Your practice’s billing team likely spends a lot of time on the phone with insurance companies. In a perfect world, claims would go out and payment would come in, but it’s never that simple. If a medical claim isn’t paid within 60 days, your billing team will have to investigate why. In this article, we’re going to share some tips that our Collectors use to get accurate information from the insurance companies, quickly.
The front desk can be hectic with patients coming in and out, phones ringing, and time-sensitive tasks needed to be done. Your front desk staff is human, mistakes are unavoidable. But if you’re receiving a high number of denials due to data-entry errors, changes need to be made to eliminate delayed reimbursement. Let’s look into 3 ways your front desk can work smarter to reduce data-entry errors.
1. PTA/OTA Reimbursement Cut Takes Effect in 2022
It’s been a year since CMS implemented CO/CQ modifiers for services provided “in whole or in part” to Medicare patients by PTAs and OTAs. In 2022, CMS will be reducing reimbursements by 15% for services with CO/CQ modifiers.
There are two types of write-offs in medical billing: necessary and unnecessary. Necessary write-offs include contractual obligations, small balance write offs and cash-pay discounts. Unnecessary write-offs occur when billing/administrative mistakes lead to uncollectable money being left on the table. Practice owners and managers who can identify unnecessary write-offs and implement processes to eliminate them can improve the health of the accounts receivable and increase revenue.
Workers compensation claims typically take longer to process compared to commercial insurance claims. It is crucial that your staff submit clean work comp claims with proper documentation in a timely manner. In this article we will discuss the top reasons for work comp denials and how to stop them.
Deciding who will manage your practice’s revenue cycle is not an easy decision and should not be rushed. The first question you should be asking is, “Should I manage my billing in-house or outsource?” There is no one-size-fits all answer to this question and it largely depends on your individual practice and staff. Today, we are just going to focus on the benefits of outsourcing your rehab therapy billing.
The Centers for Medicare and Medicaid Services (CMS) implemented new modifiers that could impact your practice, these are the CQ and CO modifiers. If your practice utilizes physical therapy assistants and/or occupational therapy assistants, you will need to know when and how to apply the CQ and/or CO modifier.
To protect Medicare patients from identify theft and illegal use of Medicare benefits, Medicare has replaced the Health Insurance Claim Number (HICN) with Medicare Beneficiary Identifiers (MBI). HICNs were based on member’s SSNs while MBIs are unique and randomly generated.
The new year is a great opportunity to set standards in your practice to ensure profitability and efficiency. Now is the time to meet with your administrative team to assess how they are performing and set expectations for 2020. Don’t know the right questions to ask? Don’t sweat it! We’ve outlined the 5 questions to ask yourself and your team: