There are several important moving parts that affect your cash flow. Here are 3 of them:
- Providing your biller with EOBs/payment information as soon as you receive them. If you don’t want to be or are not set up with ERAs (Electronic Remittance Advice) then you are still receiving paper EOBs. Remember that until you put them in the hands of your biller, those payments and denials won’t be posted. This delays patient statements from going out, secondary and tertiary claims from being submitted, and denials being worked on. And all of that affects your cash flow because each of those items equal money!
- Keep patient insurance information updated – This can be forgotten when you are working across multiple systems. For example, if you keep a paper chart and use and EHR, you may not enter the patient’s insurance information into the EHR. Instead, keep a copy of the card in the paper chart. If your biller doesn’t have access to the paper chart then chances are the claim will go out to the wrong insurance. And if you don’t follow Rule#1 then chances are you will reach the timely filing limit of the correct insurance and the claim will be denied and you will lose money.
- Frequent claims submission – the more frequently you provide your biller with superbills/route slips/encounter forms, the more steady your cash flow will be. Especially with facility billing, it’s easy to have billing ready each month when daily or even weekly can seem like an impossible deadline to meet. You may even think it doesn’t impact your cash flow but it does. Also the longer you wait to put billing information into the hands of the biller, the longer it will be before you realize demographic and insurance information are missing or incorrect, the longer it will take for you to receive a denial from an insurance, the longer it will take to bill the patient for any balance due, and the longer it will take to remedy any of these issues and get the claims paid.
When they say time is money, it’s very true when it comes to medical billing. the faster you can get your biller what they need, the faster they can review, correct any issues, submit the claim and the faster you will see payment!