Sharing Over 20 Years of Expertise
The majority of healthcare clinics accept both private and public insurance. In fact the U.S. Census Bureau estimates that well over 90% of all Americans rely on insurance to pay for healthcare costs. What we also know is that sometimes clinicians and providers end up getting the short end of the stick when it comes to insurance companies. Either they are left dealing with overly burdensome administrative work, or they do not receive fair reimbursement for their services.
This is where MedTrust Provider Advocates steps in. We envision a world where healthcare works for everyone; providers are honored for their expertise, medical staff are celebrated for their dedication and patients are well-cared for, and the administrative burden of modern day healthcare is alleviated. We’ve been helping healthcare providers navigate the complexities of insurance paneling and credentialing, billing and more for over 20 years. During that time we have worked with providers in almost every state and with every insurance payor, both private and public (like Medicaid and Medicare). Below we are sharing our top tools for starting and maintaining an insurance strategy that works for your clinic, staff and patients.
Practice Management System
A solid practice management system is necessary to maintain your billing information in working order. Whether you choose to handle your billing in-house, or you decide to outsource to a billing professional, having a practice management system in place is an important part of building a successful practice.
Know your Patient’s Insurance Plan
Do not assume your patient is an expert on their own insurance policy. In fact, assume the opposite. Your patient is counting on your expertise so make sure you do some research, so you’ll be able to process claims expeditiously!
Keep in mind that insurance companies may delegate management of their plans, or some services within plans, to third parties. Failure to realize this may result in a claim being submitted to the wrong company or, even worse, you discover that your practice is not credentialed by the company that handles healthcare benefits. This oversight will result in delayed payments or an outright denial of claim payment. Benefits verification prior to the patient’s appointment is crucial!
Money Management
Like any business, money management is one of the biggest concerns for healthcare providers. From lower insurance reimbursement rates to denied claims, money woes are often the number one complaint for providers. Knowledge of fee schedules for each insurance panel you are contracted with will help with creating a realistic budget. Making sure you take the necessary steps to get paid on time will go a long way towards ensuring your practice’s bottom line remains in the black.
Get Help Early
In a busy practice, you and your staff are juggling competing priorities and the burden of dealing with insurance companies can be overwhelming. Before you get to that place, reach out for help. At MedTrust we are dedicated to taking the burden and guesswork out of working with insurance companies and we’d love to help you. Book a complimentary, 30-minute consultation with us today. You don’t need to go it alone, let us be your advocate!
