Healthcare providers are committed to serving humanity, sometimes at a considerable cost to themselves. They forget that the business side of their practice is also essential to keep the doors of their practice open. There are billions of dollars in disputed payments from both federal and commercial payors. AR recovery services from dependable medical billing companies can help stem the tide.
Physicians and medical facilities lose revenue in many ways.
Revenue loss arises chiefly when
• Payors underpay the contractually allowed amount and the difference is written off.
• There is a lack of clarity in contract terms and discrepancies appear in interpreting terms.
• Claims are denied and there is no follow-up to get them paid.
• Insurance eligibility is not carried out thoroughly. Services not covered may be billed and the claims rejected.
• Billing and coding errors occur and there is insufficient clinical documentation.
How can physicians address these issues?
To strategically approach the issue of underpayment by payors, providers need to list out the topmost performed procedures and high-paying consult codes in their practice. Next, the amount reimbursed for these procedures should be checked against the contracts and fee schedule. Providers can use contract management software that performs these checks and flags discrepancies.
Providers need to be aware of payor contract conditions and clauses to argue and prove underpayments by payors.
The front office must carry out complete eligibility verification to ensure no errors in checking insurance coverage. Further, the coding team should have their work internally audited to submit error-free claims. These two processes, when done correctly, help in reducing denials and rejections.
Are you losing collections because of the above factors and think that experts in AR recovery services would help your practice stem the tide? Bristol Healthcare Services, a leading medical billing and coding company, will assist you in recovering underpayments and non-payments from payors.
How does Bristol Healthcare help with AR recovery?
As a company that offers complete billing and coding solutions in conjunction with cutting-edge technology, Bristol Healthcare will analyze your processes with a holistic perspective.
We will do the following for you.
Check your payments with payor contracts and fee schedules to determine instances of underpayment/non-payment. Action will be taken to correct these cases.
• Our long experience in the industry enables us to work directly with payors, do rigorous follow-up and get your claims paid fully.
• Study trends and root causes of payment errors and chart corrective action.
• The team of revenue cycle professionals can take up insurance eligibility verification as a service. You can be sure that this check will be done thoroughly.
• Our team of certified and expert coders will ensure error-free coding for faster reimbursement.
• Your secondary bills will be processed without delay ensuring faster resolution of claims.
• Your files will be processed within 12-24 hours of receipt. There will be no cases of rejection of claims due to delay.
Denials, rejections and underpayments cause undue stress to providers, their staff and patients. Recovery of dues from payors boosts cash flow, reduces write-offs and ultimately increases your bottom line. It also frees up your time and energy for patient care—an overall better outcome.
Partner with Bristol Healthcare and watch your practice grow!