Counselor Medical Billing 3 tips to measure how well you’re doing: *** Hi this is Dr Anthony Centore with Thriveworks Medical Billing. In the next few minutes, were going to review three questions that you can ask to determine how well your practice is doing when it comes to medical billing. Let’s get started: Indicator Number One: —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? –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: 100% of paid claims is always what you’re aiming for. That would be ideal. But in the imperfect system you’re working with, be very happy 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 its time to look closely at your reports, and determine where you’re losing 6% so that you can make changes. If you are under 90%, now it’s time to hit the panic button. It is time to seriously evaluate what’s going wrong. The thing is, many practices collect less than 90% of what’s owed to them, and don’t even know it because they don’t have reliable reporting …
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KETVs Carol Kloss interviews Methodist Health System Director of Revenue Cycle Bob Wagner about challenges faced by patients and providers when working with insurance companies.
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