Streamlining the Insurance Submission Process for your Medical Practice.
If you work in a medical practice, you know how hectic and time-consuming the insurance submission process can be. Did you know that physicians use nearly 12% of net patient service revenue to cover costs of excessive administrative complexities? If you’re a physician that finds yourself in this situation, you are not alone. With the introduction of a third party – like an insurance company – it makes the administration of a medical practice a little more complex. Fortunately, with the right steps and tools, you can streamline your insurance submission process and make your medical practice run even more efficiently!
1. Daily Insurance Submission is Key to Efficiency
Waiting to submit your claims on a weekly basis can delay your payments by up to 4 days. This can affect your cash flow over time. Stick to submitting your claims daily to maintain efficiency and a healthy cash flow!
2. Ditch the Paper and Go Electronic
Although electronic claim submissions are becoming more popular across medical practices, many still opt for paper submissions. Taking advantage of electronic submission makes it easier to prevent unnecessary claim denials, which decreases costs and improves your cash flow! So why do some medical practices still use paper submissions? Some medical practices may be used to a certain workflow or some payers might require it. If you’re not sure if one of your payers accepts electronic submissions, ask your billing service provider. Remember – an electronic insurance submission can save time, money, and improve your practice’s efficiency and cash flow!
3. Review Claims Carefully Before Submitting
Whether you’re opting for electronic or paper insurance submission, making a mistake can place a road block in your payment process. Make sure to review details carefully before the claim is processed, adjudicated, and denied by the payer, leaving you in square one. Mistakes can be range from personal details – patient’s name, date of birth, address – CPT, ICD, or place of service codes, or you’re simply missing a section. Since rejected claims are not processed, once a mistake is made you must begin the claim process all over again. When it comes to claims, preventing mistakes is always the optimal route!
4. If You Don’t Analyze Your Work, You Can’t Improve!
Track and identify trends in that may contribute to denials. Is your staff making mistakes when it comes to coding or inputting personal information? By having access to this data, you can come up with a solution that works! Analytics can also help you create more efficient workflows, like grouping together similar claims to reduce turnaround time.
5. Set a Routine That Works for Your Staff
By setting a routine in place and assigning roles and accountability across your staff, your insurance submission process will run more smoothly. Remember – everyone in your practice plays a key role in this process!
You’re ready to start placing practices in place to streamline your insurance submission system! With a little practice and motivation, your medical practice will be running smoothly.
By making some time to see patients on Sniffle, not only are you a first mover in embracing telemedicine and increasing the efficiency of your practice, but we aim to ease your insurance hassles by suggesting reimbursements codes at the end of each Sniffle consult. Your patients always have the option to be pay cash. Learn more today!