For your counseling practice, your medical billing team can be a huge strength and asset, or a nightmare. Too often it is poor billing processes that destroy therapy practices. Consider these 3 questions:
- Are you receiving payment for your claims?
Obviously, the point of medical billing is to get paid for your work. But what is reasonable to expect?
A: You are doing well if you receive between 96 to 99 percent of claims, or better said, percentage of money from claims. I make this distinction because if you’re billing for different services, and you’re getting paid on your small claims, but not your high-fee claims, you could potentially have a high percentage of claims paid, but a lower percentage of total money in the door.
A quick note: having 100% of claims paid is always what you’re aiming for–that would be ideal. But in the imperfect system you’re working with (healthcare), be satisfied if you’re receiving 98%.
Consider it a Red Flag is you’re receiving under 95%
If you’re at 94%, don’t panic, but it’s time to look closely at your reports, and determine where you’re losing 6%, so that you can make changes.
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