Billing & Finance Tips
New additions to Current Procedural Terminology (CPT) codes have been set up:
- 87635 SARS-COV-2 COVID-19 AMP PRB (short)
- 87635 IADNA SARS-COV2 COVID-19 AMPLIFIED PROBE TQ M (medium)
- 87635 Infectious agent detection by nucleic acid (DNA or RNA); severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) (Coronavirus disease [COVID-19]), amplified probe technique (full)
- Make sure all visit notes are complete and closed.
- Aggressively work Accounts Receivable.
- Aggressively work denials.
- Ensure patient statements are processing.
- Contact patients and set up payment plans.
- Verify daily that your billing department or billing service is processing claims, and that they are open for patient calls.
- Track reimbursement for telemedicine codes for any new telemedicine visits.
- Audit coding and documentation for new telemedicine visits.
- Investigate options for interest free SBA loans
- Apply for grants which may be available for small business owners
- Talk to your financial institution about a line of credit or short-term deferral of principal payments
- Review and control expenses, starting with highest dollar first
- Temporary abatement of physician buy-ins and buy-outs
- Temporary reduction of physician owner compensation
- Contact landlord for rent abatement or decrease; if physician owned real estate, defer rent payments
- Contact I.T. re: reductions in expense as volume decreases, but continue to ensure data is properly backed up and secure