Episode 153: Top 3 revenue boosting secrets with Dr. Heather Signorelli

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:

1. Eligibility verification: Ensuring patient insurance eligibility is verified upfront to prevent denials and revenue loss. This is identified as the top issue impacting revenue for many practices.
2. Monitoring billing metrics: Tracking key metrics like denials and accounts receivable aging to identify areas for improvement and prioritize focus areas. Metrics provide visibility into billing process effectiveness.
3. Managing accounts receivable: Staying on top of outstanding payments owed to the practice, with a focus on addressing older claims promptly to avoid timely filing issues and revenue leakage.

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

1. Implement a robust eligibility verification process, ensuring accurate patient information is captured and any failures are promptly addressed before providing services.
2. Start monitoring key billing metrics like denials and accounts receivable aging to identify areas for improvement and prioritize focus areas.
3. Regularly review accounts receivable aging reports and work closely with the billing team to address older claims and resolve any issues promptly.
4. Establish clear workflows and communication channels between the practice and billing team to ensure no claims or revenue are missed.
5. Conduct regular audits to verify the accuracy and completeness of the billing process, identifying and addressing any gaps or issues.
6. Consider utilizing resources like Dr. Signorelli's book 'Thrive' and the medical billing course offered by Nat Rev MD to improve billing practices and revenue optimization.
7. Evaluate the potential benefits of outsourcing medical billing and coding to a full-service provider like Nat Rev MD to streamline the process and leverage their expertise.
   
   Find the book here: https://amzn.to/3TFZDw6
   (affiliate link: As an Amazon Associate, I earn commission from qualifying purchases)
   
   Find her course and billing company here:
   https://Natrevmd.com 
   NOT an affiliate link, I do not earn commission