When you own your own medical practice, getting paid for what you do is part of the process. It can be problematic, though, sometimes when you have a patient who has difficulty paying you or an insurance company who’s being troublesome. How do you really know you’re collecting everything you’re owed when you have patients with different co-pays and insurance companies who are in the business to not pay any claim they’re not forced? One company pays in full, the other dithers about the diagnosis or care plan and yet a third is paying in installments. The rest of your patients and their insurance companies are settling up in various ways, too. It’s a nightmare and you’re the one who has to keep track!
Who Owes What?
You probably have an employee in your medical practice whose job it is, in part, to act on your behalf as your accounts receivable person. They’re being run ragged and probably barely have time to take a lunch break with the way insurance companies are these days. Add into that the various bounced checks and disputed credit card charges your medical practice gets on any given day and you’d be smart to look into some help for that person. With accounts that are complicated or your employee has had difficulty pursing for payment, you may want to explore charge capture services.
How This Helps
While the charges for which you provided service are captured on the insurance companies’ reimbursement forms, sometimes you don’t get paid for what you did. This is money you earned that the insurance companies aren’t paying you. How can you get your money? A charge capture system helps you, as the medical care provider, code things properly per the insurance company’s forms so that you get paid for the care and diagnosis you’ve given to your patient. The correct payment of your fees is dependent on whether or not you’ve provided the insurance company with the correct information about the care you’ve offered.
In the Numbers
Almost 75% of those medical practices and hospitals who use a charge capture service report that their bills get sent to the insurance companies in less than a week. This decreases the amount of time it takes for you to get paid for the care you’ve already provided. Changes in the systems are allowing medical practitioners an easier time of documenting their services, including streamlining codes and mobile system access.
Medical practices can use charge capture services to make their billing headaches ease.