A bill for patient Jane Smith is mailed from your office the 15th of the month and arrives in her mailbox within two days. Ms. Smith opens the bill and puts it in her pile of bills to be paid on the first of the month.
Two weeks later, when she pays her monthly bills, Ms. Smith notices that there is a billing error – her secondary insurance was billed as the primary insurance and the claim was denied. The bill should have been sent to Medicare, her primary insurance.
Ms. Smith plans to call your office Monday morning to have the error corrected. On Thursday, when she remembers about the bill, she calls the office and tells your billing manager about the error. The billing is corrected and the claim is sent to Medicare.
A couple of weeks pass before the practice receives payment from Medicare. Once payment is posted in the office, a new claim is submitted to the secondary insurance company. Payment for this claim could take another couple of weeks, it all depends on the payer.
Once all insurance payments are received and applied to her account, a patient statement can be processed and mailed for any open balance. This time, Ms. Smith will receive a correct statement and she will process for payment, most likely waiting again until the first of the month.
Ultimately, payment for services provided many weeks earlier took entirely too long to be paid. Your bottom line is negatively impacted due to this all too common cycle.
Partnering with a Revenue Cycle Management (RCM) organization will make a difference in your financial performance. The combination of electronic insurance eligibility, patient cost estimator and pay the bill now make collecting patient payments convenient and fast – both for your patients and your staff. With a dedicated focus on your billing 100 percent of the time, your practice will receive faster payments and a reduction in A/R days.
AssuranceMD helps your practice protect all the revenue you’ve earned, ensuring you’re paid promptly and fully. Much more than a just a billing service, AssuranceMD is a comprehensive RCM solution that manages the entire revenue process. Maximum collection produces efficient cash management, higher earnings, maximum business valuation and more quality time with patients.
Call us today to find out how we can help you improve the cycle of revenue. Ask about our money saving guarantee.