Practical Ways to Get Your Insurance Payments Faster

Practical Ways to Get Your Insurance Payments Faster

By intellircm 16th Jun 2023 Blog

How efficient is your medical billing department? Are they effective in collecting your money and maximizing reimbursement? Or are they leaving a huge chunk of your hard-earned dollars uncollected in the insurance claim limbo? What percentage of your claims are over 90 days? 120 days?

If your percentages are higher than the industry standards—less than 20%—you're leaving tens or hundreds of thousands of dollars uncollected.

Getting prompt insurance claim payment is a puzzle with many pieces. As with any puzzle, you need the pieces to fall in the right place to get insurance companies to pay promptly. Are you now wondering how you can claim your insurance faster? Here are 6 practical ways to get your insurance payments faster.

Run an Efficient Front Desk

How is insurance payment done? Answering this question is key to getting your insurance payments faster. And it all starts at your front desk. Have your staff understand the value of pre-clearing patients through their insurance payers.

Have them capture accurate patient information with each visit. Require copies of insurance cards, ID, or driver's licenses as part of your registration process. Your staff should verify insurance and coverage limits and ensure forms are properly filled.

Require your front desk to check with the insurance company if they have any doubts. Some insurers allow you to check eligibility and claim status online. A call may take five minutes to confirm a doubt, but it pales compared to the 90 days wait if you submit a claim with invalid insurance information.

Embrace Technology

Sophisticated medical software can help you streamline your billing process and create a highly efficient system. Use medical software systems to automate your billing process. Systems can recommend medical codes and compare claims to ensure they comply with the insurance payer's guidelines.

Integrating and automating clinical and administrative operations keeps the staff happy and productive while avoiding ugly surprises like denials. Beneficial automation includes:

  • Electronic medical records
  • Electronic accounting
  • Health plan verification checks
  • Credit card payments
  • Patient self-service application
  • Claims scrubbing technology

Pick Your Clearing House Carefully

Switching to electronic billing accelerates your ability to submit claims. It creates a digital footprint that adheres to the firm's billing deadline in case of a dispute. However, electronic claims processing is the convenience derived from a clearinghouse. This is where you send your electronic claims for processing.

While there are many options to pick from, clearinghouses aren't created equal. In particular, you need a clearing house that lets you catch and correct errors immediately instead of the standard 30 days. The best services reject incomplete or incorrect claims so you can fix them before they reach the insurance company.

Follow Up Unpaid Claims after 60 Days

Physicians should create a system to help them track open claims monthly. Routinely browse your list and resubmit or follow up on unpaid claims. Typically, the system entails reviewing and following up on unpaid claims that are 60 days overdue.

You can easily track these claims online from your client portal on the insurance website and view the claim's status and quickly appeal it. Calling is also a viable option but may prove tedious and ineffective. You may endure lengthy call wait times and false promises and it doesn’t create a trail of evidence you need to resolve an issue.

Bill Secondary Insurance

Collecting full payment from Medicare patients can prove hectic and frustrating. Most physicians fail to bill secondary insurance, leaving vast sums uncollected. Medicare's "cross-over" process isn't always reliable.

If the claim is still open after 90 days, someone may automatically presume the secondary insurance didn't receive the claim. You should submit a hard copy of the claim and attach the Medicare EOB to prompt the insurer to foot their portion of their bill. Refining this process has the added benefit of reducing the amount the patient pays out of pocket.

Have Dedicated Billing Experts

Medical billing is a dynamic, complex process. Modifiers, codes, and requirements change frequently. Having a dedicated billing team allows for a seamless process. Ensure your team stays current and have them attend provider meetings by insurers to improve and expand their knowledge.

Your billing staff should understand each patient's benefits and coverage limits. Plenty of medical software can help you automate the billing and coding process. Properly coding your claims is the most reliable way to get insurance to pay.

Streamline Your Finances Today

Medical billing calls for persistence and follow-through to secure payment. A dedicated medical billing system eliminates the usual headaches to help you build a profitable practice. It enables you to build and streamline a system that collects insurance payments faster.

IntelliRCM provides medical practitioners with innovative medical billing and coding solutions. We're dedicated to helping streamline your finances and get paid faster so you can focus on caring for your patients.

Need help collecting insurance payments faster? Get a free quote today!

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