October 28, 2020
By New England Accounts Receivable Management
Medical billers’ worse nightmare is fast approaching, and it is not about Halloween Tricks! Open enrollment for seniors and others eligible for Medicare benefits is underway for charges incurred starting 1/1/21. This means that all Medicare beneficiaries (senior 65+ and disabled individuals) have an opportunity to select their medical benefits for the next 12 months and who pays for them. Sounds simple doesn’t it? Well, you try and get the proper copy of insurance cards, ID #’s and new insurance plan names and addresses all from a population who has difficulty (rightfully so) understanding the difference from Medicare Part B to a Medicare supplemental Plan (Blue Cross/Blue Shield, Tufts, Harvard Pilgrim, Humana, Fallon, United Health etc.
Most of this burden to extrapolate this info falls to the front -line workers at Dr.’s offices or hospital/clinic etc. where the service is initiated as of 1/1/21. Failure to transmit this information to the billing staff will result in denials, decreasing cash flow by as much as 35% in a heavily populated Medicare practice. Coupled with annual deductibles and new co-pay and co-ins amount, the practice stands to lose 50% of normal monthly revenue during January and February of the New Year. Telehealth will make the data collection even harder for those patients having to read the new info to office staff over the phone.
Solution:
Prevention starts with patient education now. Signage in your office prompting patients to ALWAYS bring insurance cards to visits is helpful. Also, multi-colored notices around the waiting room, front desk, exam rooms should prompt patients to provide new insurance information to staff. Computer systems must have capability to store 2020 #’s as well as new 2021 #’s as billing will require both sets of information for several months going forward.
How Much are your Denied Claims Costing You Monthly?
In my consulting business of 35+ years, monthly adjustments or write-offs are recognized areas of great loss to individual medical practices, and yours is likely to be suffering the same loss.
I would like to offer to take 10 of your denied claims and correct them at no charge.Why would I do this for free? I want to prove to you the benefits of New England Accounts Receivable Management being a part of your team.
If you are interested in learning more,
please give me a call at (781) 231-7026 today!