Managing the revenue process efficiently is not all that easy, and it requires your constant attention. Every step of the process – from scheduling appointments to receiving payment from insurance companies – is vital to optimize insurance reimbursement and thrive in business. It is equally important to have a solid medical billing process for each step of the revenue cycle to realize financial stability in your practice. This ensures you receive payments on time, reduce administrative costs, and keep a positive rapport with your clients. Here are just some of the ways to maximize your insurance reimbursement:
Verify Insurance Early
The revenue cycle should start even before patients arrive. It’s a good idea to verify the patient’s insurance information as soon as a patient makes an appointment. Since insurance information can change at any time, it’s prudent to verify the patient’s eligibility when you offer services.
By obtaining insurance verification early, you can get the following benefits:
• Get prior authorizations
• Minimize claim denials from invalid information
• Ensure quick registration or enable pre-registration
• Verify the medical services covered and non-covered
• Obtain important patient information
Collect Patient Financial Responsibility Upfront
Collecting patient responsibility upfront is the fastest way to improve collection rates and increase cash flow. Most patients become less inclined to pay or become difficult to reach after the service is complete. Instead of waiting for the revenue collection cycle, start talking about financial challenges and collecting patient payments early. Notify your patient about their estimated responsibility before they arrive, and let them know when payment is needed.
Handle Denials Promptly
Most insurance carriers should pay claims or provide denials within 30 days of receipt. Any claim that hasn’t been processed in 30 days is subject to penalties. Your goal is not getting interest penalties, but being paid quickly. Handling denials promptly can quicken the rate of payments significantly.
Talk to Our Team
At Advanced Reimbursement Solutions, we know that optimizing insurance reimbursement can be difficult. Contact us today to book an appointment with one of our experts in Phoenix or Wilmington and learn more ways of managing reimbursements.