Licensed physicians and treatment providers are always looking for ways to make a profit. Most medical practices collect less than 70% of their claims to insurance companies. It is not uncommon for a doctor to bill an insurance company for $50.00 and get back $10.00. It takes a skill to get the insurance companies to agree that you deserve to get paid. Every treatment centers, rehab and hospital knows that the new ICD-10 codes are making it harder than ever to collect on a claim. Years ago, collecting on a claim was much easier. All that you had to do was submit some paperwork and the insurance company would send you a check.
The problem is not as bad as many people think it is. The reason for the slowdown of payments all has to do with understanding the ICD-10 requirements. It asks for more information such as how your patients are improving in their treatments with you. Insurance companies want to know why they should be paying you to begin with. Today, you need to have a good certified ICD-10 coder working for you. If you can't find one, then outsource your billing to a company that handles this. It is a wise choice if you are trying to earn more money for your practice. Doctors today are often only seeing 70% of their claims submitted to the insurance companies. Many insurance companies today are sending you a check for 50% less than you asked for. It is a tough time for doctors and anyone working in the healthcare industry.
Most people don't know that you need to learn 5 times as much information now than you did under ICD-9. You better believe that more study and experience is required. You need to document everything when you submit it to the insurance company. Insurance company's want to know why you are sending them a bill for a certain amount of money. Why should they pay you for the services that you performed? Was the service really necessary in the first place?
Licensed Medical doctors often have to go to school for 8 years or more. Their expertise for patient care should be enough for insurance companies to write them a check when they take care of a patient. However, this is not the case. Some doctors are even refusing to take any insurance at all. Many prefer to have their patients do cash pay. Many doctors complain that they must do this in order to keep their practice open. The insurance battle will only get worse.
Medical billers today should understand a lot about anatomy and how conditions are treated. In order to send in a correct claim to the insurance company, the biller must know how to do it correctly. Document what had to be done in detail. Today, the more detail that you give the insurance company the better. You will often see a higher return on your claims in the end. It requires much more work. However, this is why you need someone to do this full time for you. Forget ICD-9. It is a thing of the past. Instead, focus your attention on what needs to be done.
The problem is not as bad as many people think it is. The reason for the slowdown of payments all has to do with understanding the ICD-10 requirements. It asks for more information such as how your patients are improving in their treatments with you. Insurance companies want to know why they should be paying you to begin with. Today, you need to have a good certified ICD-10 coder working for you. If you can't find one, then outsource your billing to a company that handles this. It is a wise choice if you are trying to earn more money for your practice. Doctors today are often only seeing 70% of their claims submitted to the insurance companies. Many insurance companies today are sending you a check for 50% less than you asked for. It is a tough time for doctors and anyone working in the healthcare industry.
Most people don't know that you need to learn 5 times as much information now than you did under ICD-9. You better believe that more study and experience is required. You need to document everything when you submit it to the insurance company. Insurance company's want to know why you are sending them a bill for a certain amount of money. Why should they pay you for the services that you performed? Was the service really necessary in the first place?
Licensed Medical doctors often have to go to school for 8 years or more. Their expertise for patient care should be enough for insurance companies to write them a check when they take care of a patient. However, this is not the case. Some doctors are even refusing to take any insurance at all. Many prefer to have their patients do cash pay. Many doctors complain that they must do this in order to keep their practice open. The insurance battle will only get worse.
Medical billers today should understand a lot about anatomy and how conditions are treated. In order to send in a correct claim to the insurance company, the biller must know how to do it correctly. Document what had to be done in detail. Today, the more detail that you give the insurance company the better. You will often see a higher return on your claims in the end. It requires much more work. However, this is why you need someone to do this full time for you. Forget ICD-9. It is a thing of the past. Instead, focus your attention on what needs to be done.
About the Author:
We are a medical billing company in West Palm Beach Florida. We have physicians billing services for treatment centers, rehabs, hospitals and clinics. When a doctor decides to outsource their billing to us, we give a professional approach to getting higher returns. Our clients tell us that we get them faster returns on their claims. We also offer services such as revenue cycle management and utilization.
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