How to up reimbursements and get paid faster
FAQs
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Why do independent providers struggle to get paid?
The vast majority of independent providers juggle multiple revenue streams, with 94% of those who take insurance accepting multiple forms and 90% also taking cash payments. Each revenue stream comes with different challenges. 78% of providers report that claim denials are the top challenge to getting reimbursed by insurers, and 78% also note delayed payments as the biggest obstacle to being paid by patients.
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How can providers increase insurance reimbursement rates?
Digitizing the patient intake process can help providers improve the accuracy of key demographic and eligibility information to reduce errors and increase their clean claim rates. Providers should also be sure to include specific and proper coding documentation to support the services provided in each claim and increase approval rates.
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How can providers guarantee patient payments?
Providers can better enforce patient payments by collecting copays, fees, and outstanding balances at the time of service. Offering digital payment options and automated reminders can also help speed up collection of any remaining payments due. When working with patients who cannot afford care, providers can discuss costs and options up front and offer lower-coded visits or clearly defined payment plans.