and audits, further increasing cost and possibly resulting in financial penalties and fines.Fix:
   Non-specific diagnostics codes, erroneous modifiers and incorrect billing codes are to be avoided at all costs. Automation can iron out some of these kinks in the billing process, while streamlining the process and eliminating any errors that occur as a result of manual entry.

3. Data Protection
   The complexities involved in medical billing can easily lead to cases of data being lost or stolen. While expensive, continuous investment in IT and security systems is a must for any practice looking to handle its billing in-house. The alternative is HIPAA breaches, the fines and penalties for which can be significant.
   
   Fix:
   Rather than wasting money constantly upgrading systems that do not contribute to generating any revenue, outsource your billing to a reputable and experience third-party vendor. Given that their entire business is built around billing and coding for others, these vendors will have built highly secure systems that meet all the latest cybersecurity standards.Their robust systems will ensure you maintain compliance with HIPAA and other privacy regulations, while also eliminating any errors in the billing process caused by a lack of experience on the part of the providers.

4. Poor Communication
   The modern consumer, especially those of younger generations like Millennials and Gen Z, are accustomed to 24/7 digital convenience. Growing up in a world where everything is available on the internet through a smartphone means they have different expectations, which extend to their healthcare providers.Patients expect digital communication from providers, such as electronic statements and text or email reminders for appointments and payments. Providing these is a win-win for both parties, as digital communications reach patients faster, which can be used to encourage quicker payments. Making the payment process simpler and easier to understand will improve your retention rate and increase the chances of patients paying on time and in full.Fix
   Your practice must offer digital communications, such as the electronic statements and text or email reminders mentioned previously. These digital conveniences will drive growth in patient retention, loyalty and satisfaction. Educate patients on their treatment and payment options as well what their financial obligation will be under the various plans on offer. A simple conversation regarding these things will save time and money in the long run, avoiding lengthy disputes or misunderstandings.