In today’s medical billing process, aging claims and delayed reimbursement on insurance claims are all too common. This can be even more of a burden than usual on locations with high patient traffic and smaller staff. A single aging claim can stop the entire RCM cycle in its tracks and cause significant issues for your billing department. By implementing an organized and efficient system for aging collections management, your practice can substantially cut down on these claims and spend less time tracking down delinquent payments. However, this is easier said than done, and dealing with an insurance provider alone can often only lead to more headaches.
Luckily, you don’t have to deal with aging collections without a powerful ally at your side. Our RevWerx team has plenty of experience in identifying potential issues that may cause or increase the rate of aging insurance claims and delayed reimbursement. We usually begin our services with an in-depth analysis of your documentation, claims process, and insurance correspondence. Regardless of what we find during these audits, we will pursue your outstanding claims until they are paid in full. Contact RevWerx today by calling us at 833.309.0138 or filling out our secure online form to discover how we can help your facility and its billing department be the most efficient it can be.
The Effects of Delayed Reimbursement
Delayed reimbursement can not only be a nuisance to your billing department but can also slow down your entire practice. In addition, many clinics across the country are understaffed and don’t have the workforce to waste precious time pursuing claims and talking in circles with insurance companies. In addition to aging claims, denial rates have steadily risen for years, causing more stress for facilities everywhere. The burden doesn’t solely fall upon you, either. For a patient, the stress of waiting on your insurance provider to confirm payment for treatment that you need can be agonizing.
Handling High Aging Insurance Claim Rates
There are plenty of ways for you to reduce the frequency of aging claims, delayed reimbursement, and denied claims.
- Ensure that all patient information is correct before submitting. One of the most common reasons for delayed reimbursement and denied claims is incorrect information. It is vital that you record accurate registration information before treatment even begins. Little details like transposed numbers in an address or a forgotten middle initial can cause much more trouble than you may think.
- Verify charge amounts and coding. If the incorrect code is used for a specific treatment, your chances of a late or denied payment skyrocket. Ensure that your staff is careful and detail-oriented when it comes to medical coding.
- Be proactive about your denied and aging claims. It sets a precedent of professionalism and efficiency when you’re quick to update incorrect information and follow up on aging claims. The faster you contact an insurance company, the quicker you can get missed or delayed payments.
- Consider partnering with an RCM service. It can be challenging to keep up with every aspect of the billing process on your own. When you work with an RCM service, it can decrease the workload on your staff and reduce aging claims.
Contact RevWerx Today
When you partner with an RCM service like RevWerx, you can rest easy knowing that there is a team by your side to assist with aging claims. Delayed reimbursement can be extremely frustrating, but you’re not in this fight alone. Your primary focus should be on your patients – not on the minutiae of bookkeeping. Our highly trained and experienced team can assist your facility or practice in managing aging collections and insurance reimbursement, as well as billing audits, utilization reviews, and so much more. For more information, contact us today by calling our offices at 833.309.0138 or visiting us online.