The revenue cycle is significantly more complicated now than when the industry first started incorporating software automation solutions into the mix because of the complexity and behind-the-scenes dealings of the medical billing process.
When patients come with a complex case or a considerable medical history to consider, the current medical billing procedure is sometimes so intricate that invoices frequently take not just days but months to be finalized. Here are five methods to speed up medical claims processing and enhance billing.
- Update Your Medical Information
To prepare for filing a claim, you may want to alert your insurer before seeing your doctor. This is sometimes called a medical status update by insurers. Taking the time to notify the organization will ease the process since they simultaneously deal with medical coverage claims.
- Don’t Put Off Submitting
The Medical Group Management Association (MGMA) found that once-a-week claim submissions often resulted in a 1–4-day delay in payment to providers. It may appear more convenient to wait until the last day and then send out all of your claims at once, but doing so means you will have to wait longer.
- Ditch the Paper – Submit Electronically
Sending claims by snail mail will almost certainly cost you more than you think. As per the American Medical Association (AMA), the average cost of processing a clean claim via paper is $6.63. The identical claim may be sent online for $2.90.
Remittance time for electronic claims is much shorter – 69% of electronic claims are processed within seven days, compared with 29% of paper claims – and they are more environmentally friendly. Getting your “green” faster is easier when you submit online.
- Make Duplicates Of All Records
Many claims are stalled because your insurance provider must contact your doctor to obtain documents from your appointment. If you already have these forms, the insurance provider can bypass this process.
- Call First Thing In The Morning
If you need to contact your insurance provider, do it as soon as they open. You can avoid waiting time by jumping on the phone before other users. The worst times to call are around lunch or shortly after work. During these hours, a large number of people will call to verify the progress of their claims. Call ahead of time, have your information available, and be prepared to jot down notes as you go.
- Be Sure To Follow Through
This is not a surprise, although many customers overlook it. If you want your claim to be handled, you must maintain contact with your insurer until it is. When you reach a salesperson, ask for their name and direct contact.
If not done appropriately, filing a claim with your health insurance might take considerably longer. This may imply that you must pay out of pocket while waiting for the insurance refund. If you can’t pay the whole amount before the insurance company compensates you, your medical expenses could be late, causing your credit to suffer. However, if you put in the extra effort, you may speed up the process.