Not verifying insurance benefits prior to rendering service can result in nonpayment, which affects your bottom line. Because this is a costly mistake that can be avoided, make it routine to verify eligibility prior to every patient visit.
January’s Coding Challenge
January’s Coding Answer
If your practice electronically submits administrative transactions to verify patient insurance eligibility, file claims, or send or receive remittance either directly to insurance companies or through a clearinghouse, the transaction version for that system will have to be updated by January 1, 2012. The current version 4010 is outdated and cannot accommodate the necessary business transactions for physician practices and healthcare facilities.
As healthcare reform ramps up and fists grip tighter around the almighty healthcare dollar, the ACR is moving ahead full force in advocating for your interests in the delivery of healthcare. Through what could be described as “offensive” and “defensive” strategies, the ACR is positioning itself as a visible and active player in the managed care marketplace.
Over time, one would expect financial management of a medical practice to become more streamlined and simple. With the abundance of electronic tools, software programs, and the Internet, you can find assistance and problem-solving strategies for economic efficiency. In the rush to take advantage of these support tools, basic facets of financial management, such as billing and collection, have fallen by the wayside.
What the United States can learn from the U.K. system