Rational Ways to Get Faster Insurance Payments

Your healthcare facility’s financial health depends largely on the medical billing process that collects the money due to you. You can regularly assess your financial performance by checking the accounts receivable reports focusing on the number of claims over 120 days. To check if your revenue cycle management process is performing effectively, you need to compare your figures with that of the national averages which are published by relevant organizations. If your percentage is higher than that of the national average, it means a lot of money is pending uncollected from insurance claims and you have to take appropriate measures to quickly get your reimbursements. Here we shall discuss a few practical ways that can you help you get quicker reimbursements from insurance companies.

  • Front-desk work: Whether you believe it or not, your claim work starts at the front desk; you must ensure you get accurate information regarding insurance cards and identity cards. For an efficient revenue cycle management process, it is imperative that your front desk staff verifies insurance and coverage at the time of the registration process and ensures the registration form is filled completely.

According to RCM services experts, it is also beneficial for you if you could get a good financial agreement signed by the patient at the time of registration after duly explaining the patient’s liability in case of no-show, inability to pay timely copay charges, etc. With the backing of a good financial agreement, you can collect patient balances without hassles.

  • Charge posting work: Getting the charge posting done by medical billers in a quiet location far from distractions will help you file accurate claims and get timely reimbursements. This is necessary to avoid a hold-up of your payment for minor inaccuracies in data.
  • Claim submission: Ensure your medical billers submit correct claims with accurate and relevant data as required by the insurance companies and clearinghouses. Else, your claim may get held for you to rectify the information and resubmit. Some clearinghouses carry out their processes online and you may get information soon, however, if the clearinghouses work in the conventional style, your claims may get stuck for want of accurate information which you would be able to submit only when you get a report from the clearinghouses regarding the errors in the claim submission. To avoid such errors at the time of submission, you must hire the best RCM services providers.
  • Claim follow-up: When your medical billers are filling up the post of your front desk executives, there is a huge scope for missing out on follow-up of claims due to the irrelevant pressing duties of the medical billers. To counter this situation, you should partner with the top RCM services providers who lay the focus only on claim submission, follow-up and timely reimbursements. Having dedicated staff for medical billing is crucial because regular and timely follow-up is pivotal for a profitable practice. Running reports on due claims over 120 days and taking rigorous follow-up action is the most imperative task that no healthcare provider should ignore.

A lot of work goes into getting your claims paid as quickly as possible. Starting from the front desk, your claim submission and reimbursement processes should be managed efficiently to ensure you get full reimbursements without any difficulty. To get such timely reimbursements and have a profitable revenue cycle, you must hire the best RCM services providers.

Rational Ways to Get Faster Insurance Payments