Billing plays a significant role in your practice’s revenue. When you have your patient, you either bill them out personally or through their health insurance coverage. Getting cash from clients may be easier but what if they will use their insurance? Not all insurance claims get approved, there are times that patients get rejected and as the healthcare provider, it will greatly affect you and your practice. Study shows that insurance claims can also be denied or rejected for a variety of reasons. Many of these denials are due to human error. 75% of claims were incorrectly coded. To avoid this to happen, you must get all the information needed and verify it first hand before submitting claims.
Insurance claim data entry is very challenging. It is common for insurance claim documents to be copied, shared, and reviewed by multiple departments depending on the type of claim. Multiple employees cannot work on the same claim simultaneously if they have to deal with physical documents. These steps can cause errors or omissions in claim management software by manually entering data from different documents in a claim. This could lead to chaos, delay payments, mishandling the claim, and/or create delays in payment.
It is vital to have a healthy revenue cycle to support the expensive work of every midwife. However, it can be difficult to ensure that your practice receives payment for the services it rendered. This can be especially difficult because midwives often get reimbursed by third party payers after the patient has left. There is also a delay between rendering services and receiving payment. Below are the reasons why it is important to get all the information from clients with billing insurance claims out: