How to Maximize Your Cash Flow: Smart Tip Series #3

Are you focusing on scrubbing those pesky claims that don’t go through? Accurate information is directly related to you receiving reimbursements, and clean and accurate claims get paid faster.  Start 2016 off with cleaner claims and a few simple tasks that can bring in the money.

Cash Flow Smart Tip 3: Scrub those denied claims

To increase your cash flow, it’s important to review all rejected or denied claims and make necessary corrections. Our billers often see claims that are rejected or denied for one or more of the following reasons:

  • Invalid insurance information
  • Invalid member ID numbers
  • Invalid insured information
  • Patient is not eligible on the date of service

The most important tip we can give to any office is to always check the patient’s insurance card at the time of check-in and confirm coverage.  Since it’s a New Year and insurance coverage may have changed for several patients due to a new job, marriage, etc., something as simple as copying or scanning the card to their record can save a significant amount of time when filing a claim.  Remember to copy BOTH sides of the patient’s insurance card to ensure that you have the correct claims filing address as well as important information.

Fast Pay billers are experts at making sure medical claims are CLEAN and free from errors, before we submit them.  While all optometric practices will experience claim rejections and denials, at Fast Pay we know that being FAST and knowing how to PREVENT those rejections in the first place is the best “cleaning solution” to receiving revenue quicker.

By reviewing rejections or denials daily, you can make the necessary corrections and resubmit so the claim doesn't sit in your system and later needs a scrubbing.

Visit Fast Pay at Booth #1349 at SECO International, Atlanta, GA, February 25-27, 2016

Before we started Fast Pay billing services, insurance companies were taking 20 days to pay, now we get paid within 4 to 5 days.
— Lisa Wosko, Practice Manager, Family Optometric Care, Bloomfield, CT

At Fast Pay, our billers take care of the billing hassle to maintain consistent cash flow and improve the turn-around time on your claims. We work with each of our offices to provide a solid billing solution. No two practices are alike and we pride ourselves on maintaining open communication between every office and their Fast Pay biller to stay in sync. Contact us for a free practice analysis to see how we can help you.

Read Cash Flow Smart Tip #1: Submit claims on a daily basis

Read Cash Flow Smart Tip #2: Post remits when you receive them