Increasing OHIP Revenue by $10,000’s through annual premium tracking has never been this clear or easy.
As we know, in the intricate landscape of Ontario’s medical practice, meticulous attention to billing codes and premium tracking under OHIP (the Ontario Health Insurance Plan) plays a pivotal role. For specialties like internal medicine (especially endocrinology) and pediatrics, the ability to accurately track annual premiums from OHIP codes isn’t just a detail—it’s a significant source of potential revenue.
Understanding the Crucial Need for Premium Tracking
In the labyrinth of Ontario’s healthcare system, the Schedule of Benefits acts as a guiding compass, defining the gamut of OHIP billing codes—ranging from K119 to K045—and their associated premiums. For physicians specializing in internal medicine, endocrinology, cardiology, pediatrics, and related fields, these codes represent potentially increasing OHIP revenue by $10,000’s and more PER DOCTOR. These annual premiums have been negotiated and agreed between OHIP and the Ontario Medical Association, but are so challenging to properly track and claim that they often go unbilled.
These codes offer tangible financial benefits, ranging from $75 to $175 per premium, per patient. But to properly claim that revenue, the patients need to be tagged in your Electronic Medical Record System (EMR), tracked and then submitted.
However, the challenge persists: without a robust system or EMR capable of identifying these patient encounters, physicians and clinic billing administration may inadvertently miss billing these valuable premiums. Misconceptions about the true value of these claims compound the issue, leading to indiscriminate submissions and expectations of rejections.
The Role of Technology in Premium Tracking
The need for precise tracking and error rectification that leads to increasing OHIP revenue by $10,000+ per doctor, such as our Claims Concierge, is obvious in a world where doctors are expected to always do more with less. These services bridge the gap, enabling meticulous premium tracking and revenue generation. Ontario medical billing companies have long tried to track these premiums for clients, and it’s Physicians First Financial are the first to develop a software that tracks them and keeps claims teams apprised of the opportunity to claim when it arises. The importance of these tracking tools, and providing support to physicians and clinics however it’s best for them, is how Physicians First Financial helps ensure no premiums slip through the cracks.
Benefits of Accurate Premium Tracking
Accurate premium tracking not only drives revenue but also enhances patient care. By properly charting and flagging eligible patients, physicians can allocate more time and resources to those requiring specialized attention. This collaborative effort between healthcare providers and Ontario OHIP Billing Companies ultimately improves patient outcomes while maximizing revenue streams.
Best Practices for Effective Premium Tracking
To navigate this landscape effectively, collaborating with reliable Ontario OHIP Billing Companies or Medicare experts becomes essential. Establishing a partnership with a competent health insurance billing company ensures comprehensive tracking and submission of premiums, reducing errors and maximizing revenue potential.
The Risks of Inadequate Tracking
The failure to dedicate attention to premium tracking presents substantial opportunity costs. Lost revenue due to oversight or inadequate effort affects every doctor within the practice, potentially costing thousands of dollars.
In Ontario’s medical practice, the synergy between meticulous premium tracking, collaborative efforts with Ontario medical billing companies, and a keen eye on the Schedule of Benefits ensures fair compensation for services rendered. Adopting best practices and leveraging innovative tools not only maximizes revenue but also elevates the standard of care provided to patients.