Having an up-to-date system in place to manage delayed claims is more important than ever to maintain the profitability and viability of your practice. Denied claims and delayed claims have drastically increased in recent years, which hurts the healthcare industry overall. Behavioral health counselors and their practices are particularly vulnerable to delayed claims due to the nature of behavioral health billing practices.
Let RevWerx help your behavioral health establishment get on top of delayed claims that are holding your business back. Call us today at 833.309.0138 for more information about the specific tactics to retrieve your aging collections payments.
The Importance of Delayed Claims Management
Delayed claims management works circularly with delayed claims prevention. By implementing a program that can analyze your organization’s claim denial and delay trends, you can see where to focus on denial and delay prevention. How closely are you following your denial percentage rate? Do you know the primary reasons for claim delays that your practice is encountering? Having a third party on board that is fully equipped to tackle these questions with you will help you prevent these issues from occurring in the future. By gaining the necessary insight into the process and where these issues arise, you’ll know what steps need to be taken to prevent future claims issues. However, initially implementing the measures to get you back on track can be time-consuming and tedious. RevWerx would like to set you up for success by helping you collect all of the claims you haven’t received. When you’re on top of aging claims, you’ll get a clearer picture of where else the business side of your practice could be struggling.
The demand for behavioral health services has undoubtedly increased since the pandemic. When a steep increase in substance abuse treatment and depression is happening in the country’s behavioral health care industry, it only makes sense that there would be an increase in denied claims, frozen claim payments, and delayed payments. Many times, there are simple issues that can be quickly corrected to address aging and frozen claims. Other times, it requires a lot of time and effort to receive payment for your delayed claims. RevWerx is well equipped to identify the issue in the payment cycle and pursue the claims until you get what is owed to your establishment, so call us today at 833.309.0138.
How Do Aging Claims Impact Your Practice?
Aging claims are patient bills that have remained unpaid for an extended period. These claims can hold up your healthcare business’s entire revenue cycle management (RCM) billing process. Strategic implementation can help your office address complex claims, unpaid claims, frozen claims, and claim denials. Taking care of these lingering outstanding claims can increase your practice’s overall profitability. Strategies can include:
- Having individuals on staff that are experts in billing codes, changing behavioral health regulations, and best business practices for healthcare facilities. Issues keeping up with administrative duties can cause problems in insurance payments due to simple errors.
- Making sure you check for preauthorizations and ensure that every person receiving service has a current and active insurance policy in place
- Improving patient and insurance communication
- Increasing system integration
- Analyzing a snapshot at every stage in the payment cycle to root out the issue your business is experiencing with problematic unpaid claims
- Proactive collection methods
- Filing new claims on time
- Considering the benefit of payment credits for your aged payments. More people will find a reason to pay if they get credit toward the total they owe on the aging claim
- Increase the scope of the patients you are reaching–focus on smaller clients ensuring they pay promptly while you work toward retrieving other clients’ larger delayed insurance claim reimbursements
Take Control of Managing Your Claims with RevWerx
If you are operating in a behavioral health treatment facility, your focus has to be on your patients. Tracking down claims and dealing with insurance companies is not how you want to spend your time. Let RevWerx take care of your aging claims collections and insurance claim management. Get in touch with a member of our team today at 833.309.0138 for more information.