It’s that time again! We need you to judge our monthly Medical Billing Tip of the Month contest. Listed below are the three top tips submitted this month (out of the many great ideas we received!). Just read them over and then post on our Facebook page which number is your choice for Medical Billing Tip of the Month. You can also post your choice in the Comments box here on our blog. Either way, be sure to vote before the deadline on Thursday November 1st! The winner will receive a $250 American Express Gift Card and the acclaim of their peers. Here are the candidates:
1. Wait for the Money
Some carriers have a bad habit of sending EOB’s separate from the actual check (Illinois Medicaid is Brutal). Many of my newer colleagues see the EOB as paid and start entering the payment info. Wrong!!!
This will hurt the biller at times. Some carriers distance their EOB’s and the actual payments by almost 6 months and rarely by even a year. You don’t want to enter payments from just the EOB’s. Make sure the payment actually came in. There is a chance that a paper check may have gotten lost in the mail, and since it’s marked as payed, one would never think of going back to check.
I always wait until I have both the EOB and the Payment itself before posting payment, and I suggest you do the same.
2. Lower A/R by 5%
When I started at my practice our A/R was very high (about 36%). With a lot of hard work and dedication I have been able to lower our A/R to an outstanding 5%. How did I do this? I will give you a step by step guide to my billing world.
- Upon arrival from the patient, we have them fill out an insurance verification sheet which will explain in detail what their policy will cover and what balance, if any, the patient will liable for. This gives them the understanding of what they will owe and helps to collect the balance that will be do up front.
- Next, we verify that the patients demographics and insurance information is properly entered into the system. Once the charges are verified, and notes are completed, we will bill this charges to the insurance. I wait about 15 days and then follow up with the insurance companies to confirm they received the claim and are processing it. This helps to ensure I won’t receive any claim denials or no response.
- One I receive the payment I quickly post it and either send the patient their statement or bill there additional insurances. Following this process has made my billing very neat, efficient, organized and almost error proof!
3. Creating Cases for Authorization
In Psychiatry specialty, most of the procedure codes would require Authorization, especially from Medicaid, Sierra and Amerigroup insurances. There is an option in Kareo to update the Authorization information alright, but a little more enhancement that I described below will ease the process of submitting the claims with appropriate authorization without any hindrance.
- Create separate cases for each CPT code that require authorization. For eg., if a patient has CPTs 90806 and 90847, we can create 2 separate cases with the names “90806″ and “90847″
- Whenever a service is performed, it can be entered into their respective cases. In cases where a patient has a month-over-month policy, the case can be named with a suffix, for eg., “90806 – Medicaid”, “90847 – Sierra” and so on
- This will actually eliminate assigning an incorrect authorization# for a CPT
-Also, when a “Patient Insurance Authorization” report is generated, this will give a clear picture of which auth# is valid for which CPT.
Which tip is your top choice? Vote now on our Facebook page or in the Comments box on this blog. You have until Thursday, November 1st, to vote! We’ll announce the winner in our November newsletter.