Get Paid Quickly with Insurance

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5 Mistakes That Are Killing Your Private Practice

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Waiting months to get paid from insurance? There is a better way and I will tell you how.

 

I get it. I have to admit that in the past, I have waited months to get paid. It was at a time when I was filing the HICF 1500 paper claims. The problem with filing paper claims is that if you have an error or mistake on the claim, you won’t get notified until after the claims department of the insurance company has begun to process the claim.

 

This has happened to me. If my claim got kicked out due to error, insurance would write me a letter to tell me. It would take about a month before I even realized that the claim was not accepted for processing. After I fixed the claim and mailed it back, I would have to wait longer to get paid. 

 

Can see how much time all of this takes? I was getting frustrated with keeping track of payments and the lag between delivering services and getting reimbursed. I needed to find another way to get paid faster.

 

It was at that point that I started to look into submitting claims electronically. The amount of time it takes to submit and get paid electronically is drastically different from filing paper claims. This was a complete game changer for me.

 

One of the really cool things about electronic submission is that if I made a mistake on filling out the claim, the system notified me immediately. The claimed will get kicked out and it shows what needs to be fixed. I can fix it right then and resubmit. This step alone saved me a month of waiting.

 

After I submit claims, I usually get paid in 1 to 3 weeks. Not only was I getting paid quicker, but I was able to clearly see which claims were paid and which ones were not and needed follow up. I did not need to constantly look back over the past few months to see if there were any outstanding claims. I could focus more on my current clients and not have to remember to check on the reimbursement of a client that I saw months ago, who completed treatment.

 

And because I was getting prompt payment, the cash flow into my business was greater. The financial health of my business was much more stable.

 

Another step I took was to sign up for EFT - electronic claims submission. EFT’s allow the insurance company to use direct deposit of reimbursement. No more waiting for paper checks to come through the mail. No more worrying if the check got lost in the mail. With EFT’s, the deposit is made the same day as the EOB (explanation of benefits) comes in. 

 

Sounds great! So, how do you sign up for electronic claims submission? Glad you asked. There are several ways to submit electronic claims. 

 

EHR or electronic health record is a digital version of the patient’s paper chart. This includes client notes, appointments, treatment planning, diagnosis, client portal, appointment reminders, and claim submission. Examples of this would include SimplePractice and Therapy Notes. These practice management systems are cloud based and require a monthly subscription. There are many practice management systems available. Office Ally has a free version, Practice Mate.

 

Another way to submit claims electronically is directly through the insurance company using their provider portal. Optum (UnitedHealthcare or United Behavioralhealth) and Blue Cross Blue Shield are examples of this. The provider can go on the portal, enter all the patient information, and submit claims. Not all insurance companies offer this feature.

 

Medicare also allows providers to submit claims through their system.There are a few more steps involved with this system, but it is free of charge.

 

So there you have it. If you have been waiting for months to get paid from the insurance company, consider filing claims electronically. It saves time, you get immediate feedback if there is a mistake on the claim, and it streamlines your business.  

 

If you have any questions or need extra help about how to create an insurance-based private practice, contact me at Robin@DrRobinMyers.com. I offer Coaching and Consulting services.

 

 

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