How to Maximize Your Cash Flow: Smart Tip Series #4

Our Fast Pay billers go through aging claims daily to see why the open balances are still outstanding. The most common reason we find is that payments simply were never posted. Why is that a problem? Check out Tip #4 below.

Cash Flow Smart Tip #4: Always research unpaid claims

If you have secondary insurance for your patients, you can run into timely filing denials. Many payers require you to bill a secondary within 180 days or less after you receive the primary payment. Or, if there was a balance left for the patient to pay, it becomes increasingly difficult to collect payment the longer it’s been since the patient’s visit.

In either case, open balances that have already been paid creates a false image of your open balances. If half of your open claims have been paid already, you need to factor that in to maintain your practice’s budget.

Our Fast Pay billers review claims submitted through clearinghouses DAILY, research claim status through payer websites, and contact payers by phone to figure out what happened to those unpaid balances when no remit can be found to help resolve this issue. Always write down the name of the payer representative you spoke with during your conversation as this information may come in handy down the road.

Researching unpaid claims is a time consuming process, often with little reward. It can take anywhere from 5 minutes up to one hour to research an unpaid claim, only to find out the payment was already received. Or worse, the claim was never filed and cannot be appealed for timely filing.

By focusing on the previous tips we discussed in our past blogs (see below links), you can greatly reduce the number of claims that end up unpaid. You can improve both the efficiency of your practice, as well as your cash flow. Our goal at Fast Pay is to balance your aging to where the bulk consists of fresh claims that grow smaller in numbers as they age.

We love getting paid faster. Our staff no longer spends hours on the phone with insurance companies, which allows them to focus on what’s important—the patient.
— Cindy Hess, Columbia Family Eye Care Center, Clarksville, MD

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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

Read Cash Flow Smart Tip #3: Scrub those denied claims