Healthcare practices and organizations lose billions of dollars in lost revenue each year in the form of unpaid and underpaid medical claims. You do not get paid for around 5 out of every 100 patients you provide services to. As the amounts add up, it delivers a heavy blow to the financial health of your practice.
Increasing patient responsibilities and the difficulty in collecting payments are becoming a troubling issue for healthcare providers. It is critical for any practice to ensure that you are able to collect what you deserve from your payer contracts.
Here are the 3 most effective tips to avoid underpayment.
Accurate coding and proper billing procedures can improve your success rates the first time around, reducing the likelihood of underpayments. Trusted billing and RCM services, such as Emerald Health, ensure ongoing training for billers and coders to ensure the best results for your practice.
An experienced revenue cycle management service can assess your contracts to help you decide whether you need a contract renegotiation. They will help you review everything from fee schedules to patient expense estimations, for each payer.
Since we know that underpayment is an issue, an RCM service can undertake an underpayment recovery project for you. Such a project would include an analysis of your unpaid and underpaid claims sand identify recovery opportunities. These claims can then be worked upon to recover what’s owed to your practice.
To learn more about how medical billing companies can help you with underpayment recovery, call the medical billing specialist, Emerald Health LLC in Massachusetts at 855-650-9906 Today.