For medical practices, there are few business operations more crucial than billing. A healthy revenue cycle is imperative to sustain the costly work of providing health care, but it’s not always so easy to make sure your practice is being paid for the services it has rendered. It can be particularly challenging since health care providers are reimbursed by third-party payers after the patient has already come and gone and there is a lag between rendering services and receiving payment. Moreover, insurance claims might be rejected or denied for a variety of reasons.
So, what are the best ways your practice can ensure timely and complete payments for the work you’ve already done? Business News Daily sought out some experts in the health care industry for advice on how to better deal with payers. Here’s what they had to say.
Cross the T’s and dot the I’s when submitting claims.
“It goes without saying that complete information is essential,” Cindy Ehnes, vice president of COPE Health Solutions said. “Sending a claim to the right payer is critical, although in a delegated payer environment, it may be difficult to know which payer, a risk-bearing medical group, or a health plan, is responsible for payment. That can result in delay as claim Ping-Pong’s back and forth.”
Submit claims on a daily basis.
“Bill out daily! Don’t sit around and wait for the insurance companies to pay you, but instead put a system in place to follow-up on every outstanding claim until it is fully paid,” Craig Ferreira, CEO of Survival Strategies, said. “Ensure your claims are submitted correctly the first time; know in advance what the insurance company requirements are on every individual claim submitted and provide those requirements.”