Health & Wellness Blog

    

Strategies to Optimize FQHC Billing Procedures for Maximized Revenue

Patient Billing FQHOMaintaining the revenue of a health or medical practice is far more complex than most people expect. In Federally Qualified Health Centers (FQHCs), there are different departments that need to work efficiently in order to maximize revenue from patient billings.

FQHCs should therefore implement effective billing policies and procedures, while applying strategies in order to lower costs, increase revenue, and improve patient satisfaction and care. To maximize revenue, FQHCs can apply the following patient billing strategies.

Understand the overall cycle of revenue

Having a clear understanding of the overall cycle of revenue is very important in improving FQHC billing processes so that they function effectively. Many health facilities consider the submission and the subsequent payment of claims as the actual billing process when actually all the staff members in the health center play a very vital role.

Billing should begin when a patient books an appointment and end once the patient has been attended to and makes the payments. A FQHC should therefore establish proper billing process channels that include patient registration, charge entry, payment posting and the follow up on accounts receivable.

Obtaining accurate information from patients

It is very critical during the FQHC billing process that the staff collect and enter accurate information regarding demographics and insurance once the patient visits the health center. For first time patients, the health center should have their insurance information, birth dates, telephone numbers and home addresses for effective billing. If the patients have been treated in the health facility before, the receptionist should ensure that the information is accurate upon the arrival of the patient.

Capture all charges

Another strategy for improving FQHC billing for maximized revenue is by reconciling encounter forms with appointment schedules every day. This ensures that for each patient that gets attended to, a charge corresponds. The sum of the charges on the encounter forms must then be reconciled daily in the reports that the management system generates.

By doing this, the health facility should be able to track encounter forms that might be missing, hence ensuring that revenue is maximized. This FQHC billing strategy will help prevent the loss of revenue through nursing home and health center visits. One way of capturing all charges is by using preprinted index cards that physicians carry.

Review and update fee schedules

FQHC should ensure that they update their fee schedules annually. To maximize revenue, realistic charges should be set for all codes. By so doing, it will ensure that all reimbursements are achieved. The fees charged should be compared with other contracted or Medicare fees charged by health center billing services. Insurance companies tend to pay lower than the contracted or billed amount. This means that billing lower than the amount contracted will result in the health facility losing revenue.

Share financial policies with patients

In order to maximize revenue, a FQHC should communicate to all the patients its billing and financial policies. It could use, for instance, a single page document that summarizes its financial policies.

This document should then be signed by each patient and placed inside his file. The document should explain the terms of payments, authorizations, and insurance information, collection and cancelation policies. There are more strategies to imporve medical billing procedures for FQHCs, but start with these strategies to get an established system in place that will keep your FQHC financially healthy.

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Need FQHC Billing Help? Start Here.

FQHC Billing HelpFederally Qualified Health centers (FQHC’s) are vital in America health care system as they provide health care service to all parts of United States. Although FQHC’s are meant to ease the life of every citizen in united state, most of them are faced with revenue billing collection and management challenges which include lack of efficient staffs and inefficient systems. Moreover, most FQHC’s management laws are complicated, which make them difficult to be implemented by most facilities.

It should be noted that for a clinic to meet demands of a community, it is must operate at its peak efficiency. Under the current affordable Care Act, more patients are expected to seek for medical assistant from clinics. Although this will provide an opportunity to generate more income necessary to run the business, it needs more attention to the core objectives of the clinic to provide quality health care to the growing patient population and improve efficiency.

Where to Begin in Finding Help

The best way to improve efficiency in the billing, collecting revenue, and managing a healthy revenue cycle is to outsource these functions to FQHC's billing services providers. Currently there are several FQHC billing services available in the market. It is therefore important to know qualities and attributes that define reputable and trusted FQHC's billing services to assist you in obtaining a FQHC's company that effectively address your revenue and management needs.

A professional and experienced FQHC clinic billing company offers talented personals together with highly developed billing software to give the you humble time to focus in providing the best health care to the patients. This support is necessary to reduce the amount of time it takes to serve the patients, while at the same time minimizes errors, which is necessary in maximizing the provide.

What to Look for In FQHC Billing Companies

A good FQHC’s billing service provider should be able to deliver tools and resources necessary to handle all requirements of clinic billing process and ensure sustainable revenue. They work closely with their clients to ease the burdens that clinics experience in managing the revenue cycles. These make it easier for clinics to focus on their mission of providing quality healthcare to all the citizens. The best FQHC’s should further be in accordance with the governmental laws and capture even the smallest funding to ensure improved revenue cycle performance, which is necessary for clinic survival.

Most Reputable and trusted FQHC's companies have many highly experienced personnel who have worked with patients for a long time and have learned to treat the patient with respects and have established trust and collaboration. Reputable and trusted FQHC's billing services understand clinic’s priorities of providing high quality health care to all patients and ensuring that they feel safe and satisfied. Some of these companies have even designed a revolutionary model that assist FQHC's to achieve consistent revenue while ensuring that patients are satisfied.

Obtaining a specialized FQHC's service provider with many years of reputable experience will not only ensure increase net income and establish consistent monthly cash flow but also enhanced patient satisfaction and eliminate continuous staffing requirements. It will also provide the senior management with all the necessary tools to manage your revenue cycle.

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