Healthcare providers deal with complex medical billing every day. Because the medical billing process is a long, intricate one, there’s always a potential for errors. We’re all familiar with rejected and denied claims, which may occur for a number of reasons, but another issue many providers face is underpaid claims. A couple underpaid claims here and there will almost always go unnoticed, but as they continue to pile up, your bottom line could be seriously harmed if you don’t fight for the right payment. We broke down some ways to improve your claim management to make sure you don’t suffer an unnecessary loss in profits.
Stay up-to-date on what you should be getting paid
Get in touch with all insurance providers you work with and ask them to provide a list of fees so you know what to expect. You already keep a record of every procedure and claim you file, so make sure you add a note that states what you should be getting paid. Then, when you’re reimbursed, it’s easy to verify that you were paid the correct amount. Bottom line: if you don’t know what you’re supposed to be paid, you won’t know if the amount you received is correct.
Be proactive with new payers
Signing on with new payers is great for your business, but you need to proactively negotiate from the start. Ask the insurance company to send you their rates for the services you offer before signing any contracts with the company. This ensures that you know how much money you’re owed for each procedure, and lets the insurance company know that you’re watching carefully for correct payments.
Let electronic medical billing software do the hard work
Comparing every explanation of benefits (EOB) with the payer’s rates manually could take hours per claim. Inputting all of this data into a reliable software system gets the job done in minutes and guarantees that you’re getting paid the right amount, every time. If you’re ready to run a more efficient billing practice, get in touch with the Claimgenix team to schedule your free demo today!