Now is the time to ensure your current practice management solution and respective claim clearinghouse is following the timeline to ensure compliant claim processing. As mandated by CMS, January 1 2012 all transactions need to be converted to 5010. At this time, they will no longer accept the 4010 format. Act now, consult your vendors to ensure they are doing their part to prepare and meet the looming mandates.
Filed under Knowledge Base, Revenue Cycle Management
Government and commercial payers alike continue to change regulations and rules pertaining to billing, coding and compliance. Wouldn’t it be nice to have a single point of reference to keep up to date with such standards and changes? Make sure you are utilizing your revenue cycle management solution to maximize its value. With many additional services on top of the traditional claims processing, you may be missing out on many products offered by your solution.
As a value added service, some revenue cycle management companies offer a knowledge base to their clients. This knowledge base is a fantastic resource to keep you and your staff in the loop on what is going on in the industry and how you can prepare for upcoming changes. Shared by others, industry constituents are able to leverage knowledge and interact amongst one another to make the most out of billing and compliance. From payer reimbursement changes to the addition or elimination of an evaluation and management code or diagnosis code, this knowledge base is an endless resource. Uniquely positioned as a web based service, the knowledge base can be accessed from anywhere, at any time and by anyone! Check with your revenue cycle management provider today regarding the availability of a knowledge base.
Filed under General
Are you losing valuable income to unnecessary expenses? With our national economy continuing to rear its ugly head, why let another day by when you can act on simple things to capture revenue such as utilizing a clearinghouse. Clearinghouses can often drastically cut those unnecessary expenses associated with filing claims, issuing patient statements, eligibility inquiries and other daily tasks.
Are you still stuck sending paper claims? Are you still sending patient statements out your own door? Is your staff stuck on the phone chasing down patient eligibility and claim status? Why? These tasks are a thing of the past. Get in contact with a clearinghouse today. They can help you get started and have you submitting claims electronically, checking eligibility and sending patient statements electronically in as little as 24 hours!
If you are currently utilizing a clearinghouse and are unaware of the extra services mentioned, contact your current provider and inquire about these offerings. If the current solution you have in place does not offer such, contact an organization that does.
There is no better time to turn your office into a more efficient and more economical place than now.
Filed under EOB, ERA, Paperless, Payment Posting
We are all familiar with the daily or weekly routine known as payment posting. How much time does your office spend each week manually posting payments? Hours? Days? Some explanation of benefits (EOB) can reflect hundreds of patients with numerous dates of service and endless procedures resulting in thousands of line items. Sure, this process is a necessity for your office in order to track your accounts receivable, but why does it have to be so inundating and time consuming? Could your office be spending their time on something much more productive and valuable? Yes!
Auto Posting is a new and very valuable paperless tool. Useful in your daily office routine, Auto Posting is a file generated by your clearinghouse when they receive your EOB’s electronically by way of electronic remittance advice (ERA) from respective payers. The auto posting file is imported directly into your practice management (PM) software. With a click of a button, your payments are posted directly to each respective patient account by date of service and procedure. The results are much faster and run no risk of human key stroke error. In a matter of minutes, rather than hours, you can have your days posting complete! Now you and your staff can focus on more productive tasks and procedures.
Filed under General
Are you still filing claims to insurance carriers by paper?
It is hard enough to keep your practice on schedule seeing patients, why inundate yourself and your staff with such a daunting task as filing paper claims? Utilizing a practice management system and an electronic claim processing clearinghouse, you are freeing time for your office to focus on more productive things such as patient care. Generating cash flow quickly is the goal behind every successful practice. The turn-around for electronic claims is 15 days while paper claims range from 30-60 days. Some state Medicare Programs have already mandated electronic filing, it is only a matter of time your local Medicare carrier does the same.
Filing claims by paper is not only time consuming, it is expensive. Eliminate mail float and lost claims. As postage, paper and printer ink/toner costs rise, so does your overhead. Eliminate associated costs and utilize a clearinghouse. A clearinghouse will give you immediate receipt confirmation, run your claims through an audit and also provide you with a notice of receipt from the payer, real-time.
What are you waiting for?