Incentive Plans in Medical Billing - tips for success

Incentive plans for medical billers are effective but it does not necessarily mean that it has to be expensive for it to work.  There are more affordable options, which are as effective in inspiring and motivating medical billers.  There are things you can do to ensure that the incentive plan will be successful.

First, you have to keep in mind that in a medical billing organization, there are different tasks being handled within and every task, when performed efficiently, will produce good results not only to one but also to everyone in the organization.  You would have to set specific targets so that billers would know what they are aiming for.  Divide the rewards by allotting half of it for team performance and the other half for individual performance.

Second, aim for cost-effective incentive plans.  Employees are most likely to be motivated with cheap plans than those that require them to pay more than they prefer.

Third, invest in incentive plans that target different performances like speed, accuracy, delivery, and more.  Study all these intensively to be able to determine which ones are much needed within the organization.

Fourth, if you have several accounts within a medical billing organization, make sure to take into consideration that not all accounts are the same.  When providing incentives, make sure it is given to each account accordingly.

Fifth, when giving incentive payouts, distribute it as a part of the medical biller’s salary and make sure you adhere to this schedule.  Provide them with a written statement of how much they earned and how much tax was deducted. 

Sixth, make sure your employees understand the incentive plan.  It would be difficult to achieve something when you do not know what you are aiming for.  Post a chart of the incentive plan and post their progress as well.  This way, every one of them is updated regularly.

Seventh, keep it simple.  Do not offer huge rewards with complex incentive plans.  Instead, make the plan easier with simple rewards.  Employees appreciate a modest amount of reward than huge ones that are difficult to attain.

Eighth, make sure that each employee is informed.  If possible, give out a detailed copy of the incentive plan to each employee so that it can be studied. Post on the wall and on your internal website to make everyone know that there is an ongoing incentive program.

Ninth, do an annual evaluation.  Compare results each year to see which categories of performance are improving and which needs more attention.  This way, you could modify your incentive plan to hit those goals that need more attention.

Last but not the least; offer various rewards aside from cash.  To avoid making your employees dependent on money, offer other ways of rewarding them like vouchers or free tickets to the movies.  This way, they would not think of a monetary incentive as a part of their salary.  Besides, giving out freebies is just as motivating and inspiring.

2 comments:

Ali Zia said...

Hello Folks, I represent a medical billing company in Orlando, FL. If anyone is interested in starting his/her own medical billing business, we can assist you in setting it up with zero investment. We already have a well establish setup with all the required software and skill set, we encourage people to use our resources before investing anything in this business. Having seen so many failed attempts we don't want people losing money in this recession period. For details you can call me. 407-403-6776, ali@inteleso.com

n.darsana said...

keep on posting new topics on medical billing. I really appreciate writing informative posts.Thanks for sharing.
Regards
Physical therapy billing software

Medical Billing Popular Articles