Many medical practices have had small increments of money slipping out of their practice for several years. When billing changes take place annually between the insurance company and provider, current fees and rates are not always updated by the billing department. Hiring a professional team is a great way to see exactly where there are repetitive financial losses within the business due to billing. Here are a few ways to reclaim business revenue with healthcare underpayment revenue recovery.
It is common for the physicians within each practice to not know the details of how each office visit or procedure they perform is billed. The systems in place in the office may have not been updated with current software or technology to catch errors. The staff member who handles the billing may have time to research past or current billing issues. Work with healthcare underpayment revenue recovery solutions.
The correct billing code for an office visit or specific procedure often changes each year. There are certain billing codes that the insurance company has stopped using. When these codes are billed, they are usually only partially paid or denied. Work with the healthcare underpayment revenue recovery solutions to have access to billing specialists who will give exact information on how to properly code common office appointments and surgical procedures. Always follow the software suggestions given that will integrate updated coding into the office procedures.
Allow healthcare underpayment revenue recovery solutions to go through current claims that are not being paid correctly. These claims often partially paid and there is still time to have them reprocessed. After a thorough review of past claims, the healthcare underpayment revenue recovery solutions may highlight certain insurance plans that are no longer compatible with the current business pay expectations to turn a profit on the service. Alerting established patients that their insurance will not be accepted after a certain date is important. Contacting the insurance company and requesting to be taken off the lists of providers will eliminate future new patients being referred by the insurance company.
After the billing codes have been updated and contracts with local providers have been reviewed the practice ownership can decide which business relationships to terminate. Hiring a team to pay attention to future billed services is a great way to catch claims that are not paid out as agreed. Work on increasing the long term profitability of a practice of any size by hiring healthcare underpayment recovery solutions.