Summary

The latest BOSS podcast discusses the importance of effective medical billing practices for private practices. Dr. Heather Signorelli, a pathologist and founder of Nat Rev MD, shares her insights and recommendations based on her experience working with over 20 practices. The key topics covered include:

Dr. Signorelli emphasizes the importance of having a high-level view of the billing process, effective communication between the practice and billing team, and establishing robust workflows and audits. She also discusses her new book 'Thrive' which outlines the top 10 areas for boosting practice revenue, as well as the medical billing course and full-service billing services offered by Nat Rev MD.

Chapters

Introduction and Background

Dr. Heather Signorelli, a pathologist and founder of Nat Rev MD, is introduced as an expert in helping private practices understand business principles. The discussion focuses on her new book 'Thrive' and the top three things private practices should be doing to optimize and improve revenue.

Importance of Eligibility Verification

Eligibility verification is identified as the top issue impacting revenue for many practices. Ensuring patient insurance eligibility is verified upfront, including capturing accurate information and following up on any failures, is crucial to prevent denials and revenue loss. Dr. Signorelli emphasizes the need for a robust eligibility process and communication between the front office and billing team.

Monitoring Billing Metrics

Tracking key billing metrics like denials and accounts receivable aging is essential for identifying areas for improvement and prioritizing focus areas. Dr. Signorelli recommends starting with these two metrics and gradually adding more over time. Monitoring metrics provides visibility into the effectiveness of the billing process and helps practices target specific issues.

Managing Accounts Receivable

Staying on top of outstanding payments owed to the practice, known as accounts receivable, is critical. Older claims become increasingly difficult to collect, so addressing them promptly is important to avoid timely filing issues and revenue leakage. Dr. Signorelli recommends monitoring accounts receivable aging reports and working closely with the billing team to resolve any issues.

Importance of Communication and Workflows

Effective communication between the practice and billing team, as well as robust workflows and audits, are emphasized as essential for a successful billing process. Dr. Signorelli stresses the need for a high-level view of the billing process, identifying operational issues, and implementing improvements. Clear processes and regular audits help ensure no claims or revenue are missed.

Resources and Services Offered by Nat Rev MD

Dr. Signorelli discusses her new book 'Thrive' which outlines the top 10 areas for boosting practice revenue, as well as the medical billing course offered by Nat Rev MD. The course provides education, policies, and procedures for front office staff and billing teams. Additionally, Nat Rev MD offers full-service medical billing and coding services for practices, handling claim submissions, denials management, and accounts receivable.

Action Items