Do you wonder where your money is in your medical practice? With more patients coming in with insurance, it’s easy for money to get lost. On average, 25% of lost practice revenue comes from poor medical billing and revenue cycle management (RCM). 2018 may be the year for you to move your in-house billing to an end-to-end revenue cycle management service. At Fast Pay Health, we want you to “get results fast” by streamlining the billing process, increasing your revenues, and reducing that lost percentage. To help jump start the new year, here are a few medical billing tips that can help maximize your cash flow.
Cash Flow Smart Tip #1: Submit claims on a daily basis
Maintaining a consistent submission schedule ensures your office gets paid on a regular basis—especially when many medical insurance payers who process claims typically pay on a weekly basis or the same time every month or week. Not only that, if you file claims only once a week this means a bigger backlog to work through, which leads to a higher chance of errors. At Fast Pay Health, our medical billers and certified coders frequently get claims submitted either the day of the appointment, or within one business day.
Cash Flow Smart Tip #2: Post remits when you receive them
Not only does delaying posting remits keep your accounts receivable (AR) artifically high, you could be missing denials. If you think getting EFT payments means you can wait to post, think again. Some payers have strict refiling rules, which limits your time to appeal a claim from the date of the remit.
By handling remits within one to two days, you can move the balance to the secondary insurance and bill that much quicker. Or, you can move that balance that is due from the patient so you can generate a statement. It becomes increasingly difficult to collect payments the longer it’s been since the patient’s visit.
The Fast Pay Health team guarantees consistent, uninterrupted service during your business hours. We keep those remits posted and claims processed on a daily basis.
Cash Flow Smart Tip #3: Scrub claims to reduce denials
Are you focusing on scrubbing those pesky medical claims that don’t go through? Making sure claims are sent correctly from the start greatly reduces your AR—and saves you time. This is especially important if you have a pay-per-claim plan with your clearinghouse.
To increase your cash flow, review all rejected or denied claims and make necessary corrections. Fast Pay Health medical billers often see claims that are rejected for more than one or more of the following reasons: invalid insurance information, invalid member ID numbers, invalid insured information, and patient is not eligible on the date of service. We make sure your medical claims are clean and free from errors before we submit them—delivering a positive cash flow for your practice. We analyze unpaid claims then take the necessary steps to recover the amount due.
“We’ve been in business since 2007 and never received any payments from Medicare until Fast Pay Health stepped in to help us,”
– Shari Tullo with Princeton Optometry
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Cash Flow Smart Tip #4: Always research unpaid claims
Researching unpaid or denied claims is a time-consuming process—it can take anywhere from five 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.
If your patients have secondary insurance, 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. Also, if you file claims through a clearinghouse, any rejections are reported within two to three business days. Don’t let those claims slip through the cracks. You should always research rejections on the clearinghouse reports and denials on the remits daily.
Fast Pay Health specialists review accounts receivable aging claims daily to see why open balances are outstanding. We can help you reduce the number of hours you spend each day on the phone with insurance companies, so you can see more patients and increase revenue. We also verify receipt of claims with insurance companies.
By focusing on the tips above, you can greatly reduce the number of claims that end up unpaid. Our goal at Fast Pay Health is to balance your aging to where the bulk consists of fresh claims that grow smaller in numbers as they age.