How medical practices can put an end to underpayments?

Presented By Adam SmithBillingParadise

Are Physicians Being Underpaid By Insurance Companies?

• Underpaying physicians is a menace that has snowballed into a huge issue.

• A more silent, assiduous poison is slowly eating up the revenue of physicians.

Programmed To Underpay?

• When health insurance giant, WellPoint, agreed to pay 700,000 physicians, $198 million dollars, it sent shockwaves across the industry.

• The physicians alleged that computer systems were programmed to underpay doctors.

Is it okay to get paid just 62% of what is rightfully due?

• Most insurance companies pay just 86% to 90% of what is in the contract.

• A practice that collects 30,000 dollars loses 3000 dollars, regularly, for no fault at all.

Steps To Stop Underpayments

• Analyze payer contracts and agreements every 3 months.

• Educate patients about payment options and responsibilities.

• Compile a list of CPT codes based on how often you them and what the top paying codes are.

• Automate your billing process.

• Use a tool that automatically cross-verifies every payment matches the payers’ schedule.

• Monitor key performance indicators regularly to spot unhealthy payment trends.

• This will help you clamp down on under paid claims immediately.

• How much have you struggled with the payer to get perfect reimbursements? Share your experience with us..